The World Bank hosted an International Insurance Symposium on October 15-16, 2012 at the World Bank Headquarters in Washington, D.C.
Some of the topics that were discussed include:
- Modernizing solvency and capital regimes;
- Efforts to improve access to insurance markets for the underserved – macro and micro level interventions;
- Pension Supervision Developments (in partnership with the IAIS Pension Coordination Group).
- Beyond SIFIs, what is left to do in the macro-prudential supervisory space?
- Protecting consumers one at a time: The role of market conduct regulation and supervision
The idea for the Symposium was to discuss these issues in a more open forum without the pressure of having to reach concrete conclusions in time for external deadlines. The interactive nature of the sessions provided stimulating input from experts and practitioners on the major challenges in developing or strengthening insurance and private pension markets, and ideas for seeking better solutions.
Our audience of 130 participants and speakers included heads of supervisory and regulatory agencies; CEOs and senior management of insurance & reinsurance companies; insurance and reinsurance brokers; management consultants; risk managers; service providers to the insurance industry, and banks and financial institutions serving the insurance industry.
The conference was organized by the Non-Bank Financial Institutions Group of the Capital Markets Practice.
To access presentations approved for distribution, please click on the corresponding speaker's name below. Due to the nature of the discussions, a number of sessions did not use PowerPoint presentations and are, therefore, not represented below. Click here to see the full agenda including session descriptions.
Keynote Speech (Oct 15): "Insurance Supervision: How far we have come, and how far we need to go"
Speaker: Yoshihiro Kawai, Secretary General, International Association of Insurance Supervisors (IAIS)
Luncheon Address (Oct 15): "Global Demographics: How it Affects GDP Growth, Inflation, Capital Flows & Asset Allocation?”
Speaker: Amlan Roy, Credit Suisse
Reform in Practice (Oct 16): What examples and resources are available to support reform/change?
- Babak Abbaszadeh, Toronto Center
- Jorge Patino, FIRST Initiative, World Bank
- Peter Wrede, World Bank
Inclusive Insurance Stream:
(Oct 15) -
3 innovations were presented that have helped to improve access or provide more effective products, as well as a summary of the regulatory and supervisory issues that have arisen.
Speaker: Pranav Parshad
, Microinsurance Innovation Facility, International Labour Organization (ILO)
Solvency Reform and Modernization Stream:
Reducing reliance on credit ratings: Is there an answer that can be applied across markets? Does there need to be? (Oct 15)
Moderated by Samuel Maimbo, World Bank
- Andrea Keenan, AM Best Company
- Ed Toy, National Association of Insurance Commissioners (NAIC)
Market Conduct Stream:
Is fair treatment a matter of attitude or can it be legislated?
- Jonathan Dixon
, Financial Services Board, South Africa
Debate on protection schemes: What is good and what is not so good?
- Rodney Lester
, Consultant, World Bank
- Lawrie Savage
, Lawrie Savage & Associates, Inc.
- Grant Kelly
, Property and Casualty Insurance Compensation Cooperation, Canada
Pensions and Pension Supervision Stream (in partnership with the IAIS Pension Coordination Group)
Recent Developments in Pension Regulation (Oct 15)
- Pedro Ordorica Leñero, National Commission for the Retirement Savings System (CONSAR), Mexico
- Peter Penzes, National Bank of Slovakia
Delivering Retirement Incomes: Annuities and Pensions in Practice
Speaker: Heinz P. Rudolph
, World Bank
Roundtable on Supervisory Standards for Pension Supervisors
Speaker: Will Price
, World Bank
Supervision in Practice Stream:
Macroprudential Supervision: How will the concepts work in emerging markets?
Speaker: Andy Jobst
, Bermuda Monetary Authority
For further information, please contact Ms. Uloaku Oyewole