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The 4th Contractual Savings Conference
Supervisory and Regulatory Issues in Private Pensions and Life Insurance
April 2-4, 2008 Wednesday, April 2nd Day One - Risk-Based Supervision of Pension Funds: The Regulators Perspective 8:00 Registration and Breakfast 9:00 Introduction and Welcoming Remarks Rodney Lester, Senior Adviser, Financial Markets for Social Safety, the World Bank Chairperson: Aerdt Houben, Head of the Supervisory Strategy Department, De Nederlandsche Bank,Netherlands 9:15 Risk -based Supervision of Pension Funds: Emerging Best Practices Richard Hinz, Pension Advisor, Pension Team, World Bank Fiona Stewart, Financial Affairs Division OECD 10:30 Coffee Break 10:45 FIRST Initiative David Dellen, Program Manager, FIRST Initiative 11:00 Risk-based supervision– selected country studies Australia– Risk-based Supervision of DC Funds Greg Brunner, Financial Sector Specialist, World Bank Chile– Moving Towards Risk-based Supervision Gonzalo Reyes, Superintendent of Pension Fund Administrators, Superintendency of Pension Fund Administrators,Chile Denmark– Risk-based Supervision of Risk-Sharing Schemes Peter Skjodt, Deputy Chief Executive Danish Insurance Association 12:15 Lunch - Provided by the World Bank Chairperson: Ross Jones, Deputy Chairman, Australian Prudential Regulation Authority 13.30 Risk -based supervision– selected country studies Netherlands– Risk-based Supervision of Traditional Defined Benefit Plans Aerdt Houben, Head of the Supervisory Strategy Department, De Nederlandsche Bank,Netherlands Mexico– Value-at-Risk Approach to Risk-based Supervision Luis Mario Hernández Acevedo, Director General, Planning and Financial Regulation, CONSARMexico 14.30 Challenges of Moving to Risk-based Supervision – Is it the correct choice for all countries? Edward Odundo, Chief Executive Officer, Retirement Benefits Authority of Kenya Fiona Stewart, IOPS Secretariat and Financial Affairs Division OECD Mihaly Erdos, Deputy Director General, Hungarian Financial Supervisory Authority Philip Diamond, Adviser, The Pensions Regulator, UK 15:15 Coffee Break 15:30 Risk Management of Pension Funds: A Practitioners View Susan Mangiero, President, Pension Governance, LLC 16:15 Risk Management of Defined Contribution Plans Tony Randle, General Manager Specialized, Australian Prudential Regulation Authority 16:45 Risk Management: The View of Ratings Agencies David Ingram, Director,EnterpriseRisk Management, Standard & Poor's 17:15 Concluding remarks Chairperson 17:45 Welcoming Reception Co-sponsored by American Council of Life Insurers / International Pension Foundation Thursday, April 3rd Day Two – Development of Annuity Markets 8:30 Breakfast Chairperson: John Piggott, Professor of Economics, University ofNew South Wales 9:00 Organizing the Payout Phase: Challenges and Policy Options Elsa Fornero, Turin Center for Research on Pensions and Welfare Policies 10:00 World Bank Annuities Project: An Overview of the Findings and Policy Lessons Roberto Rocha, Lead Economist, Operations and Policy Department, The World Bank Dimitri Vittas, Consultant, The World Bank 10:30 Coffee Break 10.45: Case Studies Annuities in Chile: Promising Outcomes in a Decentralized Model Roberto Rocha, Lead Economist, Operations and Policy Department, The World Bank Annuities in Switzerland: Can Price Controls be Effective? Martin Ruesch, University of St Gallen Annuities in Sweden: Risk-sharing with a Monopoly Provider Ed Palmer, Uppsala University and Swedish Social Insurance Agency 12:30 Lunch –Participants on their own Chairperson: Andre Laboul, Head of Financial Affairs Division, OECD and Secretary General, IOPS 14:00 Case Studies Annuities in Denmark: Risk-Sharing in Accumulation and Payout Phases Peter Skjodt, Deputy Chief Executive Danish Insurance Association Private Annuities in the US: Sharing the Risks Douglas Fore, Director of Analytics, TIAA-CREF Investment Management) Annuities in Australia: Why are they not popular? Greg Brunner, Financial Sector Specialist, The World Bank 15:30 Coffee Break 15:45 Dealing with Longevity Risk John Piggott, Professor of Economics, University ofNew South Wales 16:30 Annuity Provider Capital, and Solvency II Philip Long, Head of Group Risk, Prudential PLC 17:15 Panel Discussion – Options and Challenges for the Payout Phase Oscar Schmidt, Senior Vice President, Metlife Pablo Antolin, Principal Economist OECD Mihaly Erdos, Deputy Director General, Hungarian Financial Supervisory Authority Dagmara Wieczorek-Bartczak, Director, Insurance, Polish Financial Supervision Authority Beata Kalinowska, Director, Pension Legal Supervision, Polish Financial Supervision Authority 18:15 Concluding remarks on annuities 19:00 Conference Dinner Friday, April 4th Day Three – Competition and Consumer Issues 8:30 Breakfast Chairperson: Gregorio Impavido, Senior Financial Economist, IMF. 9:00 Competition: General Trends in Competition Policy Esperanza Lasagabaster, Senior Financial Economist, World Bank Gregorio Impavido, Senior Financial Economist, IMF 10:00 Coffee Break 10:15 Policy Options to Enhance Efficiency and Lower Fees Salvador Valdes Prieto, Professor,CatholicUniversityofChile Q&A Session (15 minutes) 11:15 Optimal Portfolios for Pension Funds David Blake, Professor of Pension Economics,CassBusinessSchool,London Q&A Session (15 minutes) 12:15 Lunch – participants will be on their own Chairperson: Gregorio Impavido, Senior Financial Economist, IMF. Panel Discussion – Country Studies 13: 30 Sweden: Competition in the Pensions Sector – A Low Cost Model Ed Palmer,UppsalaUniversityand Swedish Social Insurance Agency 14.15 Chile: Plans to Encourage Competition Gonzalo Reyes, Superintendent of Pension Fund Administrators, Superintendency of Pension Fund Administrators,Chile 15.00 Mexico: How much confusion is there in consumer choice? Moisés Schwartz Rosenthal, President, Mexican Commission for the Retirement Savings System (CONSAR) 15:45 Coffee Break 16:00 Eastern Europe: Strategies to Address High Fees Mihaly Erdos, Deputy Director, Hungarian Financial Supervisory Authority 16:30 Creating a Competitive Pension System – The Case of New Zealand Peter Martin, Director,New ZealandTreasury 17:15Concluding remarks on competition issues Gregorio Impavido, Senior Financial Economist, IMF. 17.30 End of Conference Remarks
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