On January 14 the Property Casualty Insurers Association of America (PCI) participated in a discussion with the International Association of Insurance Supervisors (IAIS) Financial Stability Committee on policy measures that would be applied to any insurance company designated as a Global Systemically Important Insurer (G-SIIs).
David Snyder, the PCI’s vice president for international insurance policy, then issued the following comments on the draft measures at the meeting: “All of the evidence is that the insurance market is sound and competitive despite huge challenges. To maintain this excellent condition, PCI urges further dialogue before the G-SII methodology and policy measures are finalized.”
Snyder pointed out that there “are many issues that need more definition, and additional consultation will help avoid unintended negative consequences. For example, clarifying that insurance activities, whether traditional or not, do not pose systemic risk will help to avoid penalizing well managed and well regulated insurers as that will ultimately harm consumers. PCI is committed to continuing to work with IAIS on this important matter.”
The PCI also participated in a ComFrame Dialogue discussion on Wednesday, January 15, with the IAIS Technical Committee “regarding confidentiality and valuation issues in the IAIS’ project to develop a common framework for supervision of internationally active insurance groups.
Steve Broadie, PCI vice president for financial policy, urged the IAIS to add additional protections to ensure that confidential information is not improperly disclosed. “ComFrame calls for many insurer disclosures to supervisors that must be better protected in order to protect the interests of insurers, their policyholders and the public,” he stated.
Broadie also asked the IAIS to require that regulators give immediate notice to insurers when their confidential information is improperly disclosed in order to give the insurer an immediate opportunity to protect its interests.
Source: Property Casualty Insurers Association of America
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