Insurers to Discuss Global Regs, Accounting Standards, Privacy at IIC Roundtable

October 25, 2001

Private insurers face new challenges as supervisors and standard-setting bodies around the world work to develop and implement international standards to improve trade and financial stability in a weakened global economy, according to the International Insurance Council (IIC).

The Roundtable, “Global Standards, The Private Insurance Sector, and the International Financial Architecture,” will take place on Nov. 15 at the Watergate Hotel, Washington, D.C. Sponsored by the IIC, the event will explore the new environment being created for international insurers as insurance supervisors from around the globe work to balance financial stability, consumer protection and the benefits of market economics and increased trade.

The Roundtable will examine timely issues including: “Global Standards and Insurance: What Do They Mean for the Private Sector?”; “The WTO: Next Steps in Trade Liberalization”; “International Accounting Standards: The Fairness of Fair Value”; and “E-Challenges: Privacy Policy, Cyber-Security and International Insurance.”

The Roundtable will include a keynote presentation by Gary G. Benanav, chairman and chief executive officer of New York Life International Inc. Other speakers include NAIC Vice President and Iowa Insurance Commissioner Terri Vaughan and French Insurance Supervisor Florence Lustman, as well as senior representatives from the International Monetary Fund, the World Trade Organization, the U.S. Department of Commerce, the U.S. Trade Representative’s Office and leading international insurers.

“Private insurers have a key role to play as governments work to develop and implement international standards,” said Kevin T. Cronin, president and chief executive officer of the IIC. “International accounting standards are a good example. They raise serious issues for insurers, such as the issue of ‘fair value’ accounting, and the industry needs more of a presence in working with regulators and accounting standard setters as this process moves forward.

“The insurance sector can not sit on the sidelines while international standards are discussed and agreed upon,” Cronin added. “This is true for development of accounting standards, for development of insurance supervisory standards and for any issues directly or indirectly related to insurance as a financial service. The Roundtable will be an ideal opportunity to bring interested parties together for frank and informative discussions.”

Corporate hosts for the Roundtable are ACE INA, AFLAC, Liberty International and New York Life International Inc. For additional details on the Roundtable visit http://www.iicdc.org or call (202) 682-2345.

The IIC is a Washington, D.C.-based trade association that represents U.S. insurers involved in business abroad. IIC is the only industry trade association focused exclusively on international issues and representing companies which include life and health and property/casualty insurers and reinsurers, pension and financial management companies, industry trade associations and insurance service providers.

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