Insurance news reveals the launch of a new global association

International Insurance fund news

The GFIA has 31 founding members from around the world. The latest insurance news is now including the start of the Global Federation of Insurance Associations (GFIA) which includes 31 founding members from around the world and represents 87 percent of the worldwide industry business. Among the founding members is the Insurance Council of Australia. According to an insurance news statement made by Rob Whelan, the CEO of the council, “Insurance is very much a global business, and insurance industry associations face many of the same issues across the world,…

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Latest international insurance news includes new draft for global coverage framework

International Insurance News

Supervisors provide new outline for encouraging cooperation among regulators on a local level. The most recent international insurance news in the spotlight includes multinational supervisors in the industry, which have updated their global framework draft in order to help to encourage local regulator cooperation, as they deal with the struggles of regulating insurers with a great deal of business outside of their country of origin. The ComFrame – the name of the global framework – has been under construction for two years. The group responsible for the development of this…

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IAIS introduces new methodology to identify insurance companies that are too big to fail

Insurance news

New criteria expected to single out insurance companies on their economic importance The International Association of Insurance Supervisors (IAIS), an organization that represents the world’s insurance regulators, has introduced new criteria for identifying insurance companies that can be considered “too big to fail.” This term became popular during the economic crisis in the U.S., where companies like the American International Group (AIG) were thrust into limelight for the part they played in the disaster. Companies that are considered too big to fail are considered vital to the economic stability of…

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Connecticut Becomes First U.S. Insurance Regulator to Join International Information Exchange Agreement

Membership Strengthens International Supervisory Cooperation, Promotes Enhanced Consumer Protection Connecticut Insurance Commissioner Thomas B. Leonardi and Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), today announced that Connecticut has joined an international supervisory cooperation and information exchange agreement, becoming the first U.S. regulator to gain membership. Connecticut becomes the 22nd signatory of the IAIS Multilateral Memorandum of Understanding (MMoU), a framework that establishes a formal basis for global cooperation and information exchange among insurance supervisors. Commissioner Leonardi and Chairman Braumüller said Connecticut was…

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Global insurance and banking regulators call for more oversight in the industry

As the world’s economy continues to sputter ever onward, global insurance and banking regulators are setting their sights on financial institutions that provide insurance products. These institutions contributed to the global recession in varying degrees, and regulators now want to ensure that a similar crisis does not form due to lack of oversight. Regulators have drafted a new set of rules that aim to assess whether banks selling insurance products are managing their liquidity and capital levels as they are meant to. The Basel Committee on Banking Supervision, the International…

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Too big to fail insurance corporations should be governered by different rules than the banking industry

The term “too big to fail” rose to prominence in the wake of 2008’s economic recession. Much like the effects of the recession, the phrase has lingered and has come to define certain aspects of the business world. Too big to fail is a categorization often attributed to massive corporations that have complex and expansive global business operations and deep ties with financial institutions. If these businesses were to fail, there may be disastrous implications for the global economy that go well beyond the problems born during the 2008 recession.…

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Global insurance industry may be in for change as regulators come together to draft new rules

In the wake of major natural disasters and allegations of corruption, the world’s insurance industry is set for change. Insurance regulators from several nations have begun drafting new rules to present to political leaders in time for the 2012 G20 summit .These new rules are being tailored to ensure that the actions that spurred the 2008 economic recession cannot be repeated in the future. Both the International Association of Insurance Supervisors (IAIS) and the Financial Stability Board (FSB) are playing a major role in drafting the new rules. Overall, the…

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