Insurance bodies look to regulators at Budapest conference
The insurance industry’s leading bodies are calling for greater international co-operation between insurance regulators as the global financial crisis deepens.
The International Association of Insurance Supervisors (IAIS) annual conference, held this month in Budapest, focused on the need for insurance regulation to be co-ordinated across borders.
NIBA CEO Noel Pettersen, who attended the conference, told insuranceNEWS.com.au the effect of the global financial crisis was a key focus.
“The big issue was obviously the financial problems of the world, and what the regulators are going to do about it,” he said.
Delegates also examined the effect of the crisis on brokers and market conduct.
“This is frustrating for companies in Australia as we have covered this topic a lot over the last decade,” Mr Pettersen said.
IAIS convenes international insurance regulators regularly to work on international co-operation initiatives.
The International Association of Insurance Supervisors (IAIS) annual conference, held this month in Budapest, focused on the need for insurance regulation to be co-ordinated across borders.
NIBA CEO Noel Pettersen, who attended the conference, told insuranceNEWS.com.au the effect of the global financial crisis was a key focus.
“The big issue was obviously the financial problems of the world, and what the regulators are going to do about it,” he said.
Delegates also examined the effect of the crisis on brokers and market conduct.
“This is frustrating for companies in Australia as we have covered this topic a lot over the last decade,” Mr Pettersen said.
IAIS convenes international insurance regulators regularly to work on international co-operation initiatives.