A meeting of insurance executives and regulators in Geneva has heard that governments are seeking to impose an unprecedented amount of regulation on insurers, and there is anxiety that the regulators “get it right”.

Insurance think tank the Geneva Association brought together more than 90 experts to discuss how regulators’ responses to the global financial crisis would affect insurers.

European Insurance and Occupational Pensions Authority Chairman Victor Rod says that under Solvency II, “failures will probably happen. In these circumstances, it is essential that policyholder claims can be secured.”

He says insurance guarantee schemes may be one safety net.

The seminar focused on the balance of regulation and supervision and discussed cross-border supervision, efficient supervision and policyholder protection.

International Association of Insurance Supervisors Chairman Peter Braumuller says that in light of the financial crisis it’s important for the industry to be involved in discussions about regulation.

“High-quality regulation and supervision is vital for the safety and efficiency of the world’s insurance industry,” he said.