Increased regulation of insurance will affect brokers in Australia and Asia, National Insurance Brokers Association CEO Dallas Booth has told a broking conference in Singapore.

Although Australian brokers already do much of the work covered in the insurance core principles set by the International Association of Insurance Supervisors (IAIS), the country does get judged on its compliance, he says.

“The International Monetary Fund (IMF) has a regular program of national assessments under its financial sector assessment program (FSAP),” he said.

“Australia had an FSAP last year, in which the IMF measures the effectiveness of a country’s financial systems against these core principles.”

The principle affecting brokers covers licensing, supervision, corporate governance, disclosure and safeguards to protect clients’ money.

Another principle on business conduct covers information and advice, servicing policies and claims, complaints, disputes and privacy.

National broker organisation CEOs from across Asia attended the conference.

Although they have differing regulatory challenges in their home countries, Mr Booth says the CEOs are concerned about international regulation and will work together through the Council of Asia Pacific Insurance Brokers Associations so the region is represented when policy is discussed.