A group of insurance industry associations from around the world has issued a statement to the International Association of Insurance Supervisors (IAIS) calling for international regulatory cooperation that encourages competition, rather than overregulation.
The Property Casualty Insurers Association of America (PCI), one of the groups that signed the statement, said the annual IAIS conference focused on "the international financial system crisis and supervision of insurance groups and conglomerates that include insurers."
The groups said regulation should encourage competition, and also stated that supervisory authorities around the world should "strengthen their ability to cooperate in identifying emerging problems" and should also cooperate to safeguard policyholders and beneficiaries.
"Much of IAIS' work in the next several years will be focused on developing group supervision concepts," Steve Broadie, PCI vice president, financial legislation and regulation, said in a statement. "PCI will continue to be engaged in international dialogue and work with U.S. and international regulators to advance appropriate solutions and foster a healthy and competitive insurance marketplace."
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