14 Nov 2007, Victoria Pennington , Operational Risk & Regulation
WASHINGTON – The Institute of International Finance (IIF) is setting up a committee on International Insurance Regulatory Issues to support the development of global industry perspectives on critical issues affecting insurance, re-insurance, and bancassurance.
The new committee will be co-chaired by Steve Bensinger, group CFO of AIG, John Hele, group CFO of ING and Alessandro Iuppa, head of government affairs and industry affairs for general insurance of Zurich Financial Services.
Josef Ackermann, chairman of the IIF's board of directors and chairman of the management board and group executive committee of Deutsche Bank said: “This committee can make a significant contribution to the key regulatory issues which the global insurance industry faces at this time – a time when insurance firms are playing a growing role in global finance and in the membership of the IIF.”
Charles Dallara, managing director of IIF, said: “Regulatory initiatives, especially the pending EU Solvency II Directive, the standard-setting activities of the International Association of Insurance Supervisors (IAIS) and the establishment of a new international accounting regime for insurance contracts, are among the changes in the regulatory landscape for the insurance industry that could benefit from a truly trans-national perspective. It will be important that the views of leading insurance firms from throughout the world be heard by insurance regulators, and we look forward to this committee becoming an influential voice to advance industry concerns and perspectives.”
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