Insurance sector needs globally harmonised regulatory standards

Insurance sector needs globally harmonised regulatory standards

The lack of a globally harmonised regulatory system for insurers is a key issue to overcome in order to improve supervision of the sector, according to Julie Dickson, superintendent of Canada’s Office of the Superintendent of Financial Institutions (OSFI).

Speaking at a conference in Toronto, Dickson said that while efforts have been going on for more than 40 years to introduce harmonised standards in the banking industry, the International Association of Insurance Supervisors (IAIS) was only es