For financial services firms the conflicting and confusing regulations of different countries can present major obstacles to international operations. While some firms might wish to curtail such regulation, without sound supervision of insurance markets few customers have sufficient confidence to buy the protection they need. A better solution is to rationalize the regulatory framework worldwide. Differing traditions, inadequate information, entrenched systems, and the multitude of stakeholders complicate the process, but many compelling forces now sustain efforts to find rules that work for everyone:

• Global financial stability requires improved supervision of the financial sector in countries vulnerable to disruptive capital flows.
• The IMF/World Bank assessments of supervision give countries seeking foreign investment a powerful incentive to implement global standards.
• The European Union strives for greater consistency among its member states, while India and China seek integration into the global economy.
• Expanding WTO commitments increase regulatory and market transparency, leading toward a rules-based global trading system.
• The widespread adoption of International Financial Reporting Standards facilitates cross-border investment decisions.
• The International Association of Insurance Supervisors and the International Actuarial Association are refining solvency monitoring techniques.
• Enterprise risk management measures risk exposures more precisely .
• Disciplined corporate governance enforces greater transparency.

   Program                Speakers           

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