The latest edition of 2015 Evolving Insurance Regulation: A journey begins, explores the major developments impacting the industry at an international, regional and local level.
In this years’ edition, we highlight the latest IAIS initiatives and other industry developments and analyze the impact that such changes may have on the insurance sector and outline how firms can best prepare themselves to meet these new challenges.
No one can dismiss the massive impact that global regulation and global organizations are having on the shape of local supervision. Entities such as the G-20, the FSB, the OECD, the IAIS, the IMF and the World Bank are all driving change in local regulation. Whether those changes will result in a single capital standard is not clear, but all other aspects of insurance regulation are converging from solvency and governance requirements to risk management and conduct issues.
In the next year the sector will see more focus on the actual operational issues of companies including structure, compensation, marketing, and products themselves. We have highlighted some of these developments in the chapters on conduct and risk. Much of the reform in insurance since the crisis has been driven by banking regulation, but in the future we are likely to see marketing, disclosure and compensation requirements emanating from securities regulation instead.
What is clear is that these proposals herald significant change and will usher in a new era of global supervision. Are you prepared?
Download the executive summary of our latest report "2015 Evolving Insurance Regulation: An Executive Summary" on this page.
© 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.
KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. For more detail about our structure please visit https://home.kpmg/governance.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.