GFIA has written to the governments working towards a Trade in International Services Agreement (TISA) to express support for their efforts.
“GFIA strongly supports the idea of a new Trade In Services Agreement consistent with GATS rules,” said Frank Swedlove, chair of GFIA. “We urge the nations involved to be ambitious in their aims and provide new, legally binding commitments that open their markets to competition.”
It is hoped that the final TISA will be such that other WTO members, particularly larger emerging economies, will also feel able to become signatories. GFIA calls for the TISA to ensure that full access is given to insurance suppliers in all the signatory countries.
“In the interests of consumers and of a thriving global insurance market, it is important that the TISA guarantees insurers freedom from discriminatory treatment, the absence of quantitative restraints and investment restrictions, and the freedom to choose the legal entity through which to conduct insurance business,” said Swedlove.
GFIA wishes to see the TISA include commitments that are specific to the insurance and reinsurance sector. Among these should be commitments to prohibit measures that provide unfair advantages or guaranteed markets for state-sponsored insurance and reinsurance. Instead, the TISA should create a strong global framework that supports the ability of cross-border reinsurance capacity to flow where it is needed most to support local markets.