30 August 2013
Ahead of the G-20 summit in St Petersburg on 5-6 September, GFIA has written to the Russian G-20 Presidency setting out insurance-related issues that it feels should be explicitly referenced in the St Petersburg action plan.
The letter calls for a tailored approach to insurance regulation; the encouragement of risk-based regulatory frameworks that - if using market values - consider the long-term nature of insurance liabilities; a careful review of the impact of new rules on derivatives; and strengthened commitments not to introduce new trade barriers. The letter also highlights the important role played by the insurance sector, due to its business model, in stimulating long-term economic growth through investing long term.
The letter was copied to the Financial Stability Board, the International Association of Insurance Supervisors and the Organisation for Economic Co-operation and Development.