Policyholders highly protected, so extra market conduct tools not always necessary
3 March 2022
GFIA has published its response to a consultation by the Organisation for Economic Co-operation and Development (OECD) on its recommendations regarding G20/OECD High-Level Principles on Financial Consumer Protection.
GFIA pointed out that, among all financial sectors, the market conduct of insurers is already heavily regulated and supervised, and that insurance consumers are already highly protected. Additional tools may not, therefore, always be necessary.
Moreover, consumer protection is best achieved through a regulatory and supervisory environment that supports competition, innovation, cross-border trade, and financial strength, and that gives due consideration to the principles of proportionality and appropriate confidentiality.
