Insurance regulators from around the world have worked on a new set of insurance core principles for insurance intermediaries and for market conduct issues, according to the latest report from the International Association of Insurance Supervisors.
The regulators invited representatives of industry – insurance intermediaries and insurance companies – to provide perspective.
National Insurance Brokers Association chief executive Dallas Booth said it was important that industry has the opportunity to meet with regulators when new proposals are being developed.
“That gives us a chance to indicate what is likely to achieve good outcomes for clients and consumers, and what is likely to be little more than a regulatory burden on the industry with no real benefit for anyone,” Booth said.
The industry intermediaries’ delegation was led by the World Federation of Insurance Intermediaries, which included the NIBA CEO, and the Chairman of the Hong Kong Confederation of Insurance Brokers BS Rath.
The new insurance core principles will be finalised later this year, and will form the blueprint for regulatory activity in insurance markets around the globe, IAIS said.
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