With yet more regulation set to be imposed on the industry, including plans by the International Association of Insurance Supervisors (IAIS) to develop a global insurance capital standard, Intelligent Insurer rounds up the choicest comments from industry executives expressing their feelings on the matter.
“The timeline to implementation is far too tight. Solvency II took 10 years of testing; Basel III took 10 years of testing. Yet the timeline on this is less than half.
“Second, what is the purpose of it? While there is some value in creating transparency around group capital structures and intra-group guidelines, it will also set a minimum capital standard that would sit alongside existing jurisdictional rules as well as new regulations such as Solvency II.
“The bottom line is that this represents yet another layer of extra regulation that will increase consumer insurance costs and which could potentially contradict existing requirements.”
Regulation, IAIS, Intelligent Insurer