GFIA welcomes TISA negotiations
The Global Federation of Insurance Associations (GFIA) has written to the governments working towards a Trade in International Services Agreement (TISA) to express support for their efforts.
“The GFIA strongly supports the idea of a new Trade in International 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 other WTO members, particularly larger emerging economies, will also feel able to become signatories.
The 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.
The GFIA wants 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.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom