The XXI Conference on Insurance Regulation and Supervision in Latin America took place in Montevideo, Uruguay, on May 8–9, bringing together leaders and regulatory and industry experts from across the region. Organized by the Association of Insurance Supervisors of Latin America (ASSAL), the International Association of Insurance Supervisors (IAIS), and the Financial Services Superintendency (SSF) of the Central Bank of Uruguay, the Conference provided a safe space for the exchange of ideas and experiences in an ever-evolving environment.
The event featured the participation of outstanding representatives from supervisory authorities across the region, insurance companies, and notable academics connected to the sector. Over two intensive days, panels, roundtables, and presentations were held, addressing a wide range of key topics related to insurance regulation and supervision in Latin America.
Among the highlighted topics were emerging trends in the insurance market; risk-based capital, including implementation experiences, challenges faced, and how they were overcome; Insurtech—its risks and benefits, international perspectives on which aspects of the insurance business these types of Fintech are covering, and how they are being supervised and regulated; market conduct; innovation; among others.
One of the most outstanding aspects of the Conference was the presentation of the Roundtables on Trends in Regulation and Recent Regulatory and Supervisory Changes in Ibero-America, featuring the participation of ASSAL’s main jurisdictions. Two additional major milestones were, on the one hand, the presentation of the IAIS – IAIS – International Association of Insurance Supervisors and 2024–2025 Roadmap, along with the session delivered by the National Association of Insurance Commissioners (NAIC) on climate-related and catastrophic risks and insurance consumer protection. On the other hand, the interactive session by the Access to Insurance Initiative (A2ii) provided insights into insurance market development, inclusive insurance or microinsurance—including success stories, failures, and challenges—and access to reinsurance.
In addition to the formal sessions, the Conference offered opportunities for networking among participants, fostering collaboration and the continued exchange of knowledge even after the event had concluded.
Similarly, on May 7 at the same venue, the eighth High-Level Meeting on Insurance Supervision ASSAL–FSI–IAIS was held, bringing together heads of supervisory authorities and senior officials representing 21 jurisdictions in Latin America, as well as high-ranking private-sector representatives. Three key topics were addressed:
• Reforms and implementation of insurance regulation in Latin America
• The role of supervisors in facing the challenges of natural catastrophes and climate-related risks
• Addressing operational resilience challenges in a technology-driven insurance sector
The President of the Central Bank of Uruguay, Diego Labat, delivered the welcome address. Jonathan Dixon, Secretary General of the IAIS, gave a special address in which he presented the IAIS Roadmap for this year and shared the key highlights of the draft IAIS Strategic Plan 2025–2029.
Tomás Soley Pérez, Chair of ASSAL and Superintendent of the General Superintendency of Insurance (SUGESE) of Costa Rica, and Juan-Carlos Crisanto, Vice Chair of the FSI, emphasized the need for closer supervisory cooperation and active exchange of practices to support the effective implementation of international insurance standards in Latin America.
Finally, on May 10, the XXXV ASSAL Annual Assembly was held, during which the 2023 Annual Report and the Corporation’s Financial Statements were presented to the membership. It is worth noting that ASSAL is an international organization that brings together the highest supervisory authorities of the insurance sector in Latin America. Currently, 21 countries participate.
In summary, the ASSAL–FSI–IAIS High-Level Meeting, the XXI Conference on Insurance Regulation and Supervision in Latin America, and the ASSAL Annual Assembly were all resounding successes, each providing a valuable space to strengthen regional cooperation and address current and future challenges in the insurance sector in Latin America.
