The XXI Latin American Insurance Regulation and Supervision Conference took place in Montevideo, Uruguay, on May 8-9, bringing together insurance industry and regulatory leaders and experts from across the region. Organized by the Association of Insurance Supervisors of Latin America (ASSAL), the IAIS – International Association of Insurance Supervisors and the Superintendency of Financial Services (SSF) of the Central Bank of Uruguay, the Conference provided a safe space for the exchange of ideas and experiences in a constantly evolving environment.
The event was attended by leading representatives of the region’s supervisory bodies, insurance companies, and notable academics related to the sector. During two intensive days, panels, roundtables, and presentations addressed a wide range of topics relevant to insurance regulation and supervision in Latin America.
Among the topics highlighted were emerging trends in the insurance market, risk capital: experiences in its implementation, difficulties faced and how they were solved, Insurtech: risks and benefits, international experience on what aspects of the insurance business are covering this type of Fintech and how they are being supervised/regulated, market conduct/innovation, among others.
One of the highlights of the Conference was the presentation of the Round Tables: Trends in regulation, recent changes in regulation and supervision in Ibero-America, with the participation of ASSAL’s main jurisdictions. Two other important milestones were, on the one hand, the presentation of the Regional Priorities and Roadmap 2024-2025 of the IAIS – International Association of Insurance Supervisors, and the presentation of Climate Risks associated with climate change and catastrophic risks, and Insurance Consumer Protection by the National Association of Insurance Commissioners (NAIC), and on the other hand, the Interactive Session of Access to Insurance Initiative (A2ii) who informed us about the development of the insurance market, inclusive insurance or microinsurance: experiences in market development (success stories, failures, and challenges) and access to reinsurance.
In addition to the formal sessions, the conference provided opportunities for networking and contact among participants, fostering collaboration and continued knowledge sharing even after the event concluded.
Similarly, on May 7 at the same venue, the eighth ASSAL-FSI-IAIS High-Level Meeting on Insurance Supervision was held, which brought together heads of supervisory authorities and high-level officials representing 21 Latin American jurisdictions, as well as senior officials from the private sector, where three key topics were discussed:
- Reforms and implementation of insurance regulation in Latin America.
- The role of supervisors in addressing the challenges of natural catastrophes and climate-related risks
- Addressing the challenges of operational resilience in a technology-driven insurance industry
The President of the Central Bank of Uruguay, Diego Labat, delivered the welcome address. Jonathan Dixon, IAIS Secretary General, offered a special address in presenting the IAIS Roadmap for this year and shared highlights of the draft IAIS Strategic Plan 2025-2029.
Tomás Soley Pérez, President of ASSAL and Superintendent of the Superintendencia General de Seguros (SUGESE) of Costa Rica, and Juan-Carlos Crisanto, Vice President of the FSI, highlighted the need for closer supervisory collaboration and active exchange of practices to support the effective implementation of international insurance standards in Latin America.
Finally, on May 10, the XXXV Annual Assembly of ASSAL was held, where the Annual Report for the year 2023 and the Corporation’s Financial Statements were presented to the membership. ASSAL is an international organization that brings together the highest insurance supervisory authorities in Latin America. At present, 21 countries participate.
In conclusion, the ASSAL-FSI-IAIS High-Level Meeting, the XXI Latin American Conference on Insurance Regulation and Supervision, and the ASSAL Annual Assembly were resounding successes, each providing a privileged venue for strengthening regional cooperation and addressing the current and future challenges of the insurance sector in Latin America.
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