Carlos Javier Chaparro

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.

[08 February 2024] – The EIOPA–ASSAL Seminar on Prudential Insurance Supervision brought together distinguished experts and representatives from Europe’s insurance and pension regulatory authority to explore and discuss crucial topics impacting the insurance market in the region. The event, organized by the Association of Insurance Supervisors of Latin America (ASSAL) and the European Insurance and Occupational Pensions Authority (EIOPA), and held virtually on 6–7 February, provided a platform for the exchange of knowledge and experiences on a wide range of issues, from the implementation of IFRS 17 standards to the review of key regulatory frameworks.

The seminar covered a variety of highly relevant topics for the sector. The following subjects stood out during the first day:

1. Key elements of IFRS 17; high-level comparison with Solvency II:
   A detailed analysis was presented on the International Financial Reporting Standard 17 (IFRS 17) and its relationship to the Solvency II regulatory framework, offering an essential comparative perspective for supervisors and regulators. This session was led by Miguel Caballero, expert in supervisory convergence.
2. National Implementation and Impact of IFRS 17 on the Supervisory Approach:
   The presentation discussed how the implementation of IFRS 17 will affect supervisory approaches at both national and regional levels, highlighting the challenges and opportunities it presents. This topic was thoroughly addressed by José Filipe Nunes Jardim, coordinator of the IFRS 17 Implementation Working Group at the Portuguese Insurance and Pension Funds Supervisory Authority (ASF).
3. Introduction to the main elements of the ongoing Solvency II review:
   A concise and informative overview was provided on the main elements of the ongoing Solvency II review, emphasizing the key aspects currently being assessed to enhance the existing regulatory framework. This session was delivered by Ornella Caruso, insurance policy expert.

On the second day, the following topics were addressed:

1. Key elements of the AMSB and functions; supervisory experiences and best practices:
   The Solvency II governance framework was examined in detail, along with supervisory experiences and best practices. This topic was presented by Lise Schryve, national expert in insurance policy.
2. Key elements of the ORSA, experience and best supervisory practices:
   The essential aspects of the Own Risk and Solvency Assessment (ORSA) were explored, along with its impact on the supervisory approach at the national level, identifying best practices and associated challenges. This subject was presented by Luca Pischedda, supervision expert.
3. National application and impact of the ORSA on the supervisory approach:
   The discussion focused on how the ORSA, as a key risk-management tool, enables insurance companies to comprehensively evaluate and manage their risks. The topic was presented by Víctor Martínez Martín, from the Solvency Department and ORSA Coordinator of the Directorate-General for Insurance and Pension Funds (DGSFP) of Spain.

The seminar provided a valuable opportunity for participants to exchange knowledge and experiences, with the aim of strengthening insurance supervision and regulation in the region. Approximately 370 people took part in the event across both days, including 210 women and 160 men, representing 22 countries from Latin America and Europe.

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