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EIOPA-ASSAL Seminar on Prudential Supervision of Insurance

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[February 8th, 2024]. – The EIOPA-ASSAL Seminar on Prudential Supervision of Insurance brought together prominent experts and representatives from Europe’s insurance and pension regulatory body to explore and discuss crucial issues 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 February 6th and 7th, provided a platform for the exchange of knowledge and experiences on a wide range of topics, from the implementation of IFRS 17 regulations to the review of key regulatory frameworks.

The seminar covered a variety of topics highly relevant to the sector, with the following highlights from the first day:

  1. Key Elements of IFRS 17; High-Level Comparison with Solvency II: The International Financial Reporting Standard 17 (IFRS 17) and its relationship with the Solvency II regulatory framework were analyzed in detail, offering an essential comparative insight for supervisors and regulators. This presentation was led by Miguel Caballero, an expert in supervisory convergence.
  2. National Implementation and Impact of IFRS 17 on Supervisory Approach: The discussion during the presentation focused on how the implementation of IFRS 17 will affect the supervisory approach at both national and regional levels, highlighting the challenges and opportunities this represents. This topic was extensively addressed by José Filipe Nunes Jardim, coordinator of the IFRS 17 application task force at the Insurance and Pension Funds Supervisory Authority (ASF) of Portugal.
  3. Introduction to Key Elements of the Ongoing Solvency II Review: A brief but concise preamble to the main elements of the ongoing Solvency II review was provided, highlighting the key aspects being evaluated to enhance the existing regulatory framework. Ornella Caruso, an expert in insurance policies, delivered this topic.
On the second day, the following topics were covered:

  1. Key Elements of Governance and Functions; Supervision Experiences and Best Practices: The Solvency II governance framework was examined in detail, along with experiences and best practices in supervision. This point was addressed by Lise Schryve, a national expert in insurance policy.
  2. Key Elements of ORSA, Experience, and Best Practices in Supervision: The essential aspects of Own Risk and Solvency Assessment (ORSA) were explored, along with its impact on the national supervisory approach, identifying best practices and associated challenges. Luca Pischedda, an expert in supervision, was responsible for delivering this aspect of ORSA.
  3. National Implementation and Impact of ORSA on Supervisory Approach: The discussion revolved around how ORSA, as a key risk management tool, enables insurance companies to assess and manage their risks comprehensively. The topic was addressed by Víctor Martínez Martín, from the Insurance Solvency Department and ORSA Coordinator at the General Directorate of Insurance and Pension Funds (DGSFP) of Spain.

The seminar provided a valuable opportunity for knowledge and experience exchange among participants, with the aim of strengthening insurance supervision and regulation in the region. Approximately 370 people participated in this event, with an average attendance of 210 women and 160 men from 22 countries in the Latin American and European regions.

The ASSAL-IAIS 2023 Annual Conference

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was held and named the ASSAL Distinguished Individual

From May 2 to 3, the XXI Annual Conference on Insurance Regulation and Supervision in Latin America ASSAL-IAIS l was held in the city of San José, Costa Rica. On this occasion, the event was jointly organized by ASSAL, the International Association of Insurance Supervisors (IAIS), and the Superintendencia General de Seguros (SUGESE) of Costa Rica.

The ASSAL Annual Conference provided an important venue for leading international experts from the public and private sectors to meet and share knowledge and experiences in insurance. The agenda of the event included several topics, including IAIS Regional Priorities and the IAIS Roadmap 2023-2024; advances in the development of Artificial Intelligence and InsurTech tools and their implications for the insurance industry; Diversity, Equity and Inclusion (DEI) in the insurance industry, among others.

Attendance at this event exceeded 100 people, both from public and regulatory institutions as well as from the private industry, which brought together more than 25 countries in this event.

Also, at the end of the Annual Conference, the outstanding trajectory of Mrs. Norma Alicia Rosas was honored for her work for the benefit of ASSAL.

You can review this press release on our LinkedIn site by clicking here.

ASSAL, IAIS and A2ii organize DE&I webinar

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The National Superintendence of Insurance (SSN) and the General Superintendence of Insurance of Costa Rica (SUGESE), as coordinators of the Inclusive Insurance Working Group of the Association of Insurance Supervisors of Latin America (ASSAL), carried out the Session “Diversity, Equity and Inclusion as a topic for Insurance Supervisors” ASSAL – IAIS.

The Session was opened by Tomás Soley, President of the Association of Insurance Supervisors (ASSAL) and the General Coordination Manager, Ana Durañona y Vedia, from the Headquarters of the International Association of Insurance Supervisors (IAIS) in Basel, Switzerland. The results of the Survey on Diversity, Equity and Inclusion were presented, where members from Latin America shared their experiences and vision on the subject.

“There is a notorious need for more training and education on DE&I topics applicable to the sector through forums adjusted to the region, as well as support from external institutions or countries that have managed to establish these topics in their jurisdictions.”
Tomás Soley, ASSAL

The second part was in charge of Helen Rowell and Lauren Eckermann representatives of the International Association of Insurance Supervisors (IAIS) and who lead the projects and initiatives of Diversity, Equity and Inclusion that are being promoted by the Association.

“The IAIS believes that, incorporating DE&I within an insurer can reduce the risk of groupthink, provide safety to speak up and improve decision making, which positively impacts governance and risk management.”
Helen Rowell, IAIS

Finally, the Access to Insurance Initiative (A2ii) presented its new sex-disaggregated reporting tool to the Supervisors.

“It’s an issue that should not be overlooked. These are pertinent issues, as well as other issues. The insurance sector has a lot to do and to say on issues of diversity and inclusion.”
Tomás Soley, ASSAL

As coordinators of this Working Group, we are convinced that the collaborative work between members from different jurisdictions around the world will contribute to strengthening ties between regions and fostering integration through the exchange of views on diversity and inclusion.

By courtesy of the National Superintendence of Insurance of Argentina.

Original article: HERE

Actividad de Mesa Redonda del Grupo de Cambio Climático

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El pasado viernes, 28 de octubre, se realizó una nueva actividad del Grupo de Trabajo de Cambio Climático y Sustentabilidad del Seguro (GCCSS), bajo la metodología de la Mesa Redonda, que estuvo organizada conjuntamente por la Secretaría Ejecutiva y la coordinación del Grupo.

Esta actividad abordó el tema de las “Experiencias actuales sobre el abordaje del Cambio Climático en el sector asegurador”, donde participaron más de 50 participantes de 17 jurisdicciones de ASSAL y, además, tuvimos el honor de contar con la presencia de funcionarios de la UNEP-FI de la Organización de Naciones Unidas.

Bajo la regla de Chatam House, la actividad de Mesa Redonda permitió, entre otras cosas, conocer el panorama integral para enfrentar los riesgos asociados al cambio climático y los desafíos de la sostenibilidad en la región, tales como cuáles son las medidas, bien sean políticas o regulaciones, tomadas en cada jurisdicción sobre cambio climático y sostenibilidad; qué actividades se encuentran actualmente en desarrollo en su jurisdicción; qué iniciativas se plantea desarrollar la jurisdicción en el futuro sobre el tema o qué tipo de apoyo podría necesitar como supervisor para avanzar en temas de cambio climático y sostenibilidad, entre otros temas.

#ASSAL #CambioClimático #Sostenibilidad

 

Recuerda que puedes revisar ésta noticia en nuestro perfil de LinkedIn, haciendo clic acá –>  

Se celebró el Seminario Regional de América Latina y Reunión FIF-ASSAL

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Cortesía de Access to Insurance Initiative.

El Access to Insurance Initiative (A2ii), la International Association of Insurance Supervisors (IAIS) y Asociación de Supervisores de Seguros de América Latina (ASSAL), tuvieron el placer de inaugurar el Seminario Regional de América Latina “sobre Riesgos Relacionados con el Clima y Preparación para Desastres” y Foro de Inclusión Financiera (FIF) – ASSAL, organizado por Superintendencia General de Seguros (SUGESE), y realizado del 12 al 14 de octubre, en San José de Costa Rica, donde asistieron más de 30 personas de la FIF, ASSAL e invitados gubernamentales, la industria y la academia.

La reunión comenzó con una bienvenida de cargo de Tomás Soley Pérez, presidente del FIF y  de ASSAL, donde realizó una breve presentación sobre el trabajo realizado por las secretarías IAIS y A2ii en los temas de riesgo climático. Como esta es la primera vez que los miembros de FIF se reúnen en persona, los asistentes tuvieron la oportunidad de establecer contactos y conocerse antes del tour de table, donde disertaron sobre los riesgos climáticos y las iniciativas en cada una de sus jurisdicciones. Posteriormente, el Grupo de Trabajo de Cambio Climático y Sustentabilidad del Seguro de ASSAL, presentó sus estrategias de supervisión para mitigar el impacto del cambio climático y cómo promover la adaptación en el sector asegurador , incluyendo una presentación sobre el enfoque colombiano de los riesgos relacionados con el clima.

Posteriormente, A2ii presentó una dinámica lúdica interactiva, llamado Hotel Resilience, un juego desarrollado por Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)  sobre la prevención, reducción y transferencia de riesgos. El juego fue bien recibido y estimuló la discusión sobre el tema de la preparación para desastres antes del taller de juego de roles. El primer día concluyó con una introducción al trabajo del laboratorio de innovación de seguros inclusivos, por parte de Costa Rica, que acababa de terminar sus 12 meses de trabajo en la tercera iteración del #iiilab dirigido por el A2ii.

Durante el segundo día, las presentaciones estuvieron a cargo de Leigh Wolfrom, de la OCDE, y de José Ángel Villalobos, de The World Bank, donde nos presentaron sus puntos de vista sobre el tema climático. Asimismo, sirvió para preparar el escenario para el taller interactivo de juegos de roles sobre preparación para desastres, facilitado por SUGESE. Los participantes se dividieron en grupos de trabajo para considerar las perspectivas de varias partes interesadas sobre los riesgos climáticos.

Después de dos días de actividades interactivas, el Seminario Regional terminó con una discusión sobre el plan de trabajo para el próximo año.

Vea la nota original en el LinkedIn de la A2ii, siguiente enlace: aquí.

Agradecimientos a Access to Insurance Initiative.

Foto: cortesía de Access to Insurance Initiative.

Entra en vigencia la nueva versión del MMoU de ASSAL, revisada a marzo de 2019

By | Destacado

En el mes de mayo de este año, entró en vigencia la nueva versión del MMoU de ASSAL, revisada a marzo de 2019. Esta versión, entre otros cambios, incluye una validación fast track para aquellos postulantes al MMoU de ASSAL que ya son suscriptores del MMoU de IAIS. Además, establece en forma expresa el procedimiento en caso de sucesión legal y transferencia de membresía.

El MMoU de ASSAL fue implementado en septiembre 2011, con el objetivo de promover una estrecha cooperación e intercambio de información entre los supervisores de seguros, debido a la creciente integración de los mercados financieros y al aumento del número de compañías de seguros que tienen actividad internacional.

Para mayor información sobre el MMoU de ASSAL, por favor diríjase al siguiente link: https://assalweb.org/mmou/