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The Board of Directors of the Association of Insurance Supervisors of Latin America (ASSAL) expresses its deepest solidarity with the Venezuelan people in the wake of the devastating consequences of the earthquakes that struck the country on June 24.

During these difficult times, we wish to convey our sincere condolences for the lives lost, our heartfelt sympathy to the families grieving their loved ones, and our best wishes for the speedy recovery of the injured and all affected communities.

We recognize that, in the face of a tragedy of this nature, the commitment and strength of institutions are fundamental to supporting the public and contributing to the recovery process.

In this context, we wish to extend our enduring spirit of cooperation to both the Venezuelan people and the Superintendence of Insurance Activity of the Bolivarian Republic of Venezuela (SUDEASEG). We place at the Superintendence’s disposal any technical assistance deemed necessary regarding insurance, reinsurance, and insurance market supervision that may prove useful during this period.

The essence of ASSAL is rooted in collaboration among its members and the conviction that regional cooperation becomes even more valuable when one of our countries faces circumstances as painful as the current ones. We want you to know that we stand ready to collaborate in any way that helps strengthen the insurance sector’s response capacity and supports the reconstruction process.

Please accept, on behalf of ASSAL, a fraternal embrace and the assurance of our highest regard and solidarity.

Guillermo Pedro Plate
President of ASSAL

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Strengthening its international profile

During the 37th Annual Assembly of the Association of Insurance Supervisors of Latin America (ASSAL), held on April 17 in San José, the admission of the National Association of Insurance Commissioners (NAIC) as an associate member was ratified, marking a significant milestone in the Association’s institutional history.

The accession of the NAIC—the body bringing together insurance regulators and supervisors from the United States—represents a highly strategic step for ASSAL, consolidating its position as a regional reference point and projecting it more strongly onto the international stage. This event reinforces the Association’s role as a key platform for coordination among supervisors and links it directly to one of the most influential global players in insurance regulation and supervision.

This move not only significantly expands opportunities for technical cooperation and the exchange of experiences but also drives a common agenda aimed at converging toward international standards, within a global context characterized by the sector’s rapid transformation and the emergence of new risks.

For ASSAL, this development clearly signals the strengthening of its institutional framework and its capacity to lead integration and collaboration processes across jurisdictions. It also highlights the importance of deepening strategic alliances to address key challenges—such as technological innovation, financial inclusion, and insurance market resilience—in a coordinated manner.

In this regard, NAIC officials have emphasized the importance of fostering closer cooperation between jurisdictions and building a shared agenda.

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On April 15–16, the ASSAL-IAIS-FSI High-Level Conference on Insurance Supervision for Latin America and the Caribbean was successfully held. The event was jointly organized by the Association of Latin American Insurance Supervisors (ASSAL), the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS), and the International Association of Insurance Supervisors (IAIS), with the support of the Superintendencia General de Seguros (SUGESE).

The conference brought together 70 participants, including insurance regulators and supervisors from across the region, as well as representatives from international organizations, including members of NAIC and IAIS. The event was consolidated as a high-level platform for exchanging experiences, strengthening capacities, and discussing key challenges facing the insurance sector.

On the first day, the participants addressed strategic issues of great importance to the regional regulatory agenda:

“Risks on the horizon: current pressures and future vulnerabilities in the insurance sector”: participants analyzed the current pressures facing the insurance sector—such as inflation, financial market volatility, and the impacts of climate change—alongside emerging vulnerabilities. This analysis proved essential for anticipating systemic risks and strengthening market resilience in Latin America and the Caribbean. “Strengthening supervisory effectiveness: addressing resource challenges in the insurance sector”: discussions focused on strategies to enhance supervisory work in the face of human and technical resource constraints. In the Latin American context, where many authorities face budgetary limitations, this issue is key to ensuring proportionate, efficient, and risk-based supervision. “Towards risk-based solvency (RBS): implications of Own Risk and Solvency Assessment (ORSA) and International Financial Reporting Standard (IFRS) 17 for the adoption of RBS in Latin America and the Caribbean”: experts examined the implications of tools such as ORSA and the implementation of IFRS 17. These elements are fundamental for advancing toward more sophisticated regulatory frameworks aligned with international standards.

On the second day of the event, senior authorities from various ASSAL jurisdictions shared insights on “Regional supervisory challenges and priorities,” highlighting the most pressing and common issues in the region, including market heterogeneity, the need for regulatory harmonization, and the need to strengthen international cooperation. “Building societal resilience: a multistakeholder approach to addressing natural catastrophe (NatCat) protection gaps”: this session addressed protection gaps against natural catastrophes (NatCat) and promoted a multisectoral approach. This topic is particularly relevant for Latin America and the Caribbean, one of the regions most vulnerable to natural disasters. “Supervising artificial intelligence (AI) in the insurance sector: balancing innovation and risk”: panelists explored emerging approaches to regulating the use of artificial intelligence in the sector, aiming to strike a balance between technological innovation and risk management. This is a priority area given the increasing digitalization of financial services.

The conference highlighted the collective commitment to strengthening regulatory frameworks, aligning with international standards, and fostering regional cooperation—key actions that directly build a more resilient, inclusive, and sustainable insurance sector for Latin America and the Caribbean.

In addition, on April 14, Sugese of Costa Rica has organized the Pre-Conference on Insurance Supervision in Latin America and the Caribbean, which was held as part of the ASSAL-FSI-IAIS High-Level Conference, attended by the leading insurance and reinsurance companies from Costa Rica and Latin America. The event addressed topics such as global trends and local priorities in insurance supervision; reducing protection gaps in Costa Rica – Experience with the Global Risk Modelling Alliance; and the insurance industry and digital transformation in Costa Rica: considerations regarding consumer protection and operational risks. This event facilitated interaction between regulators and industry members, who emphasized that such initiatives allow for the identification of both mutual risks and opportunities for the benefit of civil society and the insurance industry.

Finally, on April 17, the 37th Annual Assembly of ASSAL took place, where the President of ASSAL has shared the management report for its first year in office, as well as the Financial Statements and the 2025 Annual Report. Additionally, the National Association of Insurance Commissioners was admitted as an associate member of our Corporation, marking a new milestone in the process of regional cooperation. ASSAL is an international organization that brings together the highest supervisory authorities of the insurance industry in Latin America. Currently, 22 countries participate.

ASSAL, FSI-BIS, and IAIS extend their special thanks to SUGESE for their valuable support in organizing this event, as well as to all participants for their active contributions to the conference’s success.

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Below, you can enjoy the photos from the event:

February 25, 2026. The Latin American Insurance Supervisors Association presents the Report Compiling Recommendations (RRR) of the Climate Change and Sustainability Working Group. This document systematizes the key experiences, guidelines, and international best practices for supervising financial risks arising from climate change in the insurance sector.

Climate change is a growing source of financial risk, with direct and indirect impacts on solvency, business models, investment management, and the stability of the insurance system. In this context, the RRR compiles and analyzes recommendations from international organizations and regional supervisory authorities, addressing key aspects such as internal governance and supervisory strategy; identification and estimation of physical, transition, and liability risks; reporting and disclosure of information; risk management and solvency; initial regulatory steps to integrate climate risks into prudential frameworks, among others.

The document incorporates references to standards and guidelines developed by global organizations such as the International Association of Insurance Supervisors (IAIS), the Network for Greening the Financial System (NGFS), the Financial Stability Board (FSB), and the European Insurance and Occupational Pensions Authority (EIOPA), among others, adapting this knowledge to the context and challenges of Latin America.

This effort was coordinated by Mexico, Chile, and Costa Rica, with the active collaboration and technical contributions of Peru, Colombia, and Brazil, reflecting the regional commitment to strengthening supervisory capacities to address risks associated with climate change and sustainability.

This Report is a reference tool that provides insurance supervisors with a structured, accessible framework of information and considers the experiences developed in different jurisdictions to facilitate the implementation of these practices. The aim is to achieve adequate preparation and management of climate change-related risks and to address some of the gaps in the context of the realities and particular situation of Latin America.

At ASSAL, we reaffirm our commitment to regional and international cooperation, the exchange of experiences, and collaboration in building solid technical capacities to address one of the greatest challenges of our time.

You can download the Report at the following link: RRR. You can find this news item on our LinkedIn profile, which we cordially invite you to follow: here.

San Salvador, October 10, 2025. —The 2025 ASSAL–IAIS Regional Insurance Supervisors Training Seminar concluded with great success in El Salvador, a two-day event that brought together representatives from 22 countries, insurance supervisory authorities from the region, members of the Salvadoran and continental insurance industry, and prominent international experts.

The event, jointly organized by the Association of Latin American Insurance Supervisors (ASSAL), the IAIS – International Association of Insurance Supervisors , and the Superintendencia del Sistema Financiero dof El Salvador, featured the valuable participation of panelists from international organizations such as IAIS, the National Association of Insurance Commissioners (NAIC), the Access to Insurance Initiative (A2ii), the Federación Interamericana de Empresas de Seguros (FIDES), Toronto Centre, ASSAL member authorities and members of the insurance industry.

During the two days of the event, the panelists addressed topics of great relevance for strengthening the supervision and regulation of the insurance market, including: digitalization and the use of new technologies, artificial intelligence and Big Data applied to risk assessment in insurance companies; best practices in the supervision of reinsurance contracts; financial protection and life and health insurance coverage in uncertain economic environments; advances in the implementation of IFRS 17 and Solvency II in the region; management of actuarial risks in EMDE country markets and practical tools for supervisors; financial inclusion through microinsurance; the results of products covering climate and natural disaster risks; and the principle of proportionality in insurance supervision.

The 2025 ASSAL–IAIS Regional Insurance Supervisors Training Seminar established itself as a space for technical dialogue and cooperation, promoting the exchange of experiences and knowledge among supervisory authorities, international organizations, and the insurance industry.

The ASSAL Executive Secretariat expresses its recognition to all panelists and participants for their valuable contributions, and extends special thanks to the Superintendency of the Financial System (SSF) of El Salvador for its outstanding role as host of the event, reflecting the country’s commitment to strengthening insurance supervision and regional cooperation.

Below, you can enjoy the photos from the event:

On March 27 and 28, the XXIII Annual Conference on Insurance Regulation and Supervision in Latin America ASSAL–IAIS 2025 was held, an event organized by the Association of Latin American Insurance Supervisors (ASSAL), the International Association of Insurance Supervisors (IAIS), and the Superintendency of Insurance of the Nation (SSN) in Buenos Aires, Argentina. This event was aimed at both insurance supervisors and members of the insurance and reinsurance industry, and also brought together various leaders, regulatory experts, and industry members from across the region.

The Conference provided a safe space for the exchange of ideas and experiences in an ever-evolving environment. The event featured the participation of prominent representatives from the Argentine government, supervisory entities from the region, insurance companies, and distinguished academics related to the sector. Over two intensive days, keynote lectures, panels, roundtables, and presentations were held, covering a wide range of topics relevant to insurance regulation and supervision in Latin America.

In his welcome remarks, Superintendent Guillermo Plate mentioned that the objective is to strengthen supervision in the fundamental and functional aspects of the industry, highlighting the need to eliminate inefficient regulations, as well as to create opportunities for continuous communication with the market, and to reinforce the exchange of knowledge and collaboration with supervisory bodies in the region, promoting the modernization and efficiency of the insurance sector.

Next, Tomás Soley, President of ASSAL and Superintendent of the General Superintendency of Insurance of Costa Rica (SUGESE), highlighted the importance of promoting insurance in properly regulated markets and ensuring that citizens can access more and better insurance products. Likewise, he acknowledged the significant efforts of insurance authorities and industry members to raise the standards of good practices within their regulatory and supervisory frameworks.

Following this, Conor Donaldson, Head of Implementation and Assessment at IAIS, delivered a brief speech on the importance of reducing protection gaps through innovative insurance products, as well as the latest updates to the IAIS roadmap for 2025–2026.

One of the highlights of the Conference was the intervention of Minister Luis Caputo, who outlined Argentina’s progress in insurance regulation and announced a significant agreement for the country’s economy. Likewise, the main regulatory jurisdictions from Latin America present at the Conference presented in the “Roundtable: Trends in Regulation” the key challenges in supervising emerging markets and promoting their growth.

Similarly, a notable milestone of the Conference was the intervention of the Superintendent of Insurance of Argentina, Guillermo Pedro Plate, who read the speech of Thomas E. Workman (an independent member with insurance expertise from the Financial Stability Oversight Council (FSOC) of the United States Department of the Treasury), discussing current developments in supervision and the U.S. financial markets and their regional and global implications.

In addition to formal sessions, the Conference offered opportunities for participants to network and build connections, fostering collaboration and the continuous exchange of knowledge even after the event concluded.

On the other hand, on March 26, the Ninth ASSAL–IAIS–FSI High-Level Meeting on Insurance Supervisors was held, an event organized by the Association of Latin American Insurance Supervisors (ASSAL), the International Association of Insurance Supervisors (IAIS), and the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) in Buenos Aires, Argentina. The event brought together heads of supervisory authorities and senior officials representing 19 jurisdictions from the Americas and Europe, as well as senior officials from the private sector.

The following topics were addressed: reforms and implementation of insurance regulation in Latin America; supervision of climate-related financial risks in the insurance sector; and the role of supervisors in reducing protection gaps against natural disasters.

Superintendent Guillermo Plate delivered the welcome remarks, emphasizing the importance of the SSN serving as a forum to discuss international advances in insurance regulation and supervision, as well as regional priorities. Subsequently, IAIS Secretary General Jonathan Dixon delivered a special speech on the evolution of the global insurance market, including the recently finalized Global Insurance Capital Standard, and presented the IAIS roadmap for 2025–2026.

Tomás Soley, President of ASSAL and Superintendent of the General Superintendency of Insurance of Costa Rica (SUGESE), and FSI Vice President Juan Carlos Crisanto highlighted that closer international and regional cooperation, particularly the active exchange of practices and experiences, is key for the effective implementation of international insurance standards in Latin America. They also acknowledged the significant efforts of insurance authorities to integrate climate-related financial risks into their regulatory and supervisory frameworks.

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Below, you can enjoy the photos from the event:

From November 20 to 21, the 2024 ASSAL–IAIS Regional Training Seminar for Insurance Supervisors was successfully held in the historic city of La Antigua, Guatemala. This important event brought together distinguished insurance supervisors from the region, members of the Guatemalan insurance industry, and international experts to strengthen technical and regulatory capacities in the sector.

Organized by the Association of Latin American Insurance Supervisors (ASSAL), the International Association of Insurance Supervisors (IAIS), and the Superintendency of Banks of Guatemala (SIB), the seminar aimed to promote the harmonization of insurance standards and supervisory practices in the region. It covered topics related to the impact of technological innovation on the insurance sector, cybersecurity, inclusive insurance and protection gaps, mandatory insurance, actuarial function, risk-based capital requirements, climate risks, and parametric insurance, among others.

The seminar successfully achieved its training objectives, strengthening the competencies of the attending supervisors and promoting the exchange of experiences and best practices. The sessions included expert presentations, interactive workshops, and regional case studies, providing practical and relevant learning for the current challenges in the insurance sector.

For this event, there was 100% participation of in-person panelists, and attendance exceeded 80 people from 18 countries around the world, reaffirming the regional commitment to strengthening insurance supervision.

This seminar reinforces ASSAL’s commitment to promoting excellence in insurance supervision, contributing to the sustainable development and stability of insurance markets in the region.

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On October 7, 8, 9, 14, and 15, the IFRS 17 Workshop was held virtually for ASSAL member insurance supervisors, a key standard in insurance regulation and supervision. The event, organized by the International Monetary Fund (IMF), the International Association of Insurance Supervisors (IAIS), and the Education Group of the Association of Latin American Insurance Supervisors (ASSAL), saw broad and diverse participation from regulators across the region.

On average, the workshop recorded 250 daily connections, with balanced gender participation: 52% women and 48% men. This high level of engagement reflects the growing interest and commitment of insurance supervisors to enhance their knowledge on the implementation of IFRS 17.

The workshop sessions were led by distinguished experts in the field: Eduardo Melinsky (PhD in Actuarial Economic Sciences and President of the Professional Actuary Commission of Argentina) and Hernán Pablo Casinelli (Master in Finance and General Director of the Accounting and Auditing Standards Board of Argentina), who shared their extensive knowledge and experience regarding IFRS 17. Additionally, the participation of the General Superintendency of Insurance of Costa Rica (SUGESE) was highlighted, presenting its practical experience in applying IFRS 17 in the country, providing a valuable example of how this standard is being implemented in the region.

IFRS 17 is an international standard that sets the requirements for financial reporting related to insurance contracts, and its proper application is essential for the transparency and stability of the global insurance market. The event offered an invaluable opportunity for attendees to share experiences, clarify doubts, and discuss the challenges and opportunities posed by the adoption of this standard. The joint effort to offer this workshop has reaffirmed the commitment of the organizing entities to the training and strengthening of the capacities of insurance supervisors in Latin America.

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