WFII’s activities in the interest of insurance intermediaries Nic De Maesschalck Director WFII...
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![Page 1: WFII’s activities in the interest of insurance intermediaries Nic De Maesschalck Director WFII Deputy Director BIPAR.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649e045503460f94aef695/html5/thumbnails/1.jpg)
WFII’s activities in the interest of insurance intermediaries
Nic De Maesschalck
Director WFII
Deputy Director BIPAR
![Page 2: WFII’s activities in the interest of insurance intermediaries Nic De Maesschalck Director WFII Deputy Director BIPAR.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649e045503460f94aef695/html5/thumbnails/2.jpg)
WFII : The World Federation of Insurance Intermediaries
Set up in 1999
To promote and defend the interests of intermediaries
- at international level
- international Public Affairs issues
WFII : Single voice of intermediaries at international level
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WFII : World Federation of Insurance Intermediaries
Chapters/ members Europe : BIPAR North America Latin America Africa Asia/ Pacific Rim
Groups 100 national associations in 80 countries
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Governing structure of WFII
World Council : 18 delegates of the various regions : defines strategy and policy direction
6 delegates from Europe Includes : T. Mintoft-Czyz.
Executive CSE Committee
Permanent Secretariat
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The Role of WFII
“The core business of any trade association, national, European or International is to promote the optimal regulatory environment in which the business of its members can prosper.”
In the modern society, - this covers a wide spectrum of “public affairs” activities at national, european and international level- against the background of an ever growing web of interacting interests and influences.
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The web of interacting interests
Every article in a national regulation related to insurance
is the result of an interaction of national,
European and international interests and
public affairs activities.
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The “Web”
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The “web” of institutions and influences
APIRB/ CHAMBER
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The “web” of institutions and influences
APIRB/ CHAMBER
BIPAR
Nat.regulator
Assoc of insurers
consumers
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The “web” of institutions and influences
APIRB/ CHAMBER
BIPAR
Nat.regulator
Assoc of insurers
consumers
EC/
CeiopsCEA BEUC
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The “web” of institutions and influences
APIRB/ CHAMBER
BIPAR
Nat.regulator
Assoc of insurers
consumers
EC CEA BEUC
WFIIIMF/IAIS / OECD/WTO/ UN
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IAISInternational Association of Insurance Supervisors.
The IAIS groups insurance supervisory authorities of some 100 jurisdictions.
- Promotes co-operation among insurance regulators
- Sets international standards for insurance supervision
- Annual conference + various meetings per year
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IAIS : Agenda
(a few examples)
Reinsurance supervision Anti-money laundering and anti-fraud Supervision of insurance activities on the Internet Insurers Capital adequacy and solvency International Accounting Standards … Insurance intermediation.
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IAIS and insurance intermediation
IAIS invites all supervisory authorities to require from all those pursuing an intermediation activity:
- To be registered or licensed by the competent
regulatory authority.- To have adequate general, commercial and professional
knowledge and ability, as well as a good reputation.- To have sufficient safeguards in place to protect the client’s
money. - To give customers information on their status
- - Compare with EU Directive / national regulation --
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Regulation on intermediation : an example
IAIS principles / EU Directive / national regulation
APIRB/ CHAMBER
BIPAR
Nat.regulator
Assoc of insurers
consumers
EC CEA BEUC
WFIIIMF/IAIS / OECD/WTO/ UN / FATF
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The “Web”
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Some Other issues on the agenda of the “web”
Issue Anti-money laundering Market conduct market access terrorism insurance reinsurance supervision solvency of insurers Electronic commerce
Public Procurement
Levels Nat / EU/ IAIS/ FATF Nat/ EU/ IAIS Nat/ EU/ WTO Nat/ EU/ OECD Nat/ EU/ IAIS Nat/EU/ IAIS/OECD Nat/ EU/ IAIS/ OECD/
WTO EU/ Nat/ WTO
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Anti Money Laundering (an example)
FATF 40 recommendations (2002)
IAIS core principles (2003) IMF/FSAP’s
(New EU Directive)
National legislation
WFII + BIPAR + National associations
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How WFII helps
Defence of intermediary interests at drafting stage of FATF / IAIS text
Early warning : national associations (and BIPAR) are aware that that new regulation will come (at EU) and National level
WFII Interpretative paper (helps at the stage of implementation at national level)
There is a world-wide- single- intermediary position ! = unique
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WFII’s Role
Until now :
issues related to Regulation
WFII is also about liberalisation
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WFII principles related to liberalisation (extracts):
Some basic principles promoted by WFII :
Intermediaries should have the right to provide Cross-boder intermediary services related to MAT and reinsurance
Foreign intermediaries should have the right to establish in a market under national treatment.
Principles are driven by need of intermediary to follow his client abroad / and or need for international capacity
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WTO
the World Trade Organisation
- Over 100 member countries
- Gats : General Agreement on Trade
in Services
- under what conditions an intermediary from one
country can do business in another
country.
3
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GATS agreements have consequences on the national regulation
National regulation has consequences on the degree of liberalisation.
Interaction
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WFII’s Role
Issues (both regulatory and liberalisation) on the international agenda are issues on the national agenda
But also : thanks to /due to the international fora such as IAIS /
OECD, … + communication means + globalized world
issues on the national agenda become at ever increasing speed on the international agenda .
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WFII’s Role
Therefore :
WFII also important as the single platform for exchange of information between the 100 national member
associations.
= important role for national associations to send early warnings.
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The web of interacting interests
Every article in a national regulation related to insurance
is the result of an interaction of - national, - European and - international Interests and public affairs
activities.
![Page 27: WFII’s activities in the interest of insurance intermediaries Nic De Maesschalck Director WFII Deputy Director BIPAR.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649e045503460f94aef695/html5/thumbnails/27.jpg)
Conclusion
National associations
+
European federation
+
WFII
The intermediary sector is well equiped to promote and defend its interests optimally in the web of public affairs interests
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WFII’s activities in the interest of insurance intermediaries
Nic De Maesschalck
Director WFII
Deputy Director BIPAR