Global and Regional Regulatory System Challenges

Objective: to open with an outline of emerging global factors as they impact on financial systems and the challenges to governments, regulators and businesses. The session will explore the impact of trends in long-term interest rates, volatile equity markets and changing public/private needs. The session will examine the development of long-term debt markets.

Business perspective on current regulatory regimes

Objective: To examine issues arising from regulatory systems as seen from business practitioners in the region. The session will draw upon the experiences of Colonial and AXA and will look at common issues arising in various jurisdictions.

Chair - Mr N Rangachary, Chairperson, Insurance Regulatory Development Authority, India

Presentation One - Alignment of Interests of Both Insurance Regulators and Insurance Companies
Mr Andrew Penn, Chief Executive International, AXA, Australia

Presentation Two - Mr Robert Garnsworthy, Managing Director, International Financial Services, Colonial Limited, Australia

Open Discussion

Emerging life insurance product changes; pension system developments and impact on regulations

Objective: To explore development of life insurance and associated activities in Asian markets. The session will look at the role of industry in emerging pension systems and the key drivers and central issues relating to development of the industry, including prudential and regulatory standards and the process of responding to consumer needs through an appropriate range of products.

New regulatory approaches

Objective: The session, to be guided by a moderator, will aim to draw out issues where regulatory changes may be desirable to meet requirements of financial stability and changing industry and consumer needs. The session will identify both general and country specific issues. All participants will be involved in open discussion. This session will act in response to issues raised in morning discussions.

Multilateral agencies and regulatory changes in life insurance and pension systems

Objective: To outline the evolving environment of developments in regulatory arrangements, particularly in relation to life insurance and pensions, including the role of multilateral agencies.

In search of world's best practices for life insurance regulatory systems

Objective: To focus on emerging regulatory arrangements, and underpinning philosophy, for the industry from the point of view of world's best practices. Presentations will be delivered by IAIS and APRA. The session will address the importance of appropriate actuarial approaches to reflect the dynamics of economic and social changes as they impact on regulatory approaches.

Barriers to change

Objective: To discuss the barriers to:
1) the exchange of information; and
2) enhancing regulatory supervisory coordination in the life insurance sector and in related financial services.

Future steps: Training and consultative procedures

Objective: To draw together the issues arising from the discourse and develop views on how best to promote ongoing dialog and regulatory excellence in the region, recognising the need for a long-term perspective. This may include views on establishing a centre of excellence in regulatory development at a regional university, provision of ongoing educational and training opportunities, and establishing mechanisms for providing technical assistance and co-operation. In particular, the session will provide a forum for discussion of the topics to be investigated in the two-week follow-up training course to this Symposium.