| Managing Regulatory Change (MRC) in Life Insurance and Pensions |
3rd Annual Symposium
Singapore, Meritus Negara Hotel
Symposium Theme:
- Review of Progress – Are Reforms Meeting Their Goals?
Symposium Communiqué:
Symposium Objectives:
Acknowledging progress in the broad thrust of reforms in life insurance and pensions, this Symposium engages regulators and industry representatives in assessing the value of reforms over the last three years or so.
In this context it is opportune to draw on the experience of those jurisdictions that are addressing specific issues identified at the Beijing 2001 MRC Symposium as requiring more attention, namely, corporate governance, risk-based supervision and changes in the operations of regulatory agencies.
As this Symposium, followed by two training programs in 2003, will bring to an end the present program, it is also opportune to determine if there is a continuing need for capacity building programs and how they might best be organised.
Symposium Program and Papers
| Opening Reception: Wednesday, 6 November 2002 - 6:30pm – 8:30pm |
Location: Singapore – Meritus Negara Hotel – Meritus Lounge, Level 2
Speaker: Michael Moignard, Executive General Manager, Austrade S E Asia
| Day One – Thursday, 7 November 2002 |
Location: Hotel – Meeting Room Level 3
8:15am – 8:35am: Registration: Opening Addresses
Chair: David Knox, Director, PricewaterhouseCoopers Actuarial, Australia
8:35am – 8:50am: Nambi Ranchachary, Chairman, Insurance Regulatory and Development Authority of India, Ministry of Finance
8:50am – 9:00am: Gary Harvey, General Manager, AXA Singapore Life
9:00am – 10:30am: Session I - A Framework For Assessing Regulatory Reform
Objective: This initial session sets the scene for the Symposium. The objective is to discuss a set of criteria, both qualitative and quantitative, which should be a useful guide to regulators in enhancing their roles. This focus will provide a quality framework for regulators to consider. The elements of the framework will be discussed from both the regulator and industry perspectives.
Session Chair: David Knox, Director, PricewaterhouseCoopers Actuarial, Australia
9:00am – 9:05am: Introduces Mr John Palmer
9:05am – 9:45am: Keynote Presentation
- John Palmer, Deputy Managing Director, Monetary Authority of Singapore -
 PDF file 52 Kb
- Survey of Regulatory Reforms, Proposed Reforms and Major Impediments: Life Insurance and Pensions - Jules Gribble - PDF file 58 Kb
9:45am – 10:30am: Discussion
10:30am – 10:45am: Break
10:45am – 12:30am: Session II - Risk Management Framework
Objective: This session will focus on identifying major risks that regulators and industry confront in a competitive environment that provides security and value for consumers, and the framework to manage risk. Issues involved include capital adequacy, risk management and governance processes, reporting and market conduct. A key aspect of the interaction of risks and how they are to be managed by industry and regulators is the regulatory view of the level of security required, recognising that the risk of failures cannot be eliminated.
Session Chair: Kevin Davis, Chair, Department of Finance , the University of Melbourne, Australia
10:45am – 10:55am: Overview
10:55am – 11:10am: Presentation
- Chee Siew Eng, Senior Manager, Life and Actuarial Section, Bank Negara Malaysia - PDF file 20 Kb
11:10am – 11:25am: Presentation
- Senthamangalam Venkatramani, General Manager, Diversified Institutions, Australian Prudential Regulation Authority - PDF file 43 Kb
11:25am – 12:25pm: Discussion
12:25pm – 12:30pm: Review
12:30pm – 2:00pm: Lunch
2:00pm – 3:30pm: Session III - Corporate Governance
Objective: This session considers the issue of corporate governance – at the level of the firm and governance in regulatory agencies. Focus will be on the key elements of corporate governance and how such requirements may be enforced and promoted. For example, the roles of Boards, ‘fit and proper’ tests for individuals , independent professionals, codes of conduct and public disclosure requirements.
Session Chair: Elizabeth Gima, Manager, Banking Supervision, Bank of PNG
2:00pm – 2:10pm: Overview
2:10pm – 2:25pm: Presentation
- Hauw Soo Hoon, Executive Director, Insurance Division, Monetary Authority of Singapore
2:25pm – 2:40pm: Presentation – An Industry Perspective
- Allan Roney, Chief Operating Officer, (SE Asia) International Financial Services, CBA - PDF file 20 Kb
2:40pm – 3:25pm: Discussion
3:25pm – 3:30pm: Review
3:30pm – 3:45pm: Break
3:45pm – 5:30pm: Session IV - Effective Regulatory Agencies
Objective: This session focuses on identifying the characteristics of an effective regulatory agency, and how these characteristics can be developed. For example, issues such as the role of implementing best practice regulatory approaches, the availability of skilled resources, and promoting a strong regulatory culture will be considered – at the level of the firm and governance in regulatory agencies.
Session Chair: Tran Huy Trung, Director, Insurance Supervision Division, Ministry of Finance, Vietnam
3:45pm – 3:55pm: Overview
3:55pm – 4:10pm: Presentation
- Masdar, Deputy Director for Technical Analysis, Insurance Directorate, Ministry of Finance, Indonesia
4:10pm – 4:25pm: Presentation
- Nigel Hazell, Regional Director, Finance and Operations Group, CMG Asia
4:25pm – 5:25pm: Discussion
5:25pm – 5:30pm: Review
7:30pm – 10:30pm: Dinner
| Day Two – Friday, 8 November 2002 |
Location: Hotel – Meeting Room Level 3
8:30am – 10:15am: Session V - Assessing Regulatory Change – Life Insurance
Objective: The objective is to discuss responses in the region to emerging life insurance regulatory frameworks, including international regulatory developments. Regional strengths and weaknesses will be identified, as well as current key issues and how they may be addressed in the next few years.
Session Chair: Inia Naiyaga, Chief Manager, Financial Institutions, Reserve Bank of Fiji
8:30am – 8:40am: Overview
8:40am – 8:55am: Presentation – Life Insurance Status
- Benjamin Tang, Insurance Commissioner, Hong Kong
8:55am – 9:10am: Presentation – An Industry Perspective
9:10am – 10:10am: Discussion
10:10am – 10:15am: Review
10:15am – 10:30am: Break
10:30am – 12:00pm: Session VI - Assessing Regulatory Change – Pensions
Objective: The objective is to discuss responses in the region to emerging pension insurance regulatory frameworks, including international regulatory developments. Regional strengths and weaknesses will be identified as well as current key issues and how they may be addressed in the next few years.
Session Chair: Andrew Brown, AXA Singapore/Philippines
10:30am – 10:40am: Overview
10:40am – 10:50am: Presentation
- Jeremias N Paul Jr, Assistant Secretary, Department of Finance, Philippines
10:50am – 11:00am: Presentation
- Olota Rokobunisei, General Manager & CEO, Fiji National Provident Fund
11:00am – 11 :10am: Presentation
- David Knox, Director, PricewaterhouseCoopers Actuarial, Australia
11:10am – 11:55am: Discussion
11:55am – 12:00pm: Review
12:00pm – 1:30pm: Lunch – Distribution of draft text for Symposium Communiqué
1:30pm – 3:00pm: Session VII - Key Future Challenges
Objective: Utilising the Framework established in Session I, this session will review key issues identified by the Symposium and the challenges that lie ahead in the region. The session will also consider measures to overcome obstacles that could impede the implementation of future reforms in life insurance and pension sectors.
Session Chair: Rapee Sucharitakul, Assistant Secretary General, Securities and Exchange Commission, Thailand
1:30pm – 1:35pm: Overview
1:35pm – 1:50pm: Presentation
- John Palmer, Deputy Managing Director, Monetary Authority of Singapore
1:50pm – 2:00pm: Presentation – A Regulatory Perspective
- Nambi Rangachary, Chairman,Insurance Regulatory and Development Authority, India - PDF file 20 Kb
2:00pm – 2:10pm: Presentation – An Industry Perspective
- Garry Mackrell, Group Executive International Financial Services, CBA - PDF file 18 Kb
2:10pm – 2:55pm: Discussion
2:55pm – 3:00pm: Review
3:00pm – 3:15pm: Break
3:15pm – 5:15pm: Session VIII - Moving Forward
Objective: This concluding session will explore mechanisms to move forward, reflecting key points arising during the Symposium. At a macro level, the session will consider the long term need for ongoing capacity building programs, recognising the benefit of co-operation within the region, the contribution of the MRC Program, and other regional initiatives . The focus will be on identifying steps that may be initiated to overcome obstacles in developing and implementing standards, and in reforming regulatory agencies. A draft communiqué on outcomes of the Symposium will be considered.
Session Chair: Andrew Brown, AXA Singapore/Philippines
3:15pm – 3:30pm: Overview
3:30pm – 4:30pm: Overview and Discussion
- Ken Waller, Economic Advisor to Commonwealth Bank of Australia
4:30pm – 5:00pm: Symposium Communiqué
5:00pm – 5:15pm: Closing Address
- Garry Mackrell, Group Executive International Financial Services, CBA - PDF File, 8 Kb
|
