With regulation and supervision of the financial services sector on the agenda of the G20 meeting taking place in St Andrews, Scotland tomorrow (6 November 2009), The Geneva Association has called on Finance Ministers and Central Bank Governors of the G-20 to recognize the key considerations that must be taken into account in order to realize the most successful and constructive outcome from regulatory and supervisory reform of the financial services industry.
The letter calls for any future sector regulation to take into account the specific characteristics of the insurance business model, to avoid pro-cyclical effects and strike an appropriate balance between financial stability, consumer protection and a level competitive playing field.
Letter to the G20. Sirs, Progress made under the action plans of the G-20 has contributed to tangible signs of economic recovery. Various indicators show that financial stability has been restored even if further economic and social impacts of the financial crisis are still ahead of us. A few weeks after very fruitful and intense discussions with insurance supervisors from around the world at the Annual meeting of the International Association of Insurance Supervision (IAIS), The Geneva Association is pleased to share its views ahead of your meeting on 6 & 7 November 2009.
