U.K. Prime Minister Gordon Brown wants the “G20″ leaders to put global financial services regulatory modernization efforts that include insurance on their meeting agenda.
The American Council of Life Insurers, Washington, today said it supports Brown’s desire to make regulatory modernization a critical part of the agenda for the Group of 20 meeting, which starts Wednesday.
The Group of 20 is an organization that represents the interests of 20 of the world’s most highly industrialized countries.
The ACLI wants to encourage Brown to press the regulatory modernization issue strongly, “with a goal of including insurance as part of an international financial reform plan,” ACLI President Frank Keating says in a statement.
The ACLI recently joined with Canadian, European, and Mexican insurance associations to send Brown a letter highlighting insurance-specific issues that must be taken into consideration when the G20 meets this week, Keating says.
Some of the points in the letter include:
- An understanding of the need for regulators to come to an agreement on a risk-based approach to supervisory activities.
- Support for the International Association of Insurance Supervisors, Basel, Switzerland, as the mechanism through which solvency standards are developed and implemented.
- A request that the Financial Stability Forum, which brings together senior representatives of national financial authorities and regulatory bodies, incorporate private savings for retirement into its advocacy activities.
- A call for immediate actions to stop the spread of trade protectionism.
Keating says the G20 summit comes at a time of intense debate over financial services regulation, both globally and in the United States.
G20 leaders should, “support the crucial role insurance companies play in the global economy and develop solutions that are in tune with the needs of each individual financial services sector while encouraging healthy competition through international trade,” Keating says.