Thirty one insurance associations representing 87 per cent of the worldwide insurance business have formally established the Global Federation of Insurance Associations.
The world’s insurance associations have cooperated informally for several years, most recently as the International Network of Insurance Associations. This is the first time that a formal global federation of the world’s insurance associations has been created.
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The new federation will be active in commenting on a broad range of issues affecting the international insurance industry, such as developments in the systemic risk debate and initiatives in relation to financial inclusion and anti-money laundering.
Frank Swedlove, newly-elected GFIA chairman and president of the Canadian Life and Health Insurance Association, said: "The Federation will give our associations the ability to respond on a timely basis to international issues affecting our industry and to speak with one voice."
Recaredo Arias, secretary general of FIDES (Federación Interamericana de Empresas de Seguros) has been elected vice-chairman of the new federation. The founding member associations also elected a secretary, Michaela Koller, who is Director General of Insurance Europe.
Governor Dirk Kempthorne, President and CEO of the American Council of Life Insurers, stated: "This is indeed a historic day. Regulation of the insurance industry is increasingly being set internationally. The establishment of the Global Federation of Insurance Associations will allow the industry to work more closely with international regulators in the development of sound and balanced regulation."
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