Insurers prepare for tighter global regulations

JIJI

Insurance industry groups worldwide will set up an international association in October to prepare for tighter global regulations, sources said.

The Life Insurance Association of Japan, which counts 43 life insurers as members, was to begin preparations shortly to join the new group, the International Federation of Insurance Associations, the sources said Tuesday.

The IFIA will be established by the International Network of Insurance Associations (INIA), which is composed of 42 industry groups from 68 countries, the sources said.

The new body hopes to strengthen global cooperation and improve public relations.

The Life Insurance Association of Japan is considering sending personnel to staff the new body, the sources said.

Canadian and European insurance groups will take the lead in establishing the IFIA, although insurance groups from other major countries, including the United States, are expected to join, the sources said.

A proposal on the new body’s standing rules was put forward at a preparatory meeting in May, the sources said.

An inaugural meeting will be held in Washington in October. The secretariat of the new body will be managed by member countries on a rotating basis.