ASISA teams up with international associations to form a global body

Thirty-one international associations, including the Association for Savings and Investment South Africa (ASISA), established the Global Federation of Insurance Associations (GFIA) in Washington last week. The founding members of the Global Federation rep

Peter Dempsey, deputy CEO of ASISA, says the global body will make it easier for member associations to respond timeously to international challenges affecting the insurance industry. He adds that many of the reasons that prompted the formation of ASISA four years ago, such as speaking with one voice, also apply to the launch of the Global Federation.

“A global body representing 31 member associations from around the world is far more powerful than each of the associations on their own. Taking a coordinated approach when engaging with key stakeholders such as the International Association of Insurance Supervisors (IAIS) is also in the interest of all member associations and the industries that they represent.”

Dempsey points out that since regulation of the insurance industry is increasingly being set internationally, the establishment of the Global Federation will allow the industry to work more closely with international regulators in the development of sound and balanced regulation.

The GFIA will be active in commenting on a broad range of issues affecting the international insurance industry, including:

• Developments in the systemic risk debate;
• The work of the IAIS in developing ComFrame, the common framework; for the supervision of international groups;
• Market conduct and trade issues; and
• Initiatives in relation to financial inclusion and anti-money laundering.

Frank Swedlove, president of the Canadian Life and Health Insurance Association was elected GFIA chair. “I am honoured to have the opportunity to be the inaugural chair of the federation and will strive to ensure that our industry’s views are heard.”