Citing a need for insurers to speak with one voice on global market and regulatory issues, 31 industry groups established the Global Federation of Insurance Associations (GFIA) yesterday.
At its initial meeting in Washington, D.C., the said it will comment on such issues as systemic risk; the development of ComFrame, a common framework for the supervision of international groups; market conduct and trade issues; financial inclusion and anti-money laundering. Frank Swedlove, president of the Canadian Life and Health Insurance Association, chairs the federation, with Recaredo Arias, secretary general of Federación Interamericana de Empresas de Seguros (Interamerican Federation of Insurance Companies) as vice chair and Michaela Koller, director general of Insurance Europe, as secretary.
"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," Swedlove says in a statement. "I am honored to have the opportunity to be the inaugural chair of the federation and will strive to ensure that our industry's views are heard."
Leigh Ann Pusey, president and CEO of the American Insurance Association, serves on the GFIA's Executive Committee as its Membership chairperson. AIA will hair the ComFrame Working Group within the federation as well.
"AIA strongly supported the creation of GFIA," Pusey said in a statement. "AIA looks forward to working with GFIA's leadership and diverse international membership to promote effective and efficient global insurance regulatory systems that support vibrant and competitive private insurance markets."
Peter Braumüller, chairman of the executive committee of the International Association of Insurance Supervisors -- the organization developing ComFrame -- said his organization "look[s] forward to working with GFIA and its members as we all continue to promote effective and globally-consistent supervision of the insurance industry," in a statement.