In this episode of A.M.BestTV, the International Association
of Insurance Supervisors (IAIS) draws criticism after seeking an August
2014 deadline for comment on their updated capital requirements plan.
Kurt Karl, chief economist of Swiss Reinsurance Company Limited
(Swiss Re), details the state of world insurance growth. InsurBanc's
President and CEO, David Tralka, outlines the coming wave of Baby Boomer
led agency sales.
The insurance industry is expressing concern about an updated draft
introduced by the IAIS of proposed basic capital requirements regulation
providing greater detail on how calculations would be made. Michelle
Rogers, director of financial and regulatory policy for the National
Association of Mutual Insurance Companies, said the timeline is a
concern since the comment period is limited to August 8, and this quick
turnaround could cause problems.
According to Swiss Re's Karl, insurance growth slowed in 2013 due to
regulatory shifts in Europe, India and China. However, he believes that
we could see stronger growth as economic conditions improve.
"An ongoing challenge," is how InsurBanc's Tralka describes how agency
principals should proceed regarding Baby Boomer led agencies. He said
agency principals are trying to figure out what to do since the
population of agency principals continues to get older.
Click on http://www.ambest.com/vasp?v=news71114
to view this episode.
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