Perspectives

Insurance regulation without boundaries

How to plan at home for change from abroad

Since the financial downturn, insurance regulation has become increasingly globalized and centralized. Even for insurers operating solely within the U.S., this means decisions on regulatory requirements – which for now are still being made primarily by state regulators – are increasingly being influenced by international factors.​

Since the financial downturn, insurance regulation has become increasingly globalized and centralized. Even for insurers operating solely within the U.S., decisions on regulatory requirements – which for now are still being made primarily by state regulators – are increasingly being influenced by international actors.

Such areas of change include group supervision and a new emphasis on enterprise risk management (ERM) and corporate governance. Domestic-only insurers are affected by international initiatives through items like the insurance core principles (ICPs), which mandated an ORSA.

Changes will not stop there. The influence of global Insurance Capital Standards (ICS) being created for internationally active insurance groups may trickle down eventually to cover a far larger pool.

All U.S. insurers, no matter how small or geographically limited, will likely be affected at some point by internationally driven regulatory change, and may be wise to begin monitoring, preparing for, and trying to influence these changes while there is still time.​

​In International regulation without boundaries: How to plan at home for change from abroad we discuss:

  • International regulation will hit U.S. insurers hard
  • Structural changes for regulation and supervision
  • How the interplay works
  • Next up: Show regulators the money
  • How to respond to the new paradigm
  • Deloitte’s regulatory planning approach​
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