The enormity of uniformity: How insurers can incorporate global rules and trends into local compliance

June 2012

Overview

Insurance regulatory regimes around the world are communicating with one another and sharing information exchange and best practices at an unprecedented rate which is raising the regulatory bar worldwide and impacting how insurers across territories choose to respond.

What regulators consider “satisfactory” is changing, even for insurers that do not operate internationally. Local regulators are looking to global standards to mitigate emerging risks within their own jurisdictions. The US ORSA scheduled for implementation before 2015 presents a broad new regulatory mandate for US insurers.

Leading insurers recognize that consistent data quality, forward-looking risk models, and transparent reporting are required for regulatory compliance but are also an incentive to invest in new capabilities. Change can become a strategic imperative that includes a focus on:

  • Enterprise risk management
  • Accounting and valuation
  • Internal and external reporting
  • Risk modelling
  • Data quality, accessibility, and comparability

Contact us

Paul Horgan
Tel: +1 (646) 471 8880
Email

Maryellen Coggins
Managing Director, Risk and Capital Management Services
Tel: +1 (617) 530 7427
Email

Brian Paton
Tel: +1 (312) 298 2268
Email

Paul Delbridge
Actuarial and Insurance Management Solutions
Tel: 646 471 6345
Email

David Scheinerman
Principal, Actuarial and Insurance Management Solutions
Tel: 860 241 7129
Email

Joseph Calandro Jr.
Managing Director, Advisory Services
Tel: + 1 (646) 471 3572
Email

Henry Jupe
Tel: +1 (646) 471 4944
Email

Follow us