The Asian Forum of Insurance Regulators (AFIR) met at the 11th annual conference on 21-22 April 2016 in Taipei. Senior officials of insurance regulatory authorities from 16 jurisdictions in Asia, Oceania, and other regions as well as representatives from international organisations attended the conference.
The Forum shared experiences and exchanged information with respect to issues that are relevant to the region or emerging in the region, such as recent developments of the global capital requirements at the International Association of Insurance Supervisors, Fin-Tech and insurance, climate change and disaster risk financing, cross-border supervisory cooperation, and other recent developments in the region.
Moreover, the Forum discussed its work plan for the future. Key issues discussed and agreed upon at this annual conference are as follows:
1. Information exchange
To promote development of regulatory frameworks and supervisory practices, information exchange among jurisdictions in the region is key. As a first step, the Forum agreed to share information amongst AFIR members, such as information on major insurance legislations, and basic statistics of the insurance markets.
2. Regional cooperation
More effective communication mechanisms would help Asian and Oceanian supervisory authorities to respond effectively to the international agenda and to increasing cross-border activities of insurers. The Forum agreed to discuss at the regional level relevant work undertaken by international bodies and facilitate regional cooperation on supervision of insurers in the region.
3. Capacity building
It is essential to enhance supervisory capacity to effectively respond to the rapid growth of the insurance market in the region. For this purpose, the Forum agreed to identify regional needs for supervisory capacity building and gaps where the needs remain unmet, and make plans to fill in the gaps.
4. Governance structure of the AFIR
The Forum discussed principles of governance mechanism and structures. A transition period to conduct the work on the three areas mentioned above will commence later in 2016. The transitional period is expected to last for about two years and can be adjusted if necessary.
The AFIR was established in 2005 to facilitate communications among insurance supervisory authorities in Asia, Oceania, and other regions, and enhance their supervisory capacity building. Mr Junbo Xiang, Chairman of China Insurance Regulatory Commission, currently chairs it.