FORMER National Association of Insurance Supervisors (NAIC) president, Alessandro Iuppa will join a number of industry experts debating the future of insurance regulation in the UK post-Financial Services Authority (FSA) at this year’s Insurance Day Summit London.
Three-times summit speaker, Iuppa, who has also served as Superintendent of Insurance for the State of Maine in the US and chair of the executive committee of the International Association of Insurance Supervisors, and is now Zurich’s senior policy advisor on global issues, will utilise his considerable international regulatory experience to examine how such changes will interplay with global initiatives.Current plans will see the FSA replaced by the creation of a new Prudential Regulatory Authority (PRA) and the Consumer Protection and Markets Authority (CPMA) in 2012.
FSA chief executive Hector Sants recently told a packed Lloyd’s Old Library that the PRA will supervise around 1,000 insurance firms and will be a “focused prudential regulator” with a particular focus on eliminating the potential for a firm to fail and the cost to be passed to taxpayers (www.Insuranceday.com, Feb 10).
Earlier this month, Martin Wheatley was appointed as the chief executive-designate of the CPMA, but the moves to break up the FSA have proved unpopular in the past with many high-profile figures in the UK insurance industry including this year’s Insurance Day Summit London keynote speaker, Lloyd’s chief executive, Richard Ward.
“The most important thing for us is that it [the FSA] provides us with great certainty and we don’t want any regulatory uncertainty as we are faced with some of the biggest challenges as a sector we have seen in 30 years, namely the implementation of Solvency II,” Ward said when opening last year’s summit.
This year’s regulatory panel session will be moderated by Freshfields Bruckhaus Deringer partner, James Smethurst and will take place on Tuesday May 17th, the opening day of the two day summit, held at the Grange City Hotel in the heart of London.
More big industry names will be added to this panel in due course, joining an illustrious Summit speaker line-up which also includes Ward, Catlin Group chief executive, Stephen Catlin, UK government business ambassador, Sir David Brewer and Scor chief executive and chairman, Denis Kessler.