The insurance industry is facing unprecedented changes. As policymakers in many countries reshape the rules that govern the industry, supervisors are rethinking their approach. Non-executive directors are facing higher expectations to govern and lead their institutions. Competitive pressures and the financial crisis have altered the landscape globally.
The Insurance Governance Leadership Network (IGLN) provides an opportunity for non-executive directors from large global insurers to discuss with peers – through private roundtable discussions and one-on-one discussions – key issues influencing the future of the industry, including governance, regulation, and risk management. The IGLN also enables dialogue on these issues among senior executives (notably, chief risk officers), policymakers, and supervisors.
Participants in the network are committed to outstanding governance and supervision in support of the mission to build strong, enduring, and trustworthy insurance institutions in the face of global change.
The IGLN is organized and led by Tapestry Networks and actively supported by Ernst & Young. In addition to providing opportunities for candid dialogue, we publish research on the issues of greatest importance to the non-executive director community in the insurance industry.
Recent network topics:
In response to new economic and regulatory realities, complex global insurers are changing the ways they govern risk. This ViewPoints discusses the factors compelling insurers to improve risk governance, the practices insurers are using to enhance board-level risk oversight; and the emergence of the chief risk officer as a key player in the industry.
Nearly five years following the financial crisis, insurers observe that change and uncertainty remain defining characteristics of the insurance sector. Effectively addressing these realities is a continuing priority in boardrooms around the world. Key sources of uncertainty include diverse risk-based regulatory standards, evolving cross-border supervision, and fundamental differences in international accounting standards. This ViewPoints discusses these major challenges, their implications, and possible strategies to keep the sector moving forward.
Delays to Europe's Solvency II regulatory reform continue to present challenges across the industry. The ViewPoints from November 29, 2012 synthesizes IGLN participant perspectives on the future of Solvency II regulatory reform; the challenges to implementation; and the intersection with Systemically Important Financial Institution SIFI/Global Systemically Important Insurer (G-SII) designation for leading providers. Industry and supervisors agree that regulatory uncertainty is costly and discussed possible alternative implementation plans.
The August 1, 2012 ViewPoints summarizes dialogue from the inaugural June European meeting of the Insurance Governance Leadership Network (IGLN) in London. The discussion convened five non-executive directors from among the world's largest insurers and key regulators to build on the network's recent dialogue in New York and to advance the thinking across several themes, including approaches to risk-based capital, designating systemically important financial institutions (SIFIs), group-based supervision, consumer protection, and developing long-term, sustainable business models.
ViewPoints captures the key themes and insights from the inaugural US meeting of the Insurance Governance Leadership Network (IGLN) in New York on May 8, 2012. Participants engaged in a spirited dialogue that drew on perspectives from seven non-executives from among the world's largest insurers as well as Therese Vaughan, CEO National Association of Insurance Commissioners (NAIC) and Thomas Leonardi, Connecticut state insurance commissioner. The document outlines many of the most pressing issues and challenges the network will prioritize in its initial twelve to eighteen months.
Rajna Gibson Brandon
Insurance Governance Leadership Network
Director, Swiss Re