German Insurance Association

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "German Insurance Association"

Transcription

1 German Insurance Association Key regulatory and market access issues in relations with specific third countries ID-Number Gesamtverband der Deutschen Versicherungswirtschaft e. V. German Insurance Association

2 Index 1. Introduction United States of America China India Russia Brazil... 6 Summary The USA, China, India, Russia and Brazil represent important markets for the German insurance and reinsurance industry due their premium volume, growth rate and potential. In order to enhance the trade in insurance services with these markets, access barriers have to be reduced and regulatory cooperation has to be improved. The German insurance industry faces a wide range of different trade restrictions in the aforementioned countries. These are briefly outlined with regard to each market. 2 / 7

3 1. Introduction The USA, China, India, Russia and Brazil represent important markets for the German insurance and reinsurance industry. This is due to their premium volume (e.g. USA: 1271 bn USD, China: 245 bn USD), their growth rate (e.g. China: 10.7 per cent; Brazil: 4.6 per cent) or their potential (insurance penetration premiums as a per cent of GDP: e.g. Brazil: 3.85, India: 3.96, China: 2.96, Russia: 1.33). 1 German and generally EU insurers are already operating in the respective markets. However, they could become much more active if trade barriers were removed and regulatory convergence was improved. This would create value for the consumers due to more choice and better prices through more competition, strengthen financial stability as supervisory activities would be coordinated and coherent, transfer knowledge and expertise to developing insurance markets, protect the respective markets in case of major disaster due to wide risk allocation. Therefore the German insurance industry welcomes the ongoing financial markets dialogues. We also support the EU negotiations for Free Trade Agreements and urge the negotiation parties to include substantive provisions to reduce barriers for insurance services. With regard to the aforementioned countries, the following key issues are of particular importance for the German insurance industry. They correlate with the positions taken by the European Insurance Association Insurance Europe. 1 Source: Swiss Re, Sigma 2013/3, data of In comparison: German / European (not only EU) premium volume: 231 / 1535 bn USD; insurance penetration premiums as a per cent of GDP 6.74 / Source: Swiss Re, Sigma 2013/3, data of / 7

4 2. United States of America The GDV welcomes the ongoing regulatory dialogues which aim at better understanding each other s regulatory system and supervisory procedures and at eventually creating a more coherent supervision. We believe that bilateral as well as multilateral fora (IAIS) are the right place to advance with this. The GDV has been very supportive of the inclusion of insurance issues in the negotiation for a Transatlantic Trade and Investment Partnership (TTIP) between the EU and the USA. We applaud the European Commission for its approach to focus on typical market access issues on the one side and, on the other side, to incorporate provisions for enhancing the ongoing regulatory cooperation without duplicating. The U.S. reinsurance collateral regime remains a discriminatory measure. We welcome the National Association of Insurance Commissioners adoption of a revised credit for reinsurance model law and regulation in 2011 and the adoption in several states. However, this model law does not eliminate collateral requirements in a uniform way as states can decide for themselves whether to implement reduced collateral rules and how to shape them. Insurers see problems arising from dealing with multiple regulatory jurisdictions in the USA. This increases costs and legal uncertainty. 3. China Foreign life insurers face several investment limitations in China: They have to establish operations in China in the legal form of a joint venture. Their shareholding is limited to 50 per cent. The number of domestic shareholders in a joint venture is restricted to one partner. Foreign insurers are also limited to one single engagement per branch of business. There are still market access barriers for specific products (like export credit insurance, prohibition of combining products), restrictions on distribution channels (e.g. the activities of foreign in- 4 / 7

5 surance brokers, geographic limits) and burdensome regional expansion requirements. Currently, the Chinese legislation does not distinguish between general insurers and specialty insurers, such as health insurers. As tailored legislation for special insurers does not exist, the penetration of these products is delayed due to excessive minimum capital requirements or investment limitations. 4. India Foreign insurers face an equity limit concerning the participation in insurance companies. The Indian Insurance Amendments Bill (the Bill) contains provisions which would at least raise the FDI cap in insurance from 26% to 49%. The GDV is supportive of this bill. We would welcome the adoption of the Bill in the Indian Parliament, preferably before the Indian legislative elections in May. The German insurance industry welcomes the European Commission s support of this demand, particularly in the EU-India FTA negotiations. There have been proposals to find a compromise by substituting a FDI increase for already invested insurers with allowing foreign institutional investors (FII) to take 23 per cent. We do not believe that this would be a solution, as a third party would complicate the management of the insurance companies. The Bill would also allow the opening of foreign reinsurance branches. The fact that it has not yet been adopted hinders the reinsurance market and the wide spread of risk allocation. The new bancassurance guidelines force all banks to operate as brokers. The consequence of this new regulation is that banks can no longer be the exclusive bancassurance partner for one insurance company only, but can place a maximum of 25% of the bancassurance business generated with one insurance company. For those joint venture insurance companies which have banks as a joint venture partner this would be a major setback since it effectively derails their entire business model, particularly in life insurance. These guidelines should not be implemented as they infringe legal certainty. 5 / 7

6 Besides this, the new guidelines like other regulatory changes or a lack of changes are unpredictable for foreign insurance companies. There is a lack of transparent procedures and stakeholder participation. 5. Russia Under the Russian insurance law the regulator is given significant discretion in granting insurance licenses. This procedure lacks transparency and licenses are being refuted on grounds that are not always comprehensible. Besides clear procedures to challenge the decision of the regulator do not exist. As part of its accession to the WTO, Russia committed to allow branches from foreign insurance companies (life and non-life insurance and reinsurance) by We believe that this timeframe is excessive and that it should be attempted to see this commitment implemented sooner. Foreign insurance companies face discrimination when it comes to public procurement. Onerous requirements have to be met for the participation of foreign companies in the supply of insurance services for state and municipal needs as well as state corporations. Russia still sets a limit on investment for foreign insurers. Although the FDI cap has been increased, there is still a cap of 50 per cent which should be removed completely. 6. Brazil Insurance companies face restrictions on affiliate s transactions as Resolution 232 prohibits local (re)insurers to transfer more than 20% of the insurance premium on each coverage to related companies located outside of Brazil. The GDV welcomes that this trade barrier has been listed in the Tenth Report on potentially trade-restrictive measures and urges the European Commission to raise the issue in its regular dialogues. 6 / 7

7 The Brazilian legislation (Resolution 225) requires compulsory reinsurance with local participants. Insurance companies must cede at least 40% of each reinsurance cession to local reinsurers. Before the introduction of this obligation in 2011, local reinsurers only had a right of first refusal. Berlin/Brussels, 13 February / 7

INSURANCE CORE PRINCIPLES, STANDARDS, GUIDANCE AND ASSESSMENT METHODOLOGY

INSURANCE CORE PRINCIPLES, STANDARDS, GUIDANCE AND ASSESSMENT METHODOLOGY INSURANCE CORE PRINCIPLES, STANDARDS, GUIDANCE AND ASSESSMENT METHODOLOGY ICP 4 Draft revisions for consultation June 2015 (Clean version) ICP 4 Licensing A legal entity which intends to engage in insurance

More information

TESTIMONY ALLAN E. O BRYANT EXECUTIVE VICE PRESIDENT HEAD OF INTERNATIONAL MARKETS AND OPERATIONS REINSURANCE GROUP OF AMERICA, INCORPORATED

TESTIMONY ALLAN E. O BRYANT EXECUTIVE VICE PRESIDENT HEAD OF INTERNATIONAL MARKETS AND OPERATIONS REINSURANCE GROUP OF AMERICA, INCORPORATED TESTIMONY OF ALLAN E. O BRYANT EXECUTIVE VICE PRESIDENT HEAD OF INTERNATIONAL MARKETS AND OPERATIONS REINSURANCE GROUP OF AMERICA, INCORPORATED HEARING ON U.S. INSURANCE SECTOR: INTERNATIONAL COMPETITIVENESS

More information

An overview of the Indonesian insurance industry for foreign investors

An overview of the Indonesian insurance industry for foreign investors Client Update An overview of the Indonesian insurance industry for foreign investors 21 February 2014 The Indonesian insurance market has attracted significant interest from international investors in

More information

ANNUAL REPORT ON DISCRIMINATION IN FOREIGN GOVERNMENT PROCUREMENT April 30, 2001

ANNUAL REPORT ON DISCRIMINATION IN FOREIGN GOVERNMENT PROCUREMENT April 30, 2001 ANNUAL REPORT ON DISCRIMINATION IN FOREIGN GOVERNMENT PROCUREMENT April 30, 2001 I. Introduction A longstanding objective of U.S. trade policy has been to open opportunities for U.S. suppliers to compete

More information

Article from: The Actuary. December 2011 Volume 8 Issue 6

Article from: The Actuary. December 2011 Volume 8 Issue 6 Article from: The Actuary December 2011 Volume 8 Issue 6 16 The Actuary December 2011/January 2012 Life Insurance And The Actuarial Profession In India A Decade After Liberalization The actuarial profession

More information

INDIA-AUSTRALIA COMPREHENSIVE ECONOMIC COOPERATION AGREEMENT

INDIA-AUSTRALIA COMPREHENSIVE ECONOMIC COOPERATION AGREEMENT 23 March 2015 Australia-India Comprehensive Economic Cooperation Agreement Free Trade Agreement Division Department of Foreign Affairs and Trade RG Casey Building John McEwen Crescent Barton ACT 0221 Delivered

More information

The Global Steel Supply Chain Partnership: A New Alliance to Meet 21 st Century Market Challenges

The Global Steel Supply Chain Partnership: A New Alliance to Meet 21 st Century Market Challenges The Global Steel Supply Chain Partnership: A New Alliance to Meet 21 st Century Market Challenges American Institute for International Steel EUROMETAL International Steel Trade Association 1 The three

More information

GLOBAL EUROPE. A Stronger Partnership to Deliver Market Access for European Exporters. External Trade. European Commission

GLOBAL EUROPE. A Stronger Partnership to Deliver Market Access for European Exporters. External Trade. European Commission GLOBAL EUROPE A Stronger Partnership to Deliver Market Access for European Exporters European Commission External Trade In today's global economy European companies have never been more dependent on effective

More information

Rating Agencies and Regulation: The Insurance Industry between Scylla and Charybdis?

Rating Agencies and Regulation: The Insurance Industry between Scylla and Charybdis? Gesamtverband der Deutschen Versicherungswirtschaft e. V. Rating Agencies and Regulation: The Insurance Industry between Scylla and Charybdis? Dr. Michael Wolgast Head of Economics Department German Insurance

More information

INSURANCE VIETNAM 22 DECEMBER 2014

INSURANCE VIETNAM 22 DECEMBER 2014 client alert INSURANCE VIETNAM 22 DECEMBER 2014 OVERVIEW OF INSURANCE REGULATIONS The Vietnamese insurance market is one of the most dynamic in South East Asia and by many different measures is seen to

More information

LEGAL REGIMES GOVERNING FOREIGN DIRECT INVESTMENT (FDI) IN HOST COUNTRIES

LEGAL REGIMES GOVERNING FOREIGN DIRECT INVESTMENT (FDI) IN HOST COUNTRIES LEGAL REGIMES GOVERNING FOREIGN DIRECT INVESTMENT (FDI) IN HOST COUNTRIES SRIJANEE BHATTACHARYYA SLAUGHTER AND MAY Type: Published: Last Updated: Keywords: Legal Guide November 2012 November 2012 Foreign

More information

Asian Non Life Markets - Challenges and opportunities

Asian Non Life Markets - Challenges and opportunities Investor Day 2012 Asian Non Life Markets - Challenges and opportunities Gary Crist CEO Ageas Asia INVESTOR DAY 2012 Asian Non-Life Markets Challenges and Opportunities Conclusions China South Korea Taiwan

More information

COMMISSION OF THE EUROPEAN COMMUNITIES

COMMISSION OF THE EUROPEAN COMMUNITIES COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 18.4.2007 COM(2007) 183 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND

More information

THE DEVELOPING INSURANCE MARKET IN BRAZIL

THE DEVELOPING INSURANCE MARKET IN BRAZIL THE DEVELOPING INSURANCE MARKET IN BRAZIL Risk Management and Transfer for South American Risks Commercial Risk Europe in association with IGREA and APOGERIS Bruno Laval Regional Manager Iberia & Latin

More information

Executive Summary, 21 January 2015

Executive Summary, 21 January 2015 January 2015 Study by the Ifo Institute, Munich, and the Institute for Applied Economic Research (IAW), Tübingen commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ)

More information

Global Insurance CONTENTS. Report Synopsis. Industry Surveys. March 2006. 1. Executive Summary 10. 2. Highlights 12

Global Insurance CONTENTS. Report Synopsis. Industry Surveys. March 2006. 1. Executive Summary 10. 2. Highlights 12 Industry Surveys Global Insurance www.reportsure.com March 2006 Report Synopsis In 2004 insurance premiums accounted for nearly 8% of global GDP, with a value of USD 3,244 billion. The industry grew by

More information

Transatlantic Trade and Investment Partnership (TTIP): Towards better health outcomes for patients and economic growth

Transatlantic Trade and Investment Partnership (TTIP): Towards better health outcomes for patients and economic growth Transatlantic Trade and Investment Partnership (TTIP): Towards better health outcomes for patients and economic growth 1 About EFPIA Þ EFPIA is the voice of the European innovative pharmaceutical industry,

More information

Mexican Insurance Market: developments and new regulations

Mexican Insurance Market: developments and new regulations Mexican Insurance Market: developments and new regulations National Association of Insurance Commissioners Summer National Meeting Philadelphia, PA June 11, 2002 Mexican Insurance Market: developments

More information

WORLD TRADE ORGANIZATION

WORLD TRADE ORGANIZATION WORLD TRADE ORGANIZATION Negotiating Group on Market Access TN/MA/W/18/Add.6 28 January 2005 (05-0371) Original: English U.S. PROPOSAL ON NEGOTIATING NTBS RELATED TO THE AUTOMOBILE SECTOR Communication

More information

REGISTRATION OF FOREIGN BOARDS OF TRADE. A response paper by the Futures and Options Association

REGISTRATION OF FOREIGN BOARDS OF TRADE. A response paper by the Futures and Options Association REGISTRATION OF FOREIGN BOARDS OF TRADE A response paper by the Futures and Options Association JANUARY 2011 1 REGISTRATION OF FOREIGN BOARDS OF TRADE 1. Introduction 1.1 The Futures and Options Association

More information

* * * Initial Provisions for. CHAPTER [ ] - Regulatory Cooperation

* * * Initial Provisions for. CHAPTER [ ] - Regulatory Cooperation REMARKS: This is an initial textual proposal for a draft Chapter on Regulatory Cooperation that the Commission intends to submit to the US on Friday, 30 January, in preparation of the 8 th round of TTIP

More information

S W ISS I NVESTMENT R EPORT* 17

S W ISS I NVESTMENT R EPORT* 17 S W ISS I NVESTMENT R EPORT* 17 FEBRUARY 2016 * The Swiss Investment Report is provided by Wenfei Attorneys at Law Ltd. ( Wenfei ), a Swiss law firm which has gained extensive experience in providing services

More information

November 03, 2009. Via Electronic Mail to www.regulations.gov

November 03, 2009. Via Electronic Mail to www.regulations.gov November 03, 2009 Via Electronic Mail to www.regulations.gov Ms. Gloria Blue Executive Secretary, Trade Policy Staff Committee Office of the U.S. Trade Representative 600 17th Street, N.W. Washington,

More information

Gaps and Duplicative Requirements, August 30, 2013, available at http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/odrgreport.pdf.

Gaps and Duplicative Requirements, August 30, 2013, available at http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/odrgreport.pdf. Report of the OTC Derivatives Regulators Group (ODRG) 1 on Cross-Border Implementation Issues March 2014 At the St. Petersburg summit in September 2013, the G20 leaders welcomed the set of understandings

More information

Regulatory challenges in the Levant and GCC insurance markets

Regulatory challenges in the Levant and GCC insurance markets Regulatory challenges in the Levant and GCC insurance markets by Fadi B. Nader, Levant Law Practice The insurance regulatory environment in the Levant and Gulf Cooperation Council (GCC) region has significantly

More information

21st Century Hungary as Regional Financial Centre

21st Century Hungary as Regional Financial Centre 21st Century Hungary as Regional Financial Centre Focus The new Hungarian government is firmly determined to make Hungary the 21st century financial services centre of Central Europe by the recently released,

More information

Reinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland

Reinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland Reinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland Agostino Galvagni, Swiss Re Content Reinsurance and its value proposition Current reinsurance challenges Swiss Re s role in

More information

Transfer Pricing Audit Management

Transfer Pricing Audit Management FINANCE AND STRATEGY PRACTICE Tax Director Roundtable Transfer Pricing Audit Management Transfer Pricing Associates Steef Huibregtse and Richard Slimmen 13 April 2012 FINANCE AND STRATEGY PRACTICE Tax

More information

Recent trends of dynamically growing and developing life insurance markets in Asia

Recent trends of dynamically growing and developing life insurance markets in Asia Recent trends of dynamically growing and developing life insurance markets in Asia Tomikazu HIRAGA, Ph.D. and LL.M. General Manager for Asia, NLI Research Institute Asia is a growth market where foreign

More information

Final Report High Level Working Group on Jobs and Growth

Final Report High Level Working Group on Jobs and Growth Final Report High Level Working Group on Jobs and Growth February 11, 2013 INTRODUCTION As the United States-European Union High Level Working Group on Jobs and Growth (HLWG) noted in its June 19, 2012

More information

Regional Free Trade Agreements and their Implications for Australian Financial Services. Stephen Kirchner

Regional Free Trade Agreements and their Implications for Australian Financial Services. Stephen Kirchner Regional Free Trade Agreements and their Implications for Australian Financial Services Stephen Kirchner (skirchner@afma.com.au) December 2014 Introduction Australia has concluded bilateral free trade

More information

Building a Multinational Insurance Program: When, Why and How

Building a Multinational Insurance Program: When, Why and How Multinational Programs: Building a Multinational Insurance Program: When, Why and How David Valzania Head of AIG Multinational Americas 1.617.330.4419 david.valzania@aig.com www.aig.com/multinational WWW.CHICAGOLANDRISKFORUM.ORG

More information

Good Governance, Liberalization & Innovation: Insurance

Good Governance, Liberalization & Innovation: Insurance Good Governance, Liberalization & Innovation: Way Forward for MENA Insurance Dr. Nasser Saidi Hawkamah Institute for Corporate Governance Dubai International Financial Centre Good Governance, Liberalization

More information

APEC Symposium: Towards Regulatory Good Practice in Transport and Logistics Services

APEC Symposium: Towards Regulatory Good Practice in Transport and Logistics Services The Australian Department of Foreign Affairs and Trade APEC Symposium: Towards Regulatory Good Practice in Transport and Logistics Services Good Practice Report APEC SYMPOSIUM GOOD POLICY AND REGULATORY

More information

REINSURANCE RISK MANAGEMENT GUIDELINE

REINSURANCE RISK MANAGEMENT GUIDELINE REINSURANCE RISK MANAGEMENT GUIDELINE Initial publication: April 2010 Update: July 2013 Table of Contents Preamble... 2 Introduction... 3 Scope... 5 Coming into effect and updating... 6 1. Reinsurance

More information

July 3, 2014 1. SCOPE OF THE SUBSTANTIVE INVESTMENT PROTECTION PROVISIONS

July 3, 2014 1. SCOPE OF THE SUBSTANTIVE INVESTMENT PROTECTION PROVISIONS July 3, 2014 The Trans-Atlantic Business Council (TABC) welcomes the opportunity to comment on the European Commission public consultation on investment protection and investor-to-state dispute settlement

More information

»Market Access Database

»Market Access Database The European Union Trade and Investment Policy»Market Access Database Filip Deraedt European Commission Trade» Free Trade Agreements Trade Policy Agenda Trade, Growth and World Affairs Foster open markets

More information

Do you want to export worldwide? Market Access Database (MADB) EU Market Access Strategy. Trade

Do you want to export worldwide? Market Access Database (MADB) EU Market Access Strategy. Trade Do you want to export worldwide? EU Market Access Strategy Market Access Database (MADB) Trade How to help EU companies to export worldwide Trade is a major source of growth and jobs in Europe. The European

More information

STRUCTURING MULTINATIONAL INSURANCE PROGRAMS: THE EMERGING REGULATORY CHALLENGE TO NON-ADMITTED INSURANCE Suresh Krishnan

STRUCTURING MULTINATIONAL INSURANCE PROGRAMS: THE EMERGING REGULATORY CHALLENGE TO NON-ADMITTED INSURANCE Suresh Krishnan STRUCTURING MULTINATIONAL INSURANCE PROGRAMS: THE EMERGING REGULATORY CHALLENGE TO NON-ADMITTED INSURANCE Suresh Krishnan STRUCTURING MULTINATIONAL INSURANCE PROGRAMS: THE EMERGING REGULATORY CHALLENGE

More information

Practice of Reinsurance and Forward : Indian Market

Practice of Reinsurance and Forward : Indian Market K. Ramachandran * Practice of Reinsurance - 2016 and Forward : Indian Market In the recently amended legislation related to insurance, quite a few change related to reinsurance practice is introduced.

More information

AmCham EU position on Industrial Policy for the Security Industry

AmCham EU position on Industrial Policy for the Security Industry AmCham EU position on Industrial Policy for the Security Industry Page 1 of 5 13 February 2012 AmCham EU position on Industrial Policy for the Security Industry The American Chamber of Commerce to the

More information

1 - EU Commission Communication-Trade for All. BUSINESSEUROPE assessment KEY MESSAGES. November 2015

1 - EU Commission Communication-Trade for All. BUSINESSEUROPE assessment KEY MESSAGES. November 2015 November 2015 EU Commission Communication-Trade for All BUSINESSEUROPE assessment KEY MESSAGES 1-2 3 4 We welcome the intention to maintain an ambitious and forward-looking trade and investment agenda

More information

ALLIANZ OF AMERICA CORPORATION MUNICH REINSURANCE AMERICA CORPORATION SWISS RE AMERICA HOLDING CORPORATION

ALLIANZ OF AMERICA CORPORATION MUNICH REINSURANCE AMERICA CORPORATION SWISS RE AMERICA HOLDING CORPORATION a ALLIANZ OF AMERICA CORPORATION MUNICH REINSURANCE AMERICA CORPORATION SWISS RE AMERICA HOLDING CORPORATION These comments are submitted by Allianz of America, 1 Munich Reinsurance America, 2 and Swiss

More information

Qualitative analysis of a potential Free Trade Agreement between the European Union and India. Executive Summary

Qualitative analysis of a potential Free Trade Agreement between the European Union and India. Executive Summary Centre for the Analysis of Regional Integration at Sussex Qualitative analysis of a potential Free Trade Agreement between the European Union and India Executive Summary Centre for the Analysis of Regional

More information

INSURANCE DEVELOPMENT PLAN Volume II (2010-2014)

INSURANCE DEVELOPMENT PLAN Volume II (2010-2014) INSURANCE DEVELOPMENT PLAN Volume II (2010-2014) 1 PREFACE The Insurance industry plays a significant role in the social and economic development of a nation, serving as a contributing source of long-

More information

The Eclipse of Contract Law in the Investment Firm-Client- Relationship: The Impact of the MiFID on the Law of Contract from a German Perspective

The Eclipse of Contract Law in the Investment Firm-Client- Relationship: The Impact of the MiFID on the Law of Contract from a German Perspective University Press Scholarship Online You are looking at 1-7 of 7 items for: keywords : investment services The Eclipse of Contract Law in the Investment Firm-Client- Relationship: The Impact of the MiFID

More information

Existing Scenario of Nepalese Insurance Industry

Existing Scenario of Nepalese Insurance Industry Existing Scenario of Nepalese Insurance Industry 2012 1 1. BRIEF HISTORICAL BACKGROUND The History of financial system in Nepal began in 1881 with the establishment of Tejarath Adda (The National Treasury

More information

SIAM Society of Indian Automobile Manufacturers

SIAM Society of Indian Automobile Manufacturers Non Tariff Barriers in Automotive Industry by Sugato Sen Senior Director SIAM Society of Indian Automobile Manufacturers February 26, 2009 Chennai Society of Indian Automobile Manufacturers Non-profit

More information

Trade Debates - Liberal Voices Needed

Trade Debates - Liberal Voices Needed European Commission Speech [Check against delivery] Trade Debates - Liberal Voices Needed 3 December 2015 Cecilia Malmström, Commissioner for Trade Berlin Event at Friedrich Naumann Stiftung Ladies and

More information

GLOBAL CONSTRUCTION: INTERNATIONAL OPPORTUNITIES, LOCAL RISKS

GLOBAL CONSTRUCTION: INTERNATIONAL OPPORTUNITIES, LOCAL RISKS GLOBAL CONSTRUCTION: INTERNATIONAL OPPORTUNITIES, LOCAL RISKS BUILDING A MULTINATIONAL INSURANCE PROGRAM FOR CONTRACTORS Geoffrey Hall, William Hazelton and Bryan Tedford GLOBAL CONSTRUCTION: INTERNATIONAL

More information

Outlines of the Trans-Pacific Partnership Agreement

Outlines of the Trans-Pacific Partnership Agreement Page 1 of 5 Outlines of the Trans-Pacific Partnership Agreement ENHANCING TRADE AND INVESTMENT, SUPPORTING JOBS, ECONOMIC GROWTH AND DEVELOPMENT: OUTLINES OF THE TRANS-PACIFIC PARTNERSHIP AGREEMENT On

More information

Insurance Law Reforms and Requirements for Direct Offshore Foreign Insurers ("DOFIs")

Insurance Law Reforms and Requirements for Direct Offshore Foreign Insurers (DOFIs) Insurance Law Reforms and Requirements for Direct Offshore Foreign Insurers ("DOFIs") The Clayton Utz contact for this document is Fred Hawke, Partner Clayton Utz Lawyers Level 18 333 Collins Street Melbourne

More information

10721/16 GSC/lt 1 DGB 2B

10721/16 GSC/lt 1 DGB 2B Council of the European Union Brussels, 28 June 2016 (OR. en) 10721/16 OUTCOME OF PROCEEDINGS From: General Secretariat of the Council On: 28 June 2016 To: Delegations No. prev. doc.: 10320/16 REV 1 Subject:

More information

I. World trade developments

I. World trade developments I. World trade developments World merchandise exports stagnated in value terms in 2012 while exports of commercial services increased by 2 per cent. Key developments in 2012: a snapshot Trade data List

More information

TAZEEM PASHA MANAGER, BUSINESS RETENTION AND EXPANSION SELECTUSA U.S. DEPARTMENT OF COMMERCE

TAZEEM PASHA MANAGER, BUSINESS RETENTION AND EXPANSION SELECTUSA U.S. DEPARTMENT OF COMMERCE TAZEEM PASHA MANAGER, BUSINESS RETENTION AND EXPANSION SELECTUSA U.S. DEPARTMENT OF COMMERCE Tazeem Pasha serves as Manager, Business Retention and Expansion at SelectUSA. Established by Executive Order

More information

EC consultation on FX Financial Instruments. ECO-INV-14-079 Date: 9 May 2014. Contact person: Ecofin department E-mail: mihai@insuranceeurope.

EC consultation on FX Financial Instruments. ECO-INV-14-079 Date: 9 May 2014. Contact person: Ecofin department E-mail: mihai@insuranceeurope. Response to consultation on FX Financial Instruments Position Paper Our reference: Referring to: ECO-INV-14-079 Date: 9 May 2014 EC consultation on FX Financial Instruments Contact person: Ecofin department

More information

Structuring Multinational Insurance Programs: The Emerging Regulatory Challenge to Non-admitted Insurance. Suresh Krishnan Tracey Discepolo

Structuring Multinational Insurance Programs: The Emerging Regulatory Challenge to Non-admitted Insurance. Suresh Krishnan Tracey Discepolo Structuring Multinational Insurance Programs: The Emerging Regulatory Challenge to Non-admitted Insurance Suresh Krishnan Tracey Discepolo focus on: Structuring Multinational Insurance Programs: By Suresh

More information

EBA FINAL draft Regulatory Technical Standards

EBA FINAL draft Regulatory Technical Standards EBA/RTS/2015/03 03 July 2015 EBA FINAL draft Regulatory Technical Standards on resolution colleges under Article 88(7) of Directive 2014/59/EU Contents 1. Executive summary 3 2. Background and rationale

More information

REINSURANCE IN THAILAND by Potjanee Thanavaranit Deputy Director-General, Department of Insurance Ministry of Commerce, Thailand

REINSURANCE IN THAILAND by Potjanee Thanavaranit Deputy Director-General, Department of Insurance Ministry of Commerce, Thailand REINSURANCE IN THAILAND by Potjanee Thanavaranit Deputy Director-General, Department of Insurance Ministry of Commerce, Thailand I. Structure of the insurance industry A. Number of companies Since 1982,

More information

The insurance market in Russia

The insurance market in Russia The insurance market in Russia Vladimir Kalinin MAPFRE RE s Commercial Adviser for Russia and the countries of the CIS Moscow Russia 16 / 61 / 2012 Among the markets of the emerging countries, the Russian

More information

Economic Watch. Trends in Lending and Outward Foreign Direct Investment from China into Latin America. China

Economic Watch. Trends in Lending and Outward Foreign Direct Investment from China into Latin America. China China Hong Kong, August 16, 2013 Economic Analysis Asia Alicia Garcia Herrero Chief Economist of Emerging Markets alicia.garcia-herrero@bbva.com.hk Olga Porro Olga.porro@bbva.com.hk Trends in Lending and

More information

China s Market Economy Status

China s Market Economy Status POSITION PAPER December 2015 China s Market Economy Status KEY MESSAGES 1 2 3 4 5 The question of Market Economy Status (MES) should be treated in accordance with WTO and EU rules and be based on its own

More information

REGULATORY BOTTLENECKS/BARRIERS TO TRADE IN INSURANCE SERVICES THE ZAMBIAN EXPERIENCE

REGULATORY BOTTLENECKS/BARRIERS TO TRADE IN INSURANCE SERVICES THE ZAMBIAN EXPERIENCE REGULATORY BOTTLENECKS/BARRIERS TO TRADE IN INSURANCE SERVICES THE ZAMBIAN EXPERIENCE OUTLINE OF THE PRESENTATION Introduction The Zambian Insurance Market Regulatory Bottleneck/Barriers to Trade in Insurance

More information

The EU s new investment policy agenda

The EU s new investment policy agenda The EU s new investment policy agenda Prof. Markus Krajewski University of Erlangen-Nürnberg ITAP UNCTAD Annual Capacity Building Program International Investment Agreements: Negotiating for Sustainable

More information

Foreign Trade and Investment

Foreign Trade and Investment Public Financial Support to Foreign Trade and Investment CURRENT ECONOMIC FRAMEWORK Economic forecasts: By 2015, 90% of world economic growth is expected to be generated outside the European Union. European

More information

CONSULTATION ON A POSSIBLE STATUTE FOR A EUROPEAN PRIVATE COMPANY (EPC)

CONSULTATION ON A POSSIBLE STATUTE FOR A EUROPEAN PRIVATE COMPANY (EPC) EUROPEAN COMMISSION Internal Market and Services DG MARKT/ 19.07.2007 CONSULTATION ON A POSSIBLE STATUTE FOR A EUROPEAN PRIVATE COMPANY (EPC) Consultation by the Services of the Internal Market Directorate

More information

The Transatlantic Trade and Investment Partnership (TTIP) State of Play

The Transatlantic Trade and Investment Partnership (TTIP) State of Play The Transatlantic Trade and Investment Partnership (TTIP) State of Play 27 April 2016 27 April 2016 Background / context for the negotiations The European Union and the United States have the most integrated

More information

TTIP Proposal for Chapter: Good Regulatory Practices

TTIP Proposal for Chapter: Good Regulatory Practices TTIP Proposal for Chapter: Good Regulatory Practices Article 1 General Provisions: 1. The parties reaffirm their commitment to good regulatory principles and practices to achieve public policy objectives

More information

Allianz - Acquisition of Yapi Kredi Sigorta

Allianz - Acquisition of Yapi Kredi Sigorta Allianz - Acquisition of Yapi Kredi Sigorta Dieter Wemmer, Chief Financial Officer Conference call March 27, 2013 Transaction overview Allianz and Yapi Kredi Bank enter into a long-term partnership: Allianz

More information

Reinsurance 101: How it Works and the Impact on the Marketplace

Reinsurance 101: How it Works and the Impact on the Marketplace Reinsurance 101: How it Works and the Impact on the Marketplace Kathleen A. McCullough Associate Professor and State Farm Professor Florida State University 2012 Oklahoma Domestic Conference May 23, 2012

More information

IT-Security. Industrie 4.0. Energieeffizienz. Automotive. Smart Grid

IT-Security. Industrie 4.0. Energieeffizienz. Automotive. Smart Grid Position Paper Transatlantic Trade and Investment Partnership (TTIP) Impact on ZVEI Members IT-Security Automotive Smart Grid Energieeffizienz Industrie 4.0 January 2014 Zentralverband Elektrotechnik-

More information

Life Insurance Market Report - India

Life Insurance Market Report - India Brochure More information from http://www.researchandmarkets.com/reports/1839253/ Life Insurance Market Report - India Description: The Indian life insurance sector has grown at a fast pace since liberalisation

More information

Receivables Finance & Protection

Receivables Finance & Protection Receivable management in China Receivables Finance & Protection General Management / Jens Hoter / 23.09.2009 / Page 1 of 14 Index General Environment in China Present Market Protection Business Receivables

More information

The Contribution of Trade in Financial Services to Economic Growth and Development

The Contribution of Trade in Financial Services to Economic Growth and Development The Contribution of Trade in Financial Services to Economic Growth and Development 26 June 2012 Mina Mashayekhi Head Trade Negotiations and Commercial Diplomacy Branch, DITC/UNCTAD Outline 1. Financial

More information

Guidelines on preparation for and management of a financial crisis

Guidelines on preparation for and management of a financial crisis CEIOPS-DOC-15/09 26 March 2009 Guidelines on preparation for and management of a financial crisis in the Context of Supplementary Supervision as defined by the Insurance Groups Directive (98/78/EC) and

More information

Investment in an Indonesian Life Insurance Company, PT Panin Life

Investment in an Indonesian Life Insurance Company, PT Panin Life June 4 th 2013 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Investment in an Indonesian Life Insurance Company, PT

More information

Regulation of Rating Agencies: An Insurance Industry Perspective

Regulation of Rating Agencies: An Insurance Industry Perspective Regulation of Rating Agencies: An Insurance Industry Perspective Dr. Michael Wolgast, Head of Economics Department German Insurance Association (GDV) The Geneva Association s 22nd PROGRES International

More information

TTIP -- Additional comments on financial services regulatory cooperation

TTIP -- Additional comments on financial services regulatory cooperation December 13, 2013 Mr. Ignacio Garcia Bercero Director, DG Trade European Commission B-1049, Brussels, Belgium Mr. L. Daniel Mullaney Assistant USTR for Europe and the Middle East Office of USTR 600 17

More information

Constitutional legal regulation of monetary system

Constitutional legal regulation of monetary system Constitutional legal regulation of monetary system V. N. Nazarov, Associate professor of administrative and financial law of Plekhanov Russian University of Economics (Moscow) Analysis of constitutional

More information

Initial Provisions for CHAPTER [ ] Regulatory Cooperation

Initial Provisions for CHAPTER [ ] Regulatory Cooperation Initial Provisions for CHAPTER [ ] Regulatory Cooperation General notes: 1. As TTIP negotiations progress, the provisions in this Chapter may be reviewed in the light of developments in other Chapters,

More information

The first round of TPP negotiations was held in Melbourne in March 2010.

The first round of TPP negotiations was held in Melbourne in March 2010. AN INTRODUCTION History The Trans-Pacific Partnership (TPP) builds from the Trans-Pacific Strategic Economic Partnership Agreement (P4) between Brunei, Chile, New Zealand and Singapore which entered into

More information

ISSN: 2321-7782 (Online) Volume 2, Issue 6, June 2014 International Journal of Advance Research in Computer Science and Management Studies

ISSN: 2321-7782 (Online) Volume 2, Issue 6, June 2014 International Journal of Advance Research in Computer Science and Management Studies ISSN: 2321-7782 (Online) Volume 2, Issue 6, June 2014 International Journal of Advance Research in Computer Science and Management Studies Research Article / Survey Paper / Case Study Available online

More information

AGREEMENT ON TECHNICAL BARRIERS TO TRADE. Having regard to the Uruguay Round of Multilateral Trade Negotiations;

AGREEMENT ON TECHNICAL BARRIERS TO TRADE. Having regard to the Uruguay Round of Multilateral Trade Negotiations; Page 117 AGREEMENT ON TECHNICAL BARRIERS TO TRADE Members, Having regard to the Uruguay Round of Multilateral Trade Negotiations; Desiring to further the objectives of GATT 1994; Recognizing the important

More information

Comments. of the German Insurance Association (GDV) ID-Number 6437280268-55

Comments. of the German Insurance Association (GDV) ID-Number 6437280268-55 Comments of the German Insurance Association (GDV) ID-Number 6437280268-55 on standardisation of medical treatments and other healthcare services at EU level Gesamtverband der Deutschen Versicherungswirtschaft

More information

Plan for Growth: Promoting the UK s Legal Services Sector

Plan for Growth: Promoting the UK s Legal Services Sector Plan for Growth: Promoting the UK s Legal Services Sector Foreword by the Lord Chancellor and Secretary of State for Justice, and the Minister for Trade & Investment As Britain s economy emerges from a

More information

Deregulation and Liberalization in Japanese General Insurance Market

Deregulation and Liberalization in Japanese General Insurance Market Deregulation and Liberalization in Japanese General Insurance Market 29 th October 2004 Takeshi Oiwa SOMPO JAPAN INSURANCE INC. INDEX 1. Features of Japanese General Insurance Market. P.1-4 2. Development

More information

OPEN SKIES POLICY - MARKET ACCESS PRINCIPLES FOR SATELLITE COMMUNICATIONS

OPEN SKIES POLICY - MARKET ACCESS PRINCIPLES FOR SATELLITE COMMUNICATIONS OPEN SKIES POLICY - MARKET ACCESS PRINCIPLES FOR SATELLITE COMMUNICATIONS Executive Summary The need for Open Skies approach for satellite services stems from the reach and nature of satellite signals,

More information

Foreign Investments flow in Insurance Sector in 2016

Foreign Investments flow in Insurance Sector in 2016 Foreign Investments flow in Insurance Sector in 2016 (January 2016) The Associated Chamber of commerce and Industry of India Executive Summary Foreign investment of over Rs 12,000 crore is expected to

More information

MODEL SCHEDULE OF WTO COMMITMENTS FOR INVESTMENT BANKING, TRADING, AND ASSET MANAGEMENT Explanatory Memorandum

MODEL SCHEDULE OF WTO COMMITMENTS FOR INVESTMENT BANKING, TRADING, AND ASSET MANAGEMENT Explanatory Memorandum March 8, 2005 MODEL SCHEDULE OF WTO COMMITMENTS FOR INVESTMENT BANKING, TRADING, AND ASSET MANAGEMENT Explanatory Memorandum I. INTRODUCTION Internationally active securities companies are working together

More information

European Regulator proposes new pan- European pensions risk framework

European Regulator proposes new pan- European pensions risk framework European Regulator proposes new pan- European pensions risk framework Background On 14 April, the European Insurance and Occupational Pensions Authority (EIOPA) issued its opinion paper regarding the risk

More information

OPEN MARKETS FOR INTERNATIONAL TRADE AND INVESTMENT

OPEN MARKETS FOR INTERNATIONAL TRADE AND INVESTMENT OPEN MARKETS FOR INTERNATIONAL TRADE AND INVESTMENT Fast Facts In 2008, more than 38 million jobs in America more than one in five depended on international trade exports and imports. 1 In 1992, a year

More information

Hong Kong Information Technology Federation

Hong Kong Information Technology Federation HKITF Response to the Consultation on Mainland / Hong Kong Closer Economic Partnership Arrangement 1. The Hong Kong Information Technology Federation (HKITF) strongly supports the effort of the Hong Kong

More information

IMPACT OF LIBERALISING FINANCIAL SERVICES

IMPACT OF LIBERALISING FINANCIAL SERVICES IMPACT OF LIBERALISING FINANCIAL SERVICES January 22 This brief reviews the evidence for the impact of liberalising markets for financial services. It begins by showing the increasing economic importance

More information

What is TPP? Which countries are involved in TPP?

What is TPP? Which countries are involved in TPP? What is TPP? The Trans-Pacific Partnership Agreement (TPP) is a free trade agreement between 12 Asia-Pacific countries that liberalises trade and sets consistent rules to make it easier to do business

More information

Economic cost of cheap Russian gas

Economic cost of cheap Russian gas Policy Briefing Series [PB/05/2011] Economic cost of cheap Russian gas Analysis and Policy Recommendations Ricardo Giucci, Georg Zachmann Germany Advisory Group Ukraine Berlin/Kyiv, April 2011 Motivation

More information

basic corporate documents, in particular the company s articles of association; The principle is applied.

basic corporate documents, in particular the company s articles of association; The principle is applied. Warszawa, 2016-04-29 13:14:53 Grupa Żywiec Spółka Akcyjna A statement on the company's compliance with the corporate governance recommendations and principles contained in Best Practice for GPW Listed

More information

Structuring Multinational Insurance Programs: Cross-border Challenges to Business Travel & Personal Accident Insurance

Structuring Multinational Insurance Programs: Cross-border Challenges to Business Travel & Personal Accident Insurance Structuring Multinational Insurance Programs: Cross-border Challenges to Business Travel & Personal Accident Insurance Suresh Krishnan, Sheena Shah, Ronald Williams focus on: Structuring Multinational

More information

Focus on China Market and Pursue Sustainable Value Growth

Focus on China Market and Pursue Sustainable Value Growth Focus on China Market and Pursue Sustainable Value Growth (Beginning) Distinguished guests, ladies and gentlemen: Good morning. I 'm Wu Zongmin, from China Pacific Property Insurance Company Limited (CPIC

More information

Regulations on Administration of Reinsurance Business

Regulations on Administration of Reinsurance Business Regulations on Administration of Reinsurance Business 再 保 险 业 务 管 理 规 定 ( The CIRC Ordinance No. 2 2005 ) (05-10-28) Reviewed and adopted at the Chairman Meeting of the China Insurance Regulatory Commission

More information

The Insurance Industry in Malta

The Insurance Industry in Malta The Insurance Industry in Malta Malta is an independent republic, gaining independence from the U.K. in 1964. It is a full member of the European Union (from 1 st May 2004) and is one of the 15 members

More information