1 CEA Insurers of Europe Programme & Speaker Profiles Brussels, 19 June 2009 CEA International Insurance Conference Global lessons from a global crisis
2 CEA International Insurance Conference 9.30 I Registration and coffee I Opening remarks Tommy Persson President, CEA I Panel 1: Prudential regulation and supervision Discussion of current regulatory systems in the major insurance markets (including group supervision), whether certain areas need to be further strengthened, and the prospects for the convergence of insurance supervision. Moderator: Peter Braumüller Chairman, executive committee, International Association of Insurance Supervisors (IAIS) Managing director, insurance & pension supervision, Austrian Financial Market Authority (FMA) Scene-setting: Geoffrey Bell, Executive secretary, G30 President, Geoffrey Bell & Co., US David Wright Deputy director general, European Commission Directorate General for Internal Market & Services Panellists: Henri de Castries Chairman & CEO, Axa Group, France Jane Cline President-elect, National Association of Insurance Commissioners (NAIC), US West Virginia Insurance Commissioner Katsuo Matsushita General manager, international department, General Insurance Association of Japan
3 Thomas Steffen Chairman, Committee of European Insurance & Occupational Pensions Supervisors (Ceiops) Chief executive director, insurance & pension fund supervision, German Federal Financial Supervisory Authority (BaFin) William Toppeta Chairman, international committee, American Council of Life Insurers (ACLI) President, international, MetLife, Inc., US David Wright Deputy director general, European Commission Directorate General for Internal Market & Services Q&A I Buffet lunch Served in three locations: the Midtown Grill restaurant and the Midtown Grill bar (both on the ground floor, with seating), and on the mezzanine (standing only) I Panel 2: Market conduct and policyholder protection Discussion of the self-regulatory or regulatory initiatives being considered in light of the crisis to better inform policyholders about the risks inherent in insurance products and to enhance policyholder confidence. Moderator: Trevor Matthews CEO, Friends Provident, UK Scene-setting: Michel Flamée Chairman, review panel, Committee of European Insurance & Occupational Pensions Supervisors (Ceiops) Vice-chairman, Belgian Banking, Finance & Insurance Commission (CBFA)
4 Panellists: Brian Atchinson President & CEO, Insurance Marketplace Standards Association, US Karel Van Hulle Head of insurance & pensions unit, European Commission Directorate General for Internal Market & Services Ian Johnston Chairman, Joint Forum working group on customer suitability Deputy CEO & managing director, Dubai Financial Services Authority Kerrie Kelly Executive director & CEO, Insurance Council of Australia Frank Swedlove President, Canadian Life & Health Insurance Association (CLHIA) Q&A I Coffee break served on the mezzanine I Panel 3: Transparency of financial statements Discussion of accounting and valuation approaches in particular in times of illiquid and stressed markets and how to ensure transparent and adequate financial information for users of financial statements. Moderator: Alessandro Iuppa Senior policy advisor, global affairs, Zurich North America Scene-setting: Karel Van Hulle Head of insurance & pensions unit, European Commission Directorate General for Internal Market & Services
5 Panellists: Rob Esson Chairman, insurance contracts subcommittee, International Association of Insurance Supervisors (IAIS) Senior international advisor, National Association of Insurance Commissioners (NAIC), US Stephen Haddrill Member of the financial crisis advisory group, International Accounting Standards Board/Financial Accounting Standards Board (IASB/FASB) Director general, Association of British Insurers (ABI) Burkhard Keese Executive vice-president, group financial reporting, Allianz, Germany Warren McGregor Board member, International Accounting Standards Board (IASB) Raj Singh CRO, Swiss Re, Switzerland Jerry de St Paer Executive chairman, Group of North American Insurance Enterprises (GNAIE) Q&A I Closing remarks Tommy Persson I Cocktails I Dinner Gala Dinner, Brussels Bourse Entry only with invitation Dress code: business suit/cocktail dress Free seating, but tables of 10 can be reserved at the conference registration desk before 13h30
6 Tommy Persson President CEA Tommy Persson was elected in June 2008 for a three-year term as president of the CEA, the European insurance and reinsurance federation. Persson is a senior advisor to Sweden s Länsförsäkringar AB and is chairman of the supervisory board of Länsförsäkringar Bergslagen, one of Länsförsäkringar s member companies. From 1996 until May 2008 he was chief executive of Länsförsäkringar AB. Länsförsäkringar is Sweden s largest non-life insurer, made up of 24 independent regional insurance companies and the jointly owned Länsförsäkringar AB, and it is the country s only locally established mutual banking and insurance group. Persson also served for many years as both vice-chairman and chairman of the Swedish insurance federation and he remains on its board. Before joining Länsförsäkringar, Persson served as vice-president of Posten AB (the Swedish post office). He has also chaired the Swedish Insurance Employers Association and was a member of the board of the Confederation of Swedish Enterprise. He has also served on the board of Eureko BV, Netherlands and several Swedish listed companies. Persson holds a BSc and a degree in business administration from the University of Lund. He is married with two children.
7 Peter Braumüller Chairman, executive committee International Association of Insurance Supervisors Managing director, insurance & pension supervision, Austrian Financial Market Authority Peter Braumüller has been the managing director responsible for insurance and pension supervision at the Austrian Financial Market Authority (FMA) since it was founded in He started his career in insurance supervision in Between April 1993 and April 1994 he served as officer for financial services in the secretariat of the European Free Trade Association (EFTA) in Brussels. He was appointed director of insurance supervision in the Austrian Ministry of Finance in Braumüller studied law at the University of Vienna and actuarial science at the University of Technology in Vienna. He is a certified actuary with the Austrian Actuarial Association. Braumüller has been active for many years in international institutions. He currently chairs the executive committee of the International Association of Insurance Supervisors (IAIS) and is vice-chair of the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops).
8 Geoffrey Bell Executive secretary, G30 President, Geoffrey Bell & Co., US Born in Grimsby, UK, in 1939, Bell studied at the London School of Economics before joining the UK Treasury. In 1963 he was a visiting scholar with the Federal Reserve System, mainly based at the Federal Reserve Bank of St Louis. From 1964 to 1965 he lectured on monetary economics at the London School of Economics and between 1966 and 1969 he was economic advisor to the British Embassy in Washington, before joining merchant bank Schroders in Geoffrey Bell & Co., which Geoffrey Bell formed in 1982, advises central banks and governments on their international reserve asset and liability management programmes. It provides advice on capital market transactions and undertakes economic, financial and country risk analysis for major corporations and banks in the US, Europe and South America. It also specialises in bank regulation. Bell was chairman of merchant bank Guinness Mahon from 1987 to He was financial advisor to the Central Bank of Venezuela for over 25 years and has acted as financial advisor to the government of Barbados for more than 20 years and the government of Jamaica for almost a decade. He was the founder and is a member of the board of directors of the Consultative Group on International Economic and Monetary Affairs, known as the Group of 30. Established in 1978, it is a private, non-profit international body of senior representatives of the private and public sectors and academia.
9 David Wright Deputy director general European Commission Directorate General for Internal Market & Services David Wright was born in England in After studying politics, philosophy and economics at Oxford University, he joined the European Commission in Working first in the statistical office for five years, he then worked in the Directorate General (DG) for Energy from 1982 to 1987, responsible for short and medium-term energy forecasting, and in the DG for Industry & Internal Market Affairs for two years. He then worked as an advisor in the forward studies unit of EC president Jacques Delors ( ) and in the cabinet of Sir Leon Brittan, Commissioner for External and Economic Affairs ( ), focusing on bilateral economic relations with the US, Canada, Australia, New Zealand and South Africa. Wright also served as advisor in the cabinet of EC President Jacques Santer from 1995 to 1999 and was director of financial services policy and financial markets before becoming deputy director general of the DG for Internal Market & Services.
10 Henri de Castries Chairman & CEO Axa Group, France Henri de Castries has been chairman of the Axa Group Management Board and CEO since May Born in Bayonne, France in 1954, De Castries studied business and law and is a graduate of the Ecole Nationale d Administration (ENA). He began his career with the French Finance Ministry Inspection Office, where he audited government agencies from 1980 to He then joined the French Treasury Department where he was involved in several privatisations before being appointed to oversee foreign exchange markets and balance of payments. He joined Axa s corporate finance division in 1989 and was appointed corporate secretary in In 1993 he became senior executive vice-president of the group s asset management, financial and real-estate businesses. In 1994 he assumed the additional role of overseeing North American and UK operations. De Castries was involved in preparing and managing the merger of UAP with Axa and in 1997 he was appointed chairman of The Equitable Companies which later became Axa Financial.
11 Jane Cline President-elect National Association of Insurance Commissioners, US West Virginia Insurance Commissioner Jane Cline was appointed West Virginia Insurance Commissioner in She organised the transition of the state s workers compensation system from a state system to a competitive private system from July She continues to manage the workers compensation claims that the state has retained. Before her appointment as commissioner, Cline ran a consulting firm, Jane L. Cline & Associates. Cline served as Commissioner of the West Virginia Division of Motor Vehicles (DMV) from 1989 to 1997 where her focus was on making the division s services more accessible to citizens. While she was DMV Commissioner she served in several positions with the American Association of Motor Vehicle Administrators. Before becoming DMV Commissioner, Cline served as deputy commissioner for the West Virginia Division of Highways. Cline is president-elect of the National Association of Insurance Commissioners (NAIC), as well as chair of the management committee of the Interstate Insurance Product Regulation Commission.
12 Katsuo Matsushita General manager, international department General Insurance Association of Japan Katsuo Matsushita joined the General Insurance Association of Japan in 2002 and is responsible for international public communications and issues related to the World Trade Organization (WTO) and the International Association of Insurance Supervisors (IAIS). Prior to joining the association, he spent over 30 years with Tokio Marine & Fire Insurance. He was general manager in the international division, corporate planning department and international accounting departments. He also worked in insurance accounting, corporate finance and investor relations at the company s New York office for five years. Matsushita was comptroller of the Non-Life Insurance Policyholders Protection Corporation in and has been a member of the executive board of the East Asian Insurance Congress since He holds a law degree from Tokyo University.
13 Thomas Steffen Chairman Committee of European Insurance & Occupational Pensions Supervisors Chief executive director, insurance & pension fund supervision German Federal Financial Supervisory Authority Thomas Steffen became chief executive director of insurance and pension fund supervision at Germany s Federal Financial Supervisory Authority (BaFin) in October At the same time he joined the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops), becoming vice-chair in 2004 and chairman in Between 2003 and 2007 he was also chair of the budget committee of the International Association of Insurance Supervisors (IAIS) and a member of the IAIS executive committee. Steffen has a degree in law and political science. After a doctorate in comparative law at the University of Mainz, he also studied at the London School of Economics. In 1990 Steffen joined the Federal Ministry of Economics, where he worked in the industrial policy and European departments, including a year s secondment to the Federal Trust Agency for the privatisation of holdings and assets in Eastern Germany after Germany s reunification and a year in a regional Ministry of Finance as head of section in the assets department. From 1995 he worked in various financial policy-related areas at the Federal Ministry of Finance in Berlin, including a two-year secondment to the German Federal Parliament. He then became head of section responsible for the government s export credit insurance and state guarantees in the federal budget.
14 William Toppeta Chairman, international committee American Council of Life Insurers President, international MetLife, Inc., US William Toppeta became MetLife s president, international in 2001, responsible for all the company s insurance and employee benefits businesses outside the US. Toppeta began his career at MetLife in 1973 as an attorney in the law department. He served as executive assistant to former CEO Richard Shinn and was appointed assistant vice-president in the office of the president in He became vice-president and deputy general manager of MetLife s Canadian operations in 1992 and president and CEO of the Canadian operations in In 1995 he became senior vice-president in charge of MetLife s corporate re-engineering department. After leading the US career agency force for three years and overseeing MetLife s individual business segment, he served as president of client services and chief administrative officer from 1999 to Toppeta is vice-chairman of the international committee of the American Council of Life Insurers (ACLI), and serves on the board of directors of the Council of the Americas, US India Business Council, and Coalition of Services Industries. He holds a Bachelor of Arts degree from Fordham College, New York, as well as degrees from New York University s School of Law.
15 Trevor Matthews CEO Friends Provident, UK Trevor Matthews joined UK insurer Friends Provident as CEO in July 2008 from Standard Life Assurance, the principal subsidiary of Standard Life plc, where he had been chief executive since Prior to joining Standard Life, he worked for Manulife Financial Corporation as executive vice-president in Canada from 1998 to 2001 and subsequently as president and CEO in Japan. Matthews was general manager of personal finance services for National Australia Bank from 1996 to 1998 and managing director of Legal & General Australia between 1989 and He became president of the UK s Chartered Insurance Institute in July In 1997 he was president of the Institute of Actuaries of Australia in its centenary year.
16 Michel Flamée Chairman, review panel Committee of European Insurance & Occupational Pensions Supervisors Vice-chairman Belgian Banking, Finance and Insurance Commission Michel Flamée became vice-chairman of Belgium s newly merged Banking, Finance and Insurance Commission (CBFA) in 2004, having previously been a member of the management committee of the former Insurance Supervisory Authority since Since October 2008 he has been chairman of the peer review panel of the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops), where he had also been co-chairman of the interim working committee on financial conglomerates and chairman of the convergence committee prior to concentrating on his role as chairman of the International Association of Insurance Supervisors (IAIS) from February 2007 to October Flamée was a practising lawyer at the Brussels Bar from 1976 to 1997, working in commercial, company, intellectual property and IT law and mergers and acquisitions. He is now an honorary advocate. Flamée has been a professor at the economic and financial law centre of the Free University of Brussels since 1989 and was vice-dean of the law faculty from 1997 to 1999.
17 Brian Atchinson President & CEO Insurance Marketplace Standards Association, US Brian Atchinson joined the US Insurance Marketplace Standards Association (IMSA) in The independent, self-regulatory organisation promotes high ethical standards in annuity, life insurance and long-term care insurance. From 1997 to 2001 Atchinson was vice-president and managing counsel at Unum Life Insurance, managing international development and regulatory issues. He served on the US Trade Sector Advisory Committee for Services, providing technical input on the introduction of financial services into the World Trade Organization General Agreement on Trade in Services. From 1992 to 1997 Atchinson was superintendent of the Maine Bureau of Insurance and in 1996 was president of the National Association of Insurance Commissioners (NAIC). Between 1989 and 1992 he served as legal counsel to the Commissioner at the Maine Department of Financial Regulation, the agency responsible for regulation of banks, securities and insurance. He has served on the advisory boards of the US National Academy of Sciences and the Robert Wood Johnson Foundation and is an associate editor of the Geneva Papers on Risk and Insurance and a board member of the Insurance Regulatory Examiners Society (IRES) Foundation. In 2004 he was appointed a Distinguished Fellow of the International Association of Insurance Supervisors (IAIS) in recognition of his work in the creation of the IAIS. Atchinson is a graduate of the University of Massachusetts, Boston and has a law degree from Syracuse University College of Law.
18 Karel Van Hulle Head, insurance & pensions unit European Commission Directorate General for Internal Market & Services Karel Van Hulle has been head of the insurance & pensions unit of the Internal Market & Services Directorate General of the European Commission since November In 1984, Van Hulle joined the European Commission after working for eight years with what is now the Belgian Commission on Banking, Finance and Insurance. At the EC he was previously head of unit for accounting standards, head of unit for financial reporting and company law and head of unit for accounting and auditing. In the last capacity, he was closely involved with harmonisation in the fields of accounting, auditing and company law, both at EU and international level. Van Hulle also served as the Commission s observer with the International Accounting Standards Committee (IASC). He was secretary of the high-level group of experts on company law that prepared the Commission s 2003 Action Plan on company law. In his current position, his main responsibility has been the preparation of the Solvency II Framework Directive. Van Hulle is a lawyer by training.
19 Ian Johnston Chairman Joint Forum working group on customer suitability Deputy CEO & managing director Dubai Financial Services Authority Ian Johnston joined the Dubai Financial Services Authority in November 2006 to head its policy and legal services division. He became deputy chief executive in February Ian was admitted to practise law in Australia in the early 1980s. He held a number of senior positions within the Axa Group and was CEO of one of Australia s major trustee companies. During that time, Ian served on the national council of Australia s Trustee Corporations Association. In 1999, Johnston joined the Australian Securities and Investments Commission (ASIC), where he was executive director of financial services regulation and spent several terms as an acting Commissioner. In 2005 he became a special advisor to the Hong Kong Securities and Futures Commission. Johnston is a host member chairman of the Joint Forum, which comprises representatives of the major international regulatory standard-setters: the International Organization of Securities Commissions (IOSCO), the Basel Committee and the International Association of Insurance Supervisors (IAIS). He is a member of the technical committee of the IAIS.
20 Kerrie Kelly Executive director & CEO Insurance Council of Australia Kerrie Kelly joined the Insurance Council of Australia as executive director and CEO in April She is a lawyer who has held senior executive positions in the public and private sectors working in the fields of banking and finance, manufacturing and transport. Kelly is also a member of the Australian government s Financial Literacy Advisory Board, a director of HSBC Bank Australia, a director of the Financial Ombudsman Service, a director of the Finance Industry Council of Australia and a member of the New South Wales State Advisory Council for the Committee for Economic Development of Australia.
21 Frank Swedlove President Canadian Life and Health Insurance Association Frank Swedlove joined the Canadian Life and Health Insurance Association (CLHIA) in July Established in 1894, the CLHIA has 65 members accounting for 99% of the life and health insurance in force in Canada. In 2006 Swedlove was president of the Financial Action Task Force, the international body headquartered in Paris responsible for the fight against global money laundering and terrorist financing. Prior to that appointment, Swedlove served as a senior federal official. In his last position as assistant deputy minister of the financial sector policy branch of the Department of Finance, he was the principal advisor to several Ministers of Finance on policy development on financial institutions and Canadian financial markets. Earlier, he had been responsible for the 2001 financial sector review exercise which culminated in the complete revamping of Canada s financial sector legislation. Swedlove was the first chair of the Committee on Trade in Financial Services of the World Trade Organization (WTO) in Geneva, the chair of the Negotiating Group on Financial Services in the Uruguay Round of the WTO and lead negotiator for Canada in financial services at the North American Free Trade Agreement negotiations. Before joining the Department of Finance, Swedlove worked in the industry and energy departments of the federal government.
22 Alessandro Iuppa Senior policy advisor, global affairs Zurich North America Alessandro Iuppa joined Zurich in January 2007 as senior policy advisor for global affairs. Based in Washington, DC and New York, he represents Zurich s interests with governmental, standard-setting and industry bodies at international level. Iuppa served as the Superintendent of Insurance in Maine from 1998 to 2006, and was president of the National Association of Insurance Commissioners (NAIC) in Iuppa chaired the executive committee of the International Association of Insurance Supervisors (IAIS) from 2004 to He has made numerous presentations on public policy issues related to insurance supervision in a variety of fora including the US Congress, European Commission, Geneva Association, Financial Stability Forum, the OECD and the UK s Chartered Insurance Institute. He has a degree in political science from St Michael s College in Colchester, Vermont (1975) and a masters in public administration from the Suffolk University Graduate School of Management in Boston (1980).
23 Rob Esson Chairman, insurance contracts subcommittee International Association of Insurance Supervisors Senior international advisor National Association of Insurance Commissioners Rob Esson was educated at Oxford University in the UK and subsequently qualified as a chartered accountant with Arthur Andersen in London. As senior international advisor at the National Association of Insurance Commissioners (NAIC) in the US, he is involved with many of the NAIC initiatives relating to international accounting and solvency. Esson chairs the insurance contracts subcommittee of the International Association of Insurance Supervisors (IAIS) and also participates in its solvency & actuarial issues subcommittee. The insurance contracts subcommittee is responsible for formulating IAIS positions on the International Accounting Standards Board s (IASB) insurance contracts, financial instruments and revenue recognition projects, while the solvency subcommittee is engaged in a project to formulate an international solvency regime. Esson is also an official IAIS observer member on the IASB s insurance working group and financial instruments working group, and a member of the joint IASB/ Financial Accounting Standards Board s financial institutions advisory group on financial statement presentation.
24 Stephen Haddrill Member of the financial crisis advisory group International Accounting Standards Board/Financial Accounting Standards Board Director general Association of British Insurers Stephen Haddrill became director general of the Association of British Insurers in He studied history and economics at Oxford University in the UK and joined the UK s Department of Energy in 1978, where he held a number of posts, principally on nuclear issues and as principal private secretary to the Secretary of State for Energy. Between 1990 and 1994 he left the UK civil service to work for the Hong Kong Government in the Governor s central policy unit. From 1994 to 1998 Haddrill was a director of the UK s Department of Trade and Industry (DTI) competitiveness unit, a central policy team reporting directly to the Secretary of State. After that he held other positions within the DTI, including director of employment relations, before becoming director general of the fair markets group at the DTI in In October 2007, Stephen was appointed vice-president and chair of the board of the Institute for Employment Studies, the UK s leading employment and human resources experts. He is a member of the joint financial crisis advisory group created by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).
25 Burkhard Keese Executive vice-president, group financial reporting Allianz, Germany Burkhard Keese has been executive vice-president responsible for group financial reporting at Allianz in Munich since Born in Remscheid, Germany in 1966, Keese is married with two children. He has a degree in economics from Ruhr-Universität Bochum and is a qualified tax advisor and chartered accountant. Before joining Allianz, Keese spent 11 years working for KPMG, first as an auditor in Mülheim an der Ruhr, then as audit manager in Singapore and from 2000 to 2002 as executive partner in the office of the chairman in Berlin and from 2002 to 2004 as global lead audit partner of Deutsche Bank in Frankfurt. Keese is a member of the CFO Forum technical working group, which he chaired in , and has been a member of the insurance accounting working group of the European Financial Reporting Advisory Group (EFRAG) since November 2008.
26 Warren McGregor Board member International Accounting Standards Board Warren McGregor was appointed to the International Accounting Standards Board in January Before joining the Board, he was a founding director of Stevenson McGregor, an accounting practice specialising in financial reporting and accounting standards. Prior to that, McGregor was for 10 years the chief executive of the Australian Accounting Research Foundation (AARF), the body that until 30 June 2000 was responsible for providing technical support to the Australian Accounting Standards Board (AASB) in the development of Australian accounting standards. From 1983 to 1999 he attended meetings of the International Accounting Standards Committee (IASC) as technical advisor to the Australian delegation. He was also chairman of the IASC s insurance steering committee. In 2007 McGregor was appointed honorary professor in the department of accounting and finance at Monash University in Melbourne, Australia. McGregor was a founding member of the G4+1 group of national accounting standard setters.
27 Raj Singh CRO Swiss Re Raj Singh is a member of Swiss Re s executive committee and the group s chief risk officer. Singh joined Swiss Re in October 2008 from Allianz, where he was group CRO from From 1989 to 2001 Singh worked for Citigroup, where he held a number of senior positions, mainly in the area of credit and structured finance. Lastly he was managing director, risk/mergers & acquisitions for Citibank Northern Europe with site responsibility for Citibank Belgium. Singh is a member of the International Financial Risk Institute and is founding chairman of the Chief Risk Officers Forum. A US citizen, Singh was born in 1962 and is married with three children. He holds a Bachelor of Science degree from the Winona State University, Minnesota and an MBA from the Thunderbird American School for International Management in Arizona.