A joint transatlantic prudential framework is required

1 June 2012 — Alexandru CIUNCAN
A joint transatlantic prudential framework is required
nicolas_moreau1As debates continue at the International Insurance Conference in Amsterdam, there are talks regarding the collaboration between Europe, the U.S.A. and South American countries in order to develop a united prudential framework for the insurance industry.

According to a survey among the participants at the event, 72% of the insurers are in favor of developing a joint set of principles regarding prudential standards.

"A united framework must be created in order to ensure equal chances for all the players, a set of principles at an international level, instead of a set of rules", said Nicolas MOREAU, Chairman and CEO, AXA France.

A more optimistic signal came from Yoshihiro KAWAI, Member, Financial Stability Oversight Council, U.S.A., who said that "there is a progress being achieved towards creating a joint prudential standards framework for insurance, but one can hardly see the light at the end of the tunel. By any means, it will be an evolution and not a revolution".

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