Collaborating for Capital Standards: NBS Forum on IICS

On 9 March 2016, Nanyang Business School (NBS) held a high-profile research forum on International Insurance Capital Standards.

Global capital rules can have a profound impact on Asia countries, and is of top concern for CEOs of insurance and banking groups.  Led by NBS Professor of Banking and Finance, Shaun Wang, this gathering of 40 insurance supervisors, academics and professionals saw insightful presentations and interactive dialogue sessions.

The forum highlighted International Association of Insurance Supervisors’ (IAIS) key initiatives of developing the global Insurance Capital Standard (ICS) for internationally active insurance groups; offered insights on designing global insurance capital standards; and encouraged discussions on providing ongoing support to the international insurance regulatory communities.

Ms Lee Wai Yi, Director and Head of Supervisory Analytics Division of the Monetary Authority of Singapore (MAS) said, “I am very pleased to see that this forum has brought together so many leading academics and experienced professionals in one room to engage in dialogues with insurance supervisors. This inaugural forum has provided thought leadership on important and common topics of interest, such as insurance capital standards, and marks the beginning of more meaningful exchanges between the academia, insurance industry and supervisors.”

Experts at the forum believe Asia’s bond markets have a huge potential for growth. Insurance companies tend to invest heavily in bonds to match their long-term saving products. Insurance capital standards can have a direct impact on the allocation to investment in long-term bonds, and thus can influence the future economic development for Asian countries.

John Maroney, Head of Capital and Solvency, IAIS said, “IAIS is keen in engaging the academic community and other stakeholders, and this forum is a great start to our global initiatives. I am impressed and looking forward to the contributions of Singapore’s top universities and professionals to support the development of insurance capital standards".

Ravi Kumar, Shaw Chair Professor and Dean, NBS added, “NBS encourages our faculty to provide academic thought leadership on important issues facing society. This forum demonstrates how our world-class faculty can contribute to the development of the financial services industry by engaging regional and global business leaders.”

Source: NBS News Release