1 / 22

Activities of the OECD

Activities of the OECD. VII Conference On Insurance Regulation and Supervision in Latin America Lisbon, 24 April 2006 Kurt Chr. Schneiter Chair Insurance and Private Pensions Committee of the OECD. Overview. 1. OECD in general:  What is it, what are its mission and goals ?

yaholo
Download Presentation

Activities of the OECD

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Activities of the OECD VII Conference On Insurance Regulation and Supervision in Latin America Lisbon, 24 April 2006 Kurt Chr. Schneiter Chair Insurance and Private Pensions Committee of the OECD

  2. Overview 1. OECD in general:  What is it, what are its mission and goals ?  How does it work ? 2. IPPC in particular Characteristics  Main activities

  3. What is the Organisation for Economic Co-operation and Development (OECD) ? • An Organisation of 30 member countries committed to democracy and the market economy • A provider of comparative data, analysis and forecasts • so that governments can: - compare policy experiences - seek answers to common problems - identify good practice - co-ordinate policies

  4. An organisation with global reach OECD Member Countries

  5. Working with countries around the world Economies with which the OECD has working relationships

  6. The OECD’s mission Article 1 of the OECD Convention: • Support economic growth • Boost employment • Raise living standards • Maintain financial stability • Assist other countries’ economic development • Contribute to growth in world trade

  7. OECD’s way of working Data Collection Analysis Discussion Decisions Implementation Peer reviews, multilateral surveillance

  8. Who drives the OECD work? Council Oversight and strategic direction Representatives of member countries and of the European Commission; decisions taken by consensus Committees Secretariat Discussion and implementation Analysis and proposals Representatives of member countries and of countries with Observer status work with the OECD Secretariat on specific issues Secretary-General Deputy Secretaries-General Directorates Annual budget: 336 million euros funded by member countries

  9. Council Oversight and strategic direction Representatives of member countries and of the European Commission; decisions taken by consensus Insurance and Private Pensions Committee Directorate for Financial and Enterprise Affairs Discussion and implementation Analysis and proposals Member countries’ delegations include representatives from the private sector

  10. Insurance and Private Pensions Committee (IPPC) • International forum for insurance regulators, supervisors and private sector representatives • Active for more than 40 years • OECD Member countries represent around 95 percent of the world insurance market • 30 Members and 5 Observers (Israel, Russian Federation, IAA, IAIS, IMF) • 2 Working groups:private pensions, governmental experts

  11. IPPC: General objectif Help Members and non-Members in developing  efficient, open and sound market-oriented insurance and pensions systems based on high levels of transparency, confidence and integrity bypromoting international co-operation  to improve awareness and understanding – especially among policymakers – of major insurance and pensions issues through market and policy analysis, data collection and benchmarking good practices Insurance is a foundation of all economic activity

  12. Main areas of IPPC activities: 1. liberalisation of insurance markets 2. private pensions 3. private health insurance 4. governance 5. financial education 6. Mitigation and compensationof large-scale risks includingterrorism risks 7. monitoring of insurance marketand its regulatory framework 8. dissemination of statistical data 9. co-operation with non-membereconomies

  13. 1. Foster liberalisation • Pursuing efforts at further liberalisation and regulatory reform in the field of insurance and private pension • Inventory and analysis of obstacles • Options to accelerate liberalisation • Revision of the OECD Codes of liberalisation

  14. 2. Supporting the growing role of private pensions The OECD’s role on private pension systems: • Source of comparable, timely, reliable information, data collection activities • Regulatory / standard-setting work, practical, effective policy advice, especially on regulat-ion, with a view to promoting benefit security • High-quality, independent analytical work

  15. 3. Private Health Insurance • Assess role of PHI as it complements and interacts with public health insurance schemes • Analysis of variation in market size / populat-ion coverage and of performance • Identify factors underpinning differences in performance • Identify useful government interventions and regulatory practices • PHI related issues such as ageing / longevity, medical malpractice etc.

  16. 4. Governance: OECD standard setter for Governance issues • Revised corporate governance principles 2004 • Council Recommendations in April 2005: • Guidelines for Pension funds governance • Guidelines for Insurers’ governance • Need for specific guidance related in particular to governance of insurers and pension funds owing to:  their role as major institutional investors their fiduciary role for consumers the asymmetry of information stemming from complexity and diversity of products the diversity and complexity of structure of ownership and organisation

  17. 5. Financial Education • Increasing role of private pensions, insurance and financial products in providing social welfare benefits to citizens • Growing complexity of insurance and pension products and of their regulation • Larger responsibility given to individuals in the management of their long-term savings Panel 

  18. 6. Optimise the management of large-scale risks • OECD High-level Conference on Catastrophic Risks and Insurance, 22-23 November 2004 • Two publications on Emerging risks and Environmental risks and insurance, publication of a wide-ranging study on terrorism risk • Definition of terrorism risk / coverage of terrorism risk: role of the insurance sector, financial markets and governments • International network to deal with compensation and mitigation of large-scale risks  Panel 

  19. 7. Monitoring of insurance marketand its regulatory framework Forum for consultations among Member countries Keeping informed of the activities carried out in other international bodies, coordination of work with these bodies *** Information – the indispensable basis for furtheranalysis, proposals, decisions, development Panel  Finite Reinsurance and Panel  The effects of Ageing on Insurance

  20. 8. Dissemination of statistical data Yearly publication of insurance statistics Pensions statistics Contribution to PHI Statistics *** Reliable and comprehensiv insurance statistics are not only the foundation of a sound insurance business and supervision but also an important element for any governmental decision on market policy

  21. 9. Co-operation with non-member economies Policy dialogue with non-Member economies, encouraging the implementation ofbest principles and practices and providing related assistance

  22. Insurance and Private Pensions OECD materials and instruments are available at www.oecd.org www.oecd.org/daf/fin

More Related