Globalized Risk: The Role of Global Insurers and Their Regulatory Implications
Global insurers play a vital role in the international economy. Their depth and breadth enable them to provide specially-tailored products to their clients. Regulation of global insurance is fragmented with different standards in different jurisdictions. Global insurers must comply with the varying regulatory regimes of each jurisdiction in which they operate. The International Association of Insurance Supervisors is finalizing new sets of standards, but it does not have the authority to implement or enforce those standards. They still must be adopted by the individual jurisdictions.