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Spectre of new regulation looms for insurers
11 November 2009
New financial services regulation could be detrimental to insurers if not handled properly, a panel of insurance and reinsurance executives warned at Reactions’ Global Insurance Conference in Zurich, Switzerland on November 10.
Reactions Global Insurance Conference
New financial services regulation could be detrimental to
insurers if not handled properly, a panel of insurance and
reinsurance executives warned at
Reactions’ Global Insurance
Conference in Zurich, Switzerland on November 10.
The panel, which was chaired by
Reactions’ editor Michael Loney,
included Paolo de Martin, Scor’s chief financial
officer; James Illingworth, group chief risk officer of
Lloyd’s insurer Amlin; Patrick Liedtke, secretary
general and managing director of The Geneva Association; Mark
Byrne, chairman and founder of Flagstone Re; and Costas
Miranthis, CEO of PartnerRe Europe.
Liedtke kicked off the discussion by referring to a letter
sent to the G-20 last week, urging it to take into account
the specific nature of insurance and reinsurance when devising
a new regulatory framework.
"If you look at the scope of this crisis, you can draw the
conclusion that insurance as a system actually worked pretty
well. This is...
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