19:30 – 21:00

Welcome and official opening

• Paul Koster, Chief Executive, Dubai Financial Services Authority

• Peter Braumüller, Chair, IAIS Executive Committee, Director, Financial Markets Authority, Austria

Financial Stability and Systemic Risk (incl. macro prudential dimension)
Guided discussion (based on predetermined questions)

Chair: Terri Vaughan, National Association of Insurance Commissioners (NAIC), USA

 Confirmed speakers: 

• Kevin McCarty, NAIC, Florida, USA
• Geoff Riddell, Zurich Financial Services Group, Switzerland
• Kent Andrews, Financial Stability Board
• Takashi Okuma, The General Insurance Association of Japan (GIAJ), Japan

Synopsis:
The panel will discuss in a question & answer format various issues related to systemic risk and financial stability and how these issues intersect with the insurance sector. The panel will address definitional questions related to systemic risk, global tools and practices emerging for dealing with systemic risk and how they are related to the insurance sector, and how insurance supervisors should supervise too-big-to-fail institutions. Macroprudential surveillance and how insurance supervisors work with supervisors and policymakers from other sectors will also be a focus of the discussion.

10:40 – 11:10

Coffee break

Impact of International Accounting Standard on Insurers and Insurance Regulation
Panel discussion with presentations  

Chair: David Oakden, Office of the Superintendent of Financial Institutions (OSFI), Canada

Confirmed Speakers:

• Rob Esson, NAIC, USA
• Jan Nooitgedagt, Aegon, Netherlands
• Lynda Sullivan, Manulife Financial, Canada
• Elke Koenig, International Accounting Standards Board

Synopsis:
The session will provide an overview of the IASB Exposure Draft on Insurance Accounting which was released in July 2010 and other IASB standards which have a significant impact on insurance companies.  In addition to providing an overview the panel will discuss the issues/concerns from a regulatory, industry and IASB Board perspective.

12:40 – 13:40

Lunch break

Keynote
Lord Adair Turner, Chair of the FSB’s Standing Committee for Supervisory and Regulatory Cooperation, Chair of Financial Services Authority (FSA), United Kingdom

ComFrame: Common Framework for the Supervision of Internationally Active Insurance Groups 
Guided discussion(based on predetermined questions)

Chair: Monica Mächler, Swiss Financial Market Authority, Switzerland

Confirmed speakers:

• Lord Adair Turner, FSA, UK
• Terri Vaughan, NAIC, USA
• Karel van Hulle, European Commission
• Raj Singh, Swiss Re, Switzerland
• Michael Butt, Association of Bermuda Insurers and Reinsurers, Bermuda

Synopsis:
This panel discussion aims at addressing the supervision of internationally active insurance groups – particularly the IAIS ComFrame project - from various perspectives. One perspective is to compare ComFrame with the rules and experiences with the consolidated supervision as practised under banking regulation. Another perspective results from setting ComFrame into relation to the evolution of the supervision of insurance groups in the European Union. Both regulatory approaches are complemented by the perception and assessment of the insurance industry.

16:00 – 16:30

Coffee break

Vision of Future Safety Net and Resolution Framework
Panel discussion with presentations

Chair: Yasuhiro Hayasaki, Financial Services Agency, Japan

Confirmed speakers:

• Victor Rod, Insurance Commission, Luxembourg
• Shizuharu Kubono, Life Insurance Association of Japan, Japan

Synopsis:
The recent financial crisis has demonstrated the need for the improvement in the safety net and resolution framework. What has been introduced in FSB discussion on systemically important financial institutions is that the application of taxes and ‘systemic risk levies’ along with capital and liquidity surcharges over financial institutions across jurisdictions. Considering the discussion taking place in FSB, this panel will discuss and focus on what is already implemented in each jurisdiction for safeguard, analyse how effectively such framework has operated or whether it has failed and what can be supplemented by the introduction of resolution systems in the international fora.

18:10 – 18:40

Dialogue Group

Similarities and Differences between Supervisors Responses to 2009 Crisis
Panel discussion with presentations

Chair: John Trowbridge, Australian Prudential Regulatory Authority (APRA) Australia

Confirmed speakers:

• Michel Flamée, Banking, Finance and Insurance Commission (CBFA), Belgium
• Carlos Montalvo, Committee of European Insurance and Occupational Pension Supervisors (CEIOPS)
• Aditya Narain, International Monetary Fund

Synopsis:

The global financial crisis has generated a wide range of different and difficult issues within the financial sector around the globe, giving cause for analysis, reflection and reassessment of many aspects of risk, capital management, business models, etc. This session is aimed at understanding, from a prudential supervision perspective, the issues that have arisen in banking, life insurance and general insurance before, during and since the global financial crisis. The implications for regulation and supervision will be explored along with the lessons learned from the actions taken or actions not taken by various supervisors.

Coffee break

IAIS Standard Implementation
Panel discussion with presentations

Chair: J Hari Narayan, Insurance Regulatory and Development Authority (IRDA), India

Confirmed speakers:

• Michael Oliver, Financial Services Commission, Gibraltar
• Jonathan Dixon, Financial Services Board, South Africa
• Fernando Coloma, Chilean Superintendence of Securities and Insurance, Chile
• Norma Rosas, Insurance and Surety National Commission (CNSF), México

Synopsis:

The financial crisis has highlighted that implementation of supervisory principles, standards and guidance in an internationally coordinated and consistent manner is necessary to protect against adverse cross-border, regional and global developments affecting international financial stability. A critical success factor is to raise the level of adherence to international standards by reinforcing implementation; carrying out assessments and peer reviews to identify gaps as well as vulnerabilities and risks; and linking it sequentially to capacity building and improved standard setting. By addressing the different priorities and allocating appropriate resources, supervisors from both developed and emerging market jurisdictions can commit themselves for supporting strong, sustainable and balanced growth of the insurance market.

12:00 – 13:15

Lunch

13:30 – 14:00

Keynote
Ian Johnston, former Joint Forum Chair, Deputy Chief Executive of Dubai Financial Services Authority

The Impact of the Global Financial Crisis on Policyholders and Market conduct issues
Panel discussion with presentations

Chair: Adel Mounir, Egyptian Financial Services Authority, Egypt

Confirmed speakers:

• Alberto Dreassi, University of Udine, Italy
• Danielle Boulet, Autorité des marchés financiers, Canada  
• Jose Ribeiro, Lloyd's International Markets, UK

Synopsis:
The global financial crisis has cast significant spotlight on the insurers. Equally important is to consider the impact of the crisis on policyholders. Some policyholders will have seen their long-term savings or retirement accounts deplete in value significantly due to poor financial market performance. Other miss-informed policyholders may have surrendered their policies and suffer high surrender penalties. Intermediaries may have taken advantage of the confidence crisis to indulge in policy churning activities. The panel will reveal market misconduct during the crisis and exchange views on the ways in which to improve policyholder protection in future crises.

15:30 – 16:00

Coffee break

Takaful and regional issues
Panel discussion with presentations

Chair: Raed Haddadin, Insurance Commission, Jordan

Confirmed speakers:

• Yap Lai Kuen, Bank Negera, Malaysia
• Ali Al Wazani, First Insurance Company, Jordan
• Dr. Mohamed El Gari, King Abdul Aziz University, Saudi Arabia

Synopsis:
The takaful business in insurance industry has grown remarkably, consolidating its position in the global insurance industry of today. It therefore became imperative after the downturn of the recent crisis to touch base and focus on the ability of operators to restore confidence in the tremendous potentials of this industry. This requires a deep insight into the latest trends and willingness to strengthen cooperation among takaful operators on the one hand and the regulators and scholars on the other hand. The panel will tackle the challenges facing the takaful industry and best approaches to sustain a steady pace of growth based on sound and safe regulatory framework that adapts to shariah rules. The panel will provide a suitable platform to discuss: the conditions of takaful in the aftermath of the crisis; lessons to be learned from the crisis; areas where monitoring & surveillance need more attention; solvency for takaful operations; critical elements for prudential regulations; sound and stable development within the current structures of the industry.

09:30 - 12:30

General meeting

14:30

Excursion (Two options of Tours)