CCLS Roundtable on Systemic Risk and the Future of Insurance Regulation

27 June 2013

Time: 2:30 - 7:00pm
Venue: The Old Library, Lloyd’s, One Lime Street, London EC3M 7HA, United Kingdom

The Centre for Commercial Law Studies (CCLS) at Queen Mary, University of London runs a programme of cutting-edge public events throughout the year that reflect the research work of the Centre. In June 2013, CCLS is holding a series of events in Financial Law and Regulation – in particular, a roundtable debate on ‘Systemic Risk and the Future of Insurance Regulation’ with global experts in banking and finance law as well as two public lectures on the themes of ‘Countercyclical Regulation and its Challenges’ and ‘Ring-Fencing’ respectively.

Roundtable in Banking Law and Finance ‘Systemic Risk and the Future of Insurance Regulation’

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The general theme of this year's roundtable event will be financial stability and regulatory reform with special reference to the regulation of insurance markets at domestic, European and international level.

The roundtable event aims to:

• Open up and facilitate an on-going dialogue between regulators, practitioners and the academic community on ‘what is good financial regulation post-crisis’ and ‘the kind of principles that we would like financial markets to be governed by’ with special reference to the regulation of the insurance sector.
• Examine in depth the limitations of systemic risk regulation and other factors that may undermine the effectiveness of macroprudential supervision and regulation.
• Reflect on the role (if any) of insurance intermediaries in maintaining the stability of the financial system.
• Set up an agenda for future research.

Key Note Speaker

• Sean McGovern, General Counsel, Lloyd’s

Participants

• Chris Finney, Partner, Edwards Wildman.
• Daniel Haefeli, Head of Insurance and Finance, Geneva Association.
• Professor Rosa Lastra, Centre for Commercial Law Studies, Queen Mary, University of London.
• John Maroney, IAIS, Principal Administrator
• Andrew Mawdsley, EIOPA, Head of the Finance Stability Unit.
• Professor Patricia A McCoy, Director of the Insurance Law Center, University of Connecticut, USA
• Professor Philip Rawlings, Centre for Commercial Law Studies, Queen Mary, University of London
• Dr Manuela Zweimueller, Coordinator of the External Relations Team, European Insurance and Occupational Pensions Authority (EIOPA)
• Professor Steven Schwarcz, Director of the Interdisciplinary Global Capital Markets Center, Duke University, USA

Some of the issues to be discussed include:

• Solvency II
  • www.fsa.gov.uk/solvency2
  • www.pwc.co.uk/financial-services/issues/solvency-ii.jhtml
• Basel III
  • www.bis.org/bcbs/basel3.htm
  • blogs.ft.com/beyond-brics/2013/01/31/kostin-on-basel-iii-stricter-regulation-can-create-new-risks/#axzz2LihwnGrE
• How prepared are we for the next financial crisis?
  • www.forbes.com/sites/stevedenning/2013/01/08/five-years-after-the-financial-meltdown-the-water-is-still-full-of-big-sharks/
  • blogs.ft.com/the-a-list/2012/12/24/another-global-financial-crisis-may-be-on-the-way/#axzz2LihwnGrE
• Is the next financial crisis going to come from the insurance sector?
• Are insurance firms special?
• The Prudential Regulation Authority (PRA) and its insurance regulation mandate.
  • www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb120405pre.pdf
• The supervision of insurance in the EU, the role of EIOPA and issues of cross-border cooperation.
  • eiopa.europa.eu/activities/crisis-prevention/index.html
• International harmonisation of insurance supervision and the role of IAIS.
  • www.iaisweb.org/About-the-IAIS-28
• Insurance institutions that are too important to fail (G-SIIs): how to identify them, regulate them and whether and how they would fit into a regime of macro-prudential supervision.
  • www.pwc.co.uk/insurance/publications/the-supervision-of-global-systemically-important-insurers-g-siis.jhtml
• Derivatives that are hybrids of securities and insurance products, such as Credit Default Swaps, their systemic relevance, and how to regulate their use.
  • topics.nytimes.com/top/reference/timestopics/subjects/c/credit_default_swaps/index.html
• Insurance regulation in the US a comparative perspective.

CPD Points

This event is accredited for 4 CPD Points with the Bar Standards Board (BSB) and the Solicitors Regulation Authority (SRA).

Directions to the Venue

The Old Library, Lloyd's, One Lime Street, London EC3M 7HA, United Kingdom

Organisers

The Institute of International Financial Law (Dr Andromachi Georgosouli) and the Insurance Law Institute (Dr Miriam Goldby), Centre for Commercial Law Studies, Queen Mary, University of London

Sponsored by: Lloyd’s