OLDWICK, N.J.--(BUSINESS WIRE)--In this episode of A.M.BestTV, the International Association of Insurance Supervisors (IAIS) draws criticism after seeking an August 2014 deadline for comment on their updated capital requirements plan. Kurt Karl, chief economist of Swiss Reinsurance Company Limited (Swiss Re), details the state of world insurance growth. InsurBanc’s President and CEO, David Tralka, outlines the coming wave of Baby Boomer led agency sales.
The insurance industry is expressing concern about an updated draft introduced by the IAIS of proposed basic capital requirements regulation providing greater detail on how calculations would be made. Michelle Rogers, director of financial and regulatory policy for the National Association of Mutual Insurance Companies, said the timeline is a concern since the comment period is limited to August 8, and this quick turnaround could cause problems.
According to Swiss Re’s Karl, insurance growth slowed in 2013 due to regulatory shifts in Europe, India and China. However, he believes that we could see stronger growth as economic conditions improve.
“An ongoing challenge,” is how InsurBanc’s Tralka describes how agency principals should proceed regarding Baby Boomer led agencies. He said agency principals are trying to figure out what to do since the population of agency principals continues to get older.
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