Joint Working Group of IAIS and Microinsurance Network engages with G 20 Expert Group on Financial Inclusion
In Pittsburgh, the G20 leaders committed to improving access to financial services for the poor by establishing the G20 Financial Inclusion Expert Group. Its Subgroup on Access through Innovation (ATISG) is working towards learning from lessons on innovative approaches to providing financial services to the poor; promoting successful regulatory and supervisory approaches; and elaborating principles on financial access, financial literacy, and consumer protection. This is consistent with the work that the International Association of Insurance Supervisors (IAIS) has been implementing for the past 4 years through its IAIS-Microinsurance Network Joint Working Group and the recently established Access to Insurance Initiative.
On May 4th 2010 the German Federal Ministry for Economic Cooperation and Development (BMZ), the German Federal Financial Supervisory Authority (BaFin) and the Access to Insurance Initiative organized an expert roundtable in Berlin. It was intended to be a highlevel dialogue forum, for exclusive interaction among members of the G20 ATISG, insurance supervisors from IAIS member jurisdictions and distinguished experts. The participants discussed the role of the IAIS in promoting new modes of insurance delivery and servicing to broaden and deepen access to formal financial services and thereby support the financial inclusion agenda of the G20.
The IAIS through the Joint Working Group expects to to take this discussion further and to integrate this engagement with the G20 FIEG in their work plan. The Access to Insurance Initiative seeks to facilitate this engagement. During the meeting of the Joint Working Group (JWG) in Berlin on 5-6 May it was agreed to reconvene in Basel on 8-9 July 2010 back to back with the FSI meeting on Microinsurance on 6-8 July 2010. The objective of this meeting is primarily to discuss the next steps for drafting the response of the IAIS as part of the second component of the Work Plan of the G20's Access Through Innovation Subgroup (AITSG) of the Financial Inclusion Experts Group.
Meanwhile, the G20 has reconfirmed the important role of standard setting bodies in creating access to finance: In their communiqué issued on 5 June following their meeting in Busan, G20 deputies called on relevant international standard setting bodies to consider how they can further contribute to encouraging financial inclusion consistent with their respective mandates.
