Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), issued the following statement on the formation of the Global Federation of Insurance Associations (GFIA). GFIA's 31 members, including AIA, represent 87 percent of the worldwide insurance industry. The Federation has been established to enable insurance organizations to collectively address international issues affecting insurers including the systemic risk debate, ComFrame, and market conduct and trade issues.Ms. Pusey has been elected to serve on the Federation's Executive Committee as its Membership chairperson. In addition, AIA will continue to chair the ComFrame Working Group, part of GFIA. The Federation's inaugural meeting was held earlier today in Washington, D.C.
Ms. Pusey's statement follows:
"AIA strongly supported the creation of GFIA. Just as international regulators coalesced in 1994 to create the International Association of Insurance Supervisors, the global insurance industry has now formally organized itself as a Federation to provide a united voice on the ever increasing regulatory issues affecting our sector.
"While AIA will continue to advocate on behalf of its members in the U.S. and abroad, through GFIA, the industry's voice is significantly strengthened.
"AIA looks forward to working with GFIA's leadership and diverse international membership to promote effective and efficient global insurance regulatory systems that support vibrant and competitive private insurance markets."