Contents 08
FIDES 70 years
10
An entity dedicated to advocacy and private insurance development
12
Mission
14
Hemispheric Conferences and inauguration of Presidents
16
Organization
18
Timeline
20
Ibero-American Market
22
FIDES World
24
Revitalization of the website
28
Microinsurance: Articles available online
30
Consultations
32
Microinsurance Project BID-Fomin-FIDES
24 52
Agricultural Insurance Project
34
for Latin America
48
Consumer Protection Regulation
35
Microinsurance Regulation
35
Consumer relationship
36
New adherent members
40
Working Groups
42
Research on the United Nations
46
New Guidelines on Consumer Protection Book of FIDES history
47
Publication – Revista de Seguros
48
Insurance Schools Network
50
FIDES Award
52
International Partnerships
56
International Relations
60
List of Active and Adherent Members | 2015
62
47
Cover letter
I
n compliance with historic guidelines that motivated its creation, FIDES has been performing over the years several actions to position the insurance industry as a strategic allied of the regional growth. We believe that,
the more fostered, the insurance activity is the most qualified to transform, crosswide and immediately, the economic reality of the countries. The main role played by the insurance industry is to support industries, trade and families, ensuring the continuity of business and income at times of misfortune or weakness. Therefore, we contribute to overcome vulnerabilities that threaten the health, life and economic stability, which make us a first hour partner of the social welfare. The insurance industry also contributes to increasing the domestic savings of the countries and to reducing the effects of the slowdown the region has been facing in this decade, by means of the institutional role it plays, by allocating part of its funds to financing governments and companies through the purchase of bonds and securities. The products diversification, technologic updating, and best qualified sales are some of the recurring topics of our agenda, because we share a dream: to make the insurance protect every citizen and the assets they accumulate throughout life. This inspires our actions. And there are several examples, such as the redesign of the website of FIDES, that contributed to improve and make the exchange of information easier amongst our associates; the publication of the book of FIDES history;
the mapping of the consumer protection laws in the member countries and the commitment to the quality of services provided, ratified by the FIDES Letter of Commitment with the Interamerican Insurance Consumers, with adherence of its terms by the associates and affiliated insurers. Aiming at improving services and products, it is worth noting the reactivation of FIDES working groups, seeking to promote the exchange of experiences and to disseminate the good practices in insurance. And, also, the participation in high-level debates held in the annual assemblies of the Global Federation of Insurance Associations – GFIA, about financial inclusion, catastrophic risks and rules of investment. In the regulation field, it is worth highlighting the FIDES proactivity, by attending meetings such as the ones held by the International Association of Insurance Supervisors – IAIS, at the global level, and by the Asociación de Supervisores de Seguros de América Latina – ASSAL, at the regional level, in order to discuss principles that contribute towards accomplishing an enabling regulatory milestone for market development all over the countries in the region. As a result, we have been attending, since 1999, the annual conferences promoted by the two entities that bring together the supervisors. Globally, even though we recognize the relevance of the risk-based regulation, the Solvency II, we have claimed to its gradual adoption, respecting the markets ability to fulfil deadlines, both in quantitative and qualitative aspects provided for in such regulation.
Although relevant, such actions do not exhaust the universe of our working agenda and of the new regional challenges. The planet is already feeling the effects of climate change, and our industry is strategic to mitigate such effects on the economic activities. With that in mind, FIDES has become a supporter institution to the Principles for Sustainable Insurance, of the United Nations Environment Programme Finance Initiative, undertaking the commitment to disseminate the importance of considering the environmental, social and governance issues in the insurance operations. The region, after exuberant growth in the past decade, is back to coping with economic slowdown or retraction, a scenario that always increases the inequality and impacts, more rigorously, the poorest. The microinsurance, stimulated by FIDES, is the response to mitigating the risks of falling back into absolute poverty. It is not by chance that, since 2009, with the IDB / MIF support, FIDES has been leading the microinsurance development project in the region, fostering the creation of new products in the countries of Latin America. FIDES believes, however, that the crisis will be temporary, and that it may present opportunities. An example of this is the incentive to increase the technologies available to the consumers and new channels to provide access to insurance, which requires changes in the regulatory milestones. The modernization of the regulation is, in fact, the reason to many of our meetings with representatives of the supervisory bodies. The reduced per capita consumption of insurance is the sign that many actions still need to be performed. But we have already taken decisive steps to reaffirm
our importance, which may be proved by the return to society, through claims payments, private pension benefits and capitalization rescues. And FIDES is protagonist in such effort to strengthen the insurance industry, extending significantly the protection against risks of companies and people.
Marco Antonio Rossi
RaĂşl De Andrea
President
Secretary General
8
brings together 16 Latin American countries, as well as the United States and Spain FIDES currently brings together 16 Latin American countries, as well as the United States and Spain. The conferences are held every two years and constitute a discussion forum about issues related to insurance and its socioeconomic role in each of the member countries and regions. The institutional formalization of the Hemispheric Insurance Conferences, and the drafting of the first statute occurred in the so-called Letter of Colombia, in 1967, when the ten basic principles of insurance were adopted, which would serve as a guide to action for private insurance organizations in each of the member countries. Over its 70 years of existence, the supporting pillars of the institution have become stronger and continue to be a solid basis of integration encouraging the common development of all member countries.
70years of existence
An entity dedicated to advocacy and private insurance development 10
T
he Inter-American Federation of Insurance Companies – FIDES is a non-profit organization that encompasses private insurance associations from Latin America and
the Caribbean Region, as well as from the United States and the Iberian Peninsula. Its history began to be written in 1946, with the 1st Hemispheric Insurance Conference, convened by the initiative of the United States and held in New York. Yet, its current name was set up only in 1973 at the suggestion of Mexico, one of the associated countries, based on the meaning of the latin word ‘FIDES’, which stands for faith, trust, belief, credibility. FIDES plays an active role in the development of the insurance industry in Latin America, hosting more than 2,000 insurers ( excluding USA and Spain ), which constitute the market in the region, providing support to the affiliated associations and stimulating relevant projects for the development of insurance business. It also proposes solutions for current and prospect issues related to
CURIOSITIES The denomination of ´FIDES´ is based on the latin word that stands for faith, trust, belief, credibility.
the insurance industry, and it is in charge of training and generation of information, globalization and multilateral integration areas. During the Hemispheric Insurance Conferences, issues specific of member countries or common to all are previously studied and analyzed by working groups and discussed subsequently in the events, resulting in technical guidelines and recommendations issued in statements.
2.000 insures
integrate the market in Latin America 11
To represent the private insurance of the Americas and the Iberian Peninsula before the authorities and organizations.
To promote the spirit of service of private insurance within the companies of Americas and Iberian
To stimulate the growth of the private insurance and reinsurance.
Peninsula, as well as its public image.
MISSION To sponsor the creation of research and study centers of insurance, reinsurance and related matters, as well as the organization of courses and seminars to improve the qualiďŹ cation of leaders, oďŹƒcers and employees of the activity, in national, regional and
7
international levels.
8
To further standardize statistical information systems and the legislation regarding the technical aspects of the insurance activity.
To cooperate, from its speciďŹ c area, with global economic development, creating ties with public or private, national or international organizations.
9
To promote the diffusion and compliance with To advocate the private initiative system through the responsible exercise
ethical, technical and legal standards that are inherent to the insurance and reinsurance.
To narrow the ties amongst members of the Federation, promoting the exchange of ideas and experiences.
of freedom.
The FIDES Mission highlights the goal of full development of the insurance industry and the importance of integration among the member countries.
To carry out the required measures to oppose all acts that jeopardize the interests of associated companies, whenever To establish and
requested by a member affected
To perform other
maintain relationship
by such acts, and explicity
convenient or
with its counterparts
announce its stance regarding
beneficial acts for the
in other continents.
the subject-matter, whether
best fulfillment of
individually or collectively.
its goals.
13
Hemispheric Conferences and
14
Number
Year
City | Country
i
1946
New York | United States
II
1948
Mexico City | Mexico
III
1950
Santiago de Chile | Chile
IV
1952
New York | United States
V
1954
Rio de Janeiro | Brazil
VI
1956
Buenos Aires | Argentina
VII
1958
Caracas | Venezuela
VIII
1961
Lima | Peru
IX
1963
Mexico City | Mexico
X
1965
Bogota | Colombia
XI
1967
New Orleans | United States
XII
1969
Vi帽a del Mar | Chile
XIII
1971
Asunci贸n | Paraguay
XIV
1973
Buenos Aires | Argentina
XV
1975
San Salvador | El Salvador
XVI
1977
Santo Domingo | Santo Domingo
XVII
1979
Rio de Janeiro | Brazil
XVIII
1981
Acapulco | Mexico
XIX
1983
San Francisco | United States
XX
1985
Panama City | Panama
XXI
1987
Asunci贸n | Paraguay
XXII
1989
Buenos Aires | Argentina
XXIII
1992
Madrid | Spain
XXIV
1993
Cartagena | Colombia
XXV
1995
Washington | United States
XXVI
1997
Mexico City | Mexico
XXVII
1999
Panama City | Panama
XXVIII
2001
Lima | Peru
XXIX
2003
Punta Cana | Dominican Republic
XXX
2005
Caracas | Venezuela
XXXI
2007
Guayaquil | Ecuador
XXXII
2009
Las Vegas | United States
XXXIII
2011
San Pedro Sula | Honduras
XXXIV
2013
Antigua, Guatemala
XXXV
2015
Santiago de Chile | Chile
inauguration of Presidents Inaugurated President
Country
Jorge Bande
Chile
Jorge Bande
Chile
Jorge Bande
Chile
Jorge Bande
Chile
Jorge Bande
Chile
Jorge Bande
Chile
Jorge Bande
Chile
Jorge Bande
Chile
Oscar Barahona
Guatemala
Oscar Barahona
Guatemala
Jaime Bustamante
Colombia
Jaime Bustamante
Colombia
Guillermo Mascarenhas
Argentina
Guillermo Mascarenhas
Argentina
Juan Riveroll
Mexico
Juan Riveroll
Mexico
Ernesto Townson
Guatemala
William Phelan
Venezuela
William Phelan
Venezuela
Clinio Silva
Brazil
Clemente Cabello
Mexico
Rufino Garay
San Salvador
Rufino Garay
San Salvador
William Fadul
Colombia
William Fadul
Colombia
Francisco Serqueira
Chile
Alfonso Castro
Mexico
Carlos Rabat
Panama
Juan Manuel Peña
Peru
Roberto Sollitto
Argentina
Augusto Salame
Ecuador
Enrique Rodríguez
Guatemala
Gonzalo Lauria
Venezuela
Marco Antonio Rossi
Brazil
Pilar González de Frutos *
Spain
(*) The President of UNESPA will take office at the XXXV Hemispheric Insurance Conference
15
Organization T
he president of FIDES is elected every two years by an Ordinary General Assembly, following a rotation system in alphabetical order, in accordance with the geographic
region. The position is currently chaired by the Brazilian member Marco Antonio Rossi. There are four regional presidents, distributed as it follows: North ( North America and Iberian Peninsula ), Central
( Central America, Panama and the Caribbean ), Andean ( Bolivia, Colombia, Ecuador, Peru and Venezuela ) and South ( Argentina, Brazil, Chile and Paraguay ). The entity also counts on a Secretary General to manage its duties and activities.
The statute establishes the nature of two kinds of members: active and adherent, defining rights and duties of the active members; rights of the adherent members; and responsibilities and duties of both.
According to the statute, the president of the entity for the previous term is member of the Presidency Council – currently Gonzalo Lauría ( Venezuela ), who preceded Marco Antonio Rossi. The organization of FIDES is the following: the General Assembly ( main authority ), held annually; the Presidency; the Presidency Council; the Regional Commissions; the Standing Committees; and the General Secretariat. The statute establishes the nature of two kinds of members: active and adherent, defining rights and duties of the active members; rights of the adherent members; and responsibilities and duties of both.
16
PRESIDENCY COUNCIL
President Marco Antonio Rossi Brazil
Former President Gonzalo Lauría Venezuela
Secretary General Raúl De Andrea Peru
First vice president and president of the South Regional Commission
Second vice president and president of the North Regional Commission
José Manuel C. Larraechea
Recaredo Arias
Chile
Mexico
Third vice president and president of the Central America and Caribbean Regional Commission
Fourth vice president and president of the Andean Regional Commission
Leonel Argüello
Venezuela
Nicaragua
Alesia Rodríguez Pardo
Presidency Council and General Assembly XXXIV Hemispheric Conference
Antigua Guatemala Guatemala
Presidency Council November 11th Ordinary General Assembly November 12th
2014
Timeline
2013
18
Asunci贸n Paraguay
Presidency Council Abril 22nd
General Assembly approves new members of the Presidency Council 2014 -2015 President
Marco Antonio Rossi | Brazil
1st Vice President and President of the South Regional Commission
José Manuel C. Larraechea | Chile
2nd Vice President and President of the North Regional Commission
Recaredo Arias | Mexico
3rd Vice President and President of the Central America and Caribbean Regional Commission
Leonel Argüello | Nicaragua
4th Vice President and President of the Andean Regional Commission
Alesia R. Pardo | Venezuela
XXXV Hemispheric Conference
Santiago City Chile
Mexico City Mexico
Presidency Council Annual Meeting Novembro 12th
2014
2015 Mexico City Mexico
Presidency Council May 7th
Presidency Council October 26th Ordinary General Assembly October 27th
2015
19
Ibero-American Market in Numbers | 2014 Country
Population (millions)
GDP
(billions)
Premium (millions)
Premium per capita
Insurance / GDP
Number of companies in the sector
United States
318.7*
17,430*
1,280,443*
4,017*
7.3%*
6,115
Brazil
203.4
2,180*
139,488
685.5
5.9%
1,385
Spain
46.7
1,407*
74,417
1,592
5.3%
362
120.2
1,281*
26,238
231
2%
88
Venezuela
30.2
625
23,403
751
3.6%
48
Argentina
42.6
528*
13,391
313.8
3.2%
180
Chile
17.8
258*
10,246
575
4%
63
Colombia
47.6
380*
9,519
199.7
2.5%
45
Peru
30.8
203*
3,401
110
1.7%
18
Ecuador
15.9
102*
1,703
107
1.8%
35
Panama
3.9
44*
1,343
345
3%
30
Costa Rica
4.9
50*
1,167
238.2
2.3%
13
Guatemala
15.8
59*
762
48.2
1,3%
28
El Salvador
6.4
25.2**
623
97.3
2.5%
22
10.4
34.2**
417
40.1
1.4%
14
Paraguay
6.8
30.9**
400
59
1.3%
34
Nicaragua
6.2
11.8**
177.4
28,5
1.5%
5
Honduras
8.1
19.4**
97
12.1
0.5%
11
936.4
24,668.5
1,587,235.4
1,695
6.4%
8,496
Mexico
Bolivia
Total US$
Sources: Associate Members *Sigma # 4/2015 ** World Bank website
21
FIDES WORLD
The presidency of Marco Antonio Rossi was marked by a series of actions and initiatives that gave more importance and dynamism to the work of the entity by defending the interests of the insurance industry in Latin America and the Caribbean Region. Find out more about the main initiatives:
22
Revitalization of the
WEBSITE The redesign of the new website of FIDES, concluded in April 2014, made the virtual environment more dynamic, while providing faster navigation and modern visual effects.
T
he space now is an online platform for disseminating several topics of interest of the new socioeconomic context in Latin America. In addition to promoting the exchange
of information, the website also started receiving enquiries and services related to insurance. Nowadays, the environment is a regional reference in insurance, offering information and statistics about all member countries; news published by international associations and experts; studies and articles; material generated daily by members of FIDES and the Institute of High, Financial and Insurance Studies in Spain - Inese; and the list of events held by the associations and third parties. The website also provides the regulatory milestones of the member countries and consultation links.
24
Visit FIDES’s website using the QR Code
After the website redesign, new partnerships were formed to include advertising spaces. The sponsors ( Bain Co. And Accenture)
generate additional revenue for the Federation while providing relevant content to the page. The new website was launched during the Presidency Council meeting, held in Asunción, Paraguay, in April 2014, and since then a significant number of visitors has been registered. In January 2014, when Marco Antonio Rossi took over the Presidency of FIDES,
Visits
Views
Users
26
2014
578
2015
1.458
2014
2.451
2015 2014 2015
4.487
478 2.124
Increase in the number of visits in relation to January, 2014.
Increase in the number of users in relation to January, 2014.
152%
344%
the website registered 578 visits and 2,451 views. In July 2015, after its redesign, the number of visits increased by 152 %, reaching the figure of 1,458 visitors. The number os users jumped from 478, in 2014, to 2,124, in 2015 – an increase of 344%. One of the secrets for the success registered in the virtual environment is the extent of information available and its continuous updating. On the website tabs, it is possible to access a wide range of data, themes and documents.
MICROINSURANCE
Articles available
El crecimiento de los microseguros en América Latina by Craig Churchill, Team Leader of the Microinsurance Innovation Fund.
28
Seguros para Consumidores de Bajos Ingresos
Microinsurance: A risk management instrument with many facets
by Dirk Reinhard, vice president of Munich Re Foundation.
by Véronique Faber, executive director of Microinsurance Network.
Apoyo a un mayor acceso a los seguros por medio de supervisión adecuada by Peter van den Broeke, a member of the Secretariat of IAIS.
The website of FIDES also provides a number of other publications of interest for the insurance market, both by members of the entity and by third parties.
A digital version of the special issue of Revista de Seguros about FIDES published by CNseg is also available online (see page 48). Among the titles available on the website, the following articles published by experts with a special focus on microinsurance deserve attention:
The first step to meaningful microinsurance: research by Anna Gincherman, Women’s World Banking.
El desafío de la Longevidad by Hernán Poblete Miranda, executive director of IMR Investigation Consultancy, specialized in strategic communication.
Microseguros en Latinoamérica by Michael J. McCord, president of MicroInsurance Centre.
Microinsurance and financial inclusion by Andrea Keenan, senior managing director of AM Best and vice president of Microinsurance Network.
29
Reinsurance Taxes Federación Ecuatoriana de Empresas de Seguros – Fedeseg
Mandadory Traffic Accident Insurance – SOAT Asociación Guatemalteca de Instituciones de Seguros – AGIS
Financing Modalities Associación Peruana de Empresas de Seguros – Apeseg
Mandatory Contribution to the Fire Department Asociación Argentina de Compañias de Seguros – AACS
Consultations made in 2014
Consultations FIDES has been promoting the regional development of the market, through a process of consultation to exchange information among its members. The great advances within the scope of the website of FIDES also include the consolidation of this consultation process by the entity. The exchange of information, experiences and good market
Consultations made in 2015 Stimulus or incentive plans to the sales force
Accounting of Technical Reserves
Cámara de Aseguradores de Venezuela – CAV
Federación de Aseguradores Colombianos – Fasecolda
Fees for advanced reimbursement of Life Insurance
The Impact of Health and Accident Insurance in Public Health Systems
Associación de Aseguradores de Chile – AACH
Asociación de Aseguradoras Privadas de Costa Rica – AAP
Portfolio coverages for Credit line insurance Cámara Hondureña de Aseguradores – CAHDA
Collateral for Technical Reserves Confederação Nacional das Empresas de Seguros Gerais, Previdência Privada e Vida, Saúde Suplementar e Capitalização – CNseg
Regulation for insurance sales by phone Asociación Argentina de Compañias de Seguros – AACS
The issue that most concerns insurers and associations in each market Confederação Nacional das Empresas de Seguros Gerais, Previdência Privada e Vida, Saúde Suplementar e Capitalização – CNseg
practices, which aims at strengthening the insurance segments and the associations of member countries, have undergone significant improvements to strengthen the relationships between distinct insurance markets in the region. From February 2014 to September 2015, 15 consultations were made by associations of the member countries of FIDES. The themes address a series of topics of interest for the market, and the results consolidated by CNseg are available on the FIDES website ( www.fideseguros.com ).
Insurance Normativeness regarding Transparency and Anti-Corruption Asociación Mexicana de Instituciones de Seguros A.C. – AMIS
Taxes on Equity Increase from any kind of act or agreement the domain of which is acquired free of charge
Rules on mandatory or optional investments Asociación de Compañias de Seguros del Ecuador – Acose
Federación Ecuatoriana de Empresas de Seguros – Fedeseg
31
Microinsurance Project
BID-Fomin-FIDES
T
he Microinsurance program for Latin America, which emerged in late 2009, a result of an alliance between FIDES and the Multilateral Investment Fund - MIF, was an important initiative
for the countries involved to enhance microinsurance products penetration among low-income people. The purpose was to foster the development and creation of products through different plans and initiatives in six countries. The insurers were invited to join the program and present their projects through an international competition attended by judges and experts from several institutions, who selected ten pilot projects — each of them received US$100,000 to create new products and help the insurance market development within the region. Furthermore, the associations invested up to US$75,000 in programs that also promoted market growth. The association and companies that joined the program, concluded in 2014, are the following: AGIS ( Guatemala ), AMIS ( Mexico ), APESEG ( Peru ), CAV ( Venezuela ), FASECOLDA ( Colombia ), CNseg ( Brazil ), Seguros
32
Atlas, Grupo BB e Mapfre, Mapfre Seguros, Protecta Companhia de Seguros, La Positiva Seguros, Positiva Companhia de Seguros, Rural Seguradora and Zurich. The initiative achieved all the goals proposed: nine projects were implemented — almost twice the five initially presented — and 37 microinsurance products were created in different countries. One of the main lessons learned from the project was the need to create innovative and alternative distribution channels. On November 13th, 2014, the last meeting by the Board of Directors of the Microinsurance Program was held in Mexico City and chaired by Recaredo Arias. The Program was officially closed after a presentation by each of the following country: Brazil, Colombia, Guatemala, Mexico, Peru and Venezuela.
Agricultural Insurance Project
for Latin America
O
ne of the factors that jeopardizes the potential for economic growth in Latin America and the Caribbean Region is climate change. According to the warning
from global organizations, the two regions are among those
with high vulnerability to climate change effects, due to their geographical characteristics and lack of public policies to tackle natural phenomena. This finding led to the creation of a project, the purpose of which is to promote the development of agricultural insurance products and the creation of innovative instruments in the following countries: Peru, Mexico, Uruguay, Colombia and Honduras. Run by APESEG ( Peru ), the project is the result of a partnership between World Bank and FIDES. The conclusion of studies carried out by the five countries have generated promising results.
BM – FIDES
34
Consumer Protection
Regulation
T
T
he Consumer Protection Working Group has conducted the project of
consolidating consumer protection laws applicable in member countries, which are available at the FIDES website.
he Consumer Protection Working Group has consolidated
microinsurance milestones applicable in member countries. The microinsurance milestones from Argentina, Bolivia, Brazil, Colombia, Honduras, Peru and Venezuela are available on the FIDES website.
Microinsurance
Regulation
CONSUMER
RELATIONSHIP Commitment to quality of services
I
n order to formalize the commitment by the affiliated associations and insurers to establish a quality standard of the services provided to insurance consumers, FIDES — following CNseg’s initiative — drafted
the Letter of Commitment with Good Practices in the Relationship with Inter-American Insurance Consumers. The members of the associations committed to broadcast the letter in their respective countries and to outline a plan of action to diagnose the current scenario of insurance consumer relations. The broadcast of the document intends to disseminate a better perception of the industry by society and to raise awareness about the importance of insurance protection. This Letter of Commitment has become the Declaration of Mexico City, approved and signed by the Presidency of FIDES and its other members in November 12th, 2014. The full Letter with the premises that guided the establishment of the three core commitments is as follows.
37
Letter of Commitment
with Good Practices in the Relationship with Inter-American Insurance Consumers Declaration of Mexico City “ The insurance companies and institutions members of the Inter-American Insurance Federation – FIDES, gathered in Mexico City, considering that the insurance industry is an indispensable component of national economies because of its strategic role in the sustainable development of industry, trade and society itself; considering that the insurance institution permits the overcoming of acute vulnerability gaps which affect the health, safety and economic stability of citizens in developing regions; and, also, considering the whole process of inclusion of new policyholders and the importance of cooperation and responsibility in the implementation of public policies to promote society’s development with balance, legal certainty, transparency and trust; and in light of the commitment to the sustainable progress of insurance as a fundamental cornerstone of social and economic development of the region, sign this Letter of Commitment with Good Practices in the Relationship wtith Inter-American Insurance Consumers, in order to:
1. Recognize the importance of access to information, guidance and education of the insurance consumer and, therefore, express the commitment to advance and enhance existing mechanisms and thus establish a more transparent and balanced relationship, that ensures freedom of choice and decision of the insurance consumers;
2. Reaffirm the importance of attending the needs of insurance consumers, with the improvement of channels and procedures for service and relationship, empowering and promoting trust between insurers and insurance consumers; and
3. Take on a firm commitment to prevent commercial practices that may offend or violate existing rules for the protection of insurance consumers, in accordance with national standards, thus contributing to the existence of a local and regional market that has more quality and is more healthy and balanced to insurers and insurance consumers. This Letter of Commitment with Good Practices in the Relationship with Inter-American Insurance Consumers does not eliminte, disminish or mitigate the effects of the application of the existing international or national level regulations in respective member countries, that establish standards and mechanisms for the protection of consumer rights. The insurance activity is regulated by the States and this Letter of Commitment with the Good Practices in the Relationship with Inter-American Insurance Consumets is also an expression of responsibility, commitment and respect to the regulations by Inter-American agencies and authorities of the industry. The monitoring of the commitments taken on the Letter will be carried out through an agenda called “Inter-American Insurance Consumers Agenda�, of permanent nature, which shall conduct periodical reviews of the progresses, challenges and priorities for Inter-American insurance consumers rights, in a framework of balance, transparency, cooperation and building of trust in the relationship between insurance institutions, consumers and their national states.�
Mexico City, November 12th, 2014
Marco Antonio Rossi President
40
New adherent
members
Four new reinsurers have become members during the current management
D
uring the biennium of Marco Antonio Rossi presidency ( 2014 -2015 ), four new adherent members have become part of FIDES: Terra Brasis Resseguros, IRB Brasil Resseguros, Markel Resseguradora and Echo Re.
The Presidency Council granted the provisional authorization for the four reinsurers at a meeting held in April 2014. The decision was ratified at the General Assembly held in November of the same year, in Mexico City. Reaseguradora Patria, a Mexican company, had already been accepted at the Assembly held in November 12th, 2013, in Guatemala. Thus, the total of adherent members of FIDES are nine.
Working
42
Groups The goal is to promote exchange of experiences and to disseminate good practices in insurance
T
he revitalization of Working Groups - WG aims at evaluating and commenting, collegially and frequently, the topics of greatest interest to the market.
Five working groups were established ( Mass Insurance, Consumer Protection, Financial Education Initiatives, Reinsurance and Solvency – former Risk-Based Capital ), which were proposed at the 2013 Assembly, in addition to the Regulation WG, which was proposed by the Cámara Hondureña de Aseguradores - CAHDA. The activities of the Consumer Protection and Solvency Working
Visit FIDES’s website using the QR Code
Groups have already started. Up to August 2015, four conference calls were held, with the attendance of 7 members at each meeting (on average). The minutes of the meetings of such two Working Groups are available on the FIDES website: www.fideseguros.com.
43
WG Consumer Protection Consolidation of consumer protection regulatory milestones and disclosure on the website of FIDES. Production of questionnaire for diagnosis of the major complaints submitted by insurance consumers in the member countries of FIDES; Drafting of circular to the members of FIDES recommending the disclosure of the Letter of Commitment with the Inter-American Insurance Consumers in the media and oďŹƒcial agencies of each member country. Suggestion to provide roundtable during the FIDES Conference, in which every association would submit its consumer protection program, with priorities, present projects, codes of conduct and good practices.
44
WG Solvency Presentation of the report “Insurance Regulation in Latin America: modernizing at varying speeds”, drafted by Swiss Re. The report found that countries in the region develop in very different rhythms in relation to the theme: some of them more rapidly and others shyly. Development of maps of the solvency regimes in the member countries of FIDES. The Group developed a questionnaire that takes into account the large numbers of each market, the proximity of the national regulatory agency to IAIS, the existence of an implementation plan of a risk-based solvency regime and the similarity with the European Solvency II, quantitative and qualitative requirements and market discipline mechanisms.
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Research on the United Nations New Guidelines on Consumer Protection
F
IDES and LIMRA joined in 2015 to perform a study to benefit their aďŹƒliates with strategic information of global importance. This partnership started with the research on a theme of
substantial importance to our industry. For the first time in 30 years, the Financial Services industry was included in this discussion and guidelines were established for consumer protection in e-commerce, compensation of damages and further financial issues. The research of FIDES and LIMRA intends to give an overview on the theme together with the Insurance Industry, an initiative by the President of FIDES, Marco Antonio Rossi. The result will be presented at the XXXV Hemispheric Conference.
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History
BOOK
The book that tells the story of FIDES in detail
T
he production of a book specially intended to tell the history of FIDES over seven decades of operation, highlighting its inuence on the evolution of the insurance industry in Latin America and the Caribbean Region, was approved at the Assembly
held in Guatemala, in 2013. At that time, the name of Roberto Junguito, former president of FASECOLDA, was chosen as the book coordinator and researcher, whose proposal was approved at the General Assembly held in 2012, in Washington, United States. The book, funded by Mapfre Foundation, will be launched in October 27th, during the XXXV Hemispheric Insurance Conference, in Santiago, Chile. Each of the associations of the member countries will receive a copy of the special publication, which will also have a digital version made available on the new website of FIDES, allowing those who wish to print additional copies. Remarkable historical facts in the history of FIDES and some other that preceded its creation will be in the book, such as the important cooperation of Nelson Rockefeller, then coordinator of the Department of North American State, in promoting the I Hemispheric Insurance Conference, in New York, in 1946. Amongst other things, the book narrates the creation, structure and evolution of FIDES and its relationship with the member countries, mentions the Hemispheric Conferences held since 1946, and also includes conclusions, bibliography and statistical annexes of paramount relevance to understand the insurance market development of each member country.
Read the magazine online at CNseg`s website.
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Publication Special issue of CNseg´s Revista de Seguros featuring FIDES
T
he complexity of the themes of interest for Latin America and the Caribbean Region, and the role played by FIDES in the region development were topics of a special edition of
Revista de Seguros, institutional publication of the Brazilian insurance market, published by CNseg in October 2014. The issue was published in Portuguese and Spanish languages. The special edition outlined an economic, political and social overview of each of the 18 countries that compose the group and addressed further topics relevant to the short-term economic outlook and the business opportunities in Latin America, indicating common points of the markets and correlating local economies behavior with the insurance industry performance. With relevant information, interesting facts, expressive figures and innovative concepts, the publication also addressed the problems common to these countries, such as corruption, money laundering and frauds. But, most importantly, it highlighted the relevance of insurance coverages for the socioeconomic development of each of them. In an exclusive interview to the historical issue, the president of FIDES, Marco Antonio Rossi, highlighted the major points of the entity’s agenda for his term, such as the importance of integration among the member countries and the exchange of successful experiences that help to develop the insurance in Latin America, United States and Iberian Peninsula.
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INSURANCE
Schools Network T
A network to diffuse the insurance education
he initiative to consolidate an Insurance Schools Network was led by CNseg and consisted of mapping and making available on the website of FIDES material containing information on all technical and
high educational institutions in insurance matter in the member countries.
The following member countries were invited: Argentina Escuela de Capacitación Aseguradora www.aacs.org.ar/escuela
Brazil Escola Nacional de Seguros
www.escolanacionaldeseguros.org.br
Chile Escuela de Seguros de Chile www.escueladeseguros.cl/
Colombia Fundación Instituto Nacional de Seguros – INS www.ins.edu.co
El Salvador Escuela de Estudios del Seguro de Centroamérica
www.ases.com.sv/escueladeseguros.html
The first Ibero-American Forum of Education and Training in Insurance will take place in October 26th, 2015, during the XXXV Hemispheric Insurance Conference, in Santiago, Chile, at a meeting coordinated by Escola Nacional de Seguros - FUNENSEG, from Brazil, in partnership with Escuela de Seguros de Chile. This first Forum aims at strengthening the relations among the institutions and creating an environment of discussion on educational issues common to the realities of the member countries of FIDES. The agenda of such Forum includes sharing the good practices and major demands, and signing the protocol on the creation of the Ibero-American Organization for Training in Insurance, FIDES EDUCA.
Ecuador Centro de Formación Aseguradora – FITSE www.educaedu.com/es/institutions/fitse-77786
Spain Fundación Mapfre Estudios www.fundacionmapfre.org
Spain Investigación Cooperativa entre Entidades Aseguradoras y Fondos de Pensiones www.icea.es
Mexico IMESFAC Instituto Mexicano de Seguros y Fianzas A.C. www.imesfac.com.mx
Peru Escuela de Seguros - SEGURTEC www.escueladeseguros.com
FIDES AWARD TO THE HIGHLIGHTED IBERO-AMERICAN INSURER
T
he Presidency Council of FIDES approved the proposal of the President of the Asociación de Aseguradores de Chile A.G., José Manuel Camposano, to give to the
Consejo de Autorregulación de las Compañias de Seguros de Chile, the FIDES Award to the Highlighted Ibero-American Insurer, in 2015. In its more than 10 years of existence, the Consejo de Autorregulación de las Compañias de Seguros de Chile has established itself as a credible, competitive and attentive organization for consumers rights. The Council is an unprecedented example of good practices in the financial system of the country.
HIGHLIGHT The Council encompasses the vast majority of companies operating in the Chilean insurance market.
The Council encompasses the vast majority of companies operating in the Chilean insurance market. The member companies adopt the standards of the Good Practices Compendium drafted by the Council and apply them in their daily interaction with consumers, other companies and internally in their operations. The self-regulation covers various topics that are not addressed by heteronomous regulation and which can be treated by the companies themselves. One of the key contributions of the Council was the creation of the Policyholder Ombudsman, an autonomous entity in relation to the insurance companies, bound to the Council and free of charge for the users. The Ombudsman’s decisions are binding to the companies but not to the policyholders, who may appeal to the Superintendency of Insurance or the Judicial Branch if they prefer.
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The major contribution of the Council, however, was the introduction of the philosophy and awareness of self-regulation, for an activity of special relevance, such as the insurance activity. The challenges faced by the Council are relative to the consolidation of the advances that have been achieved in terms of insurance consumers protection and adoption of more modern business standards, applied worldwide, anticipating the requirements of an increasingly complex and competitive industry. The current president of the Council is the renowned lawyer and academic Arturo Yrarrázaval, former dean of the Catholic University of Chile; and its current members are the historian, dean of the University Adolfo Ibáñez and director of companies, Lucía Santa Cruz; the jurist expert in insurance, Ricardo Peralta; the former minister of economy and dean of the University Andrés Bello, Jorge Marshall; and the engineer and director of companies, Marcos Büchi. Considering the huge relevance of its duties and goals and because it constitutes an example to be followed in the insurance markets of other member countries of FIDES, for the benefit of the insurance institution, the Board of FIDES grants the FIDES Award of Highlighted Ibero-American Insurer to the Consejo de Autorregulación de las Compañias de Seguros de Chile, represented by its president, Arturo Yrarrázaval.
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The challenges faced by the Council are relative to the consolidation of the advances that have been achieved in terms of insurance consumers protection and adoption of more modern business standards, applied worldwide, anticipating the requirements of an increasingly complex and competitive industry.
International
partnerships GFIA and UNEP FI are prominent partners
F
IDES is member of GFIA, an entity based in Brussels, Belgium, composed by 31 associations representing 87 % of the insurance premiums global revenue. The Assembly
of FIDES agreed to be a member of such institution, according to a regional view of consensus, with the purpose of promoting regulatory reforms and other changes required by the dynamics of the market. Recaredo Arias, vice president of FIDES and GFIA, discloses the proposals and resolutions issued at these meetings to the members of the entity.
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At the meeting of the Presidency Council held in May 2015, in Mexico City, the distribution among the members of FIDES of the documents generated in the sessions of GFIA held in Ankara, Turkey, was approved, as well as the Plan of Action issued by the Presidency of the entity.
FIDES keeps partnerships with several international institutions. Among them, the Global Federation of Insurance Associations – GFIA and The United Nations Environment Programme Finance Initiative – UNEP FI.
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Another important partner is UNEP FI. FIDES is a supporting institution of the Principles for Sustainable Insurance - PSI. Founded in 1992, during the Earth Summit in Rio and based in Geneva, Switzerland, UNEP FI was established as a platform to link the United Nations - UN and the global financial sector.
The work of UNEP FI includes topics such as training and sharing of good practices; research tools; establishment of global standards and principles; involvement of public and private stakeholders; facilitation in the creation of members network, by means of global events and regional activities. CNseg, which is also a supporter institution of the PSI, presented the UN Initiative to the Brazilian market, promoting their launch during the World Conference on Environment, held in Rio de Janeiro in 2012 – the socalled Rio+20. The Principles constitute a framework to the global insurance industry identify the insurance risks and opportunities associated with ESG issues – Environmental, Social and Governance.
I Environmental, whose main concern is climate change
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II
III
Social, with microinsurance
Corporate governance,
as an example of a
to ensure the strength
support mechanism
of the company
The four Principles are the following:
We will embed in our decisionmaking environmental, social and governance issues relevant to our insurance business.
We will work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.
We will work together with governments, regulators and other
We will demonstrate accountability
key stakeholders to promote
and transparency in regularly
widespread action across society
disclosing publicly our progress
on environmental, social and
in implementing the Principles.
governance issues.
Visit the partners’ websites using the QR Code
International
relations
Initiatives aimed at strengthening relations amongst countries
U
nder a new concept for strengthening international relations, with the active participation in forums and committees, several members of entities associated
with FIDES have cooperated to strengthen the international positioning of the entity.
Presidency Council / Meeting with members of the Asociación de Supervisores de Seguros de América Latina - ASSAL: in 2014, the members of the Presidency Council of FIDES convened once more with members of ASSAL in Asunción, Paraguay, on April 24th. Considering the high level of productivity of this meeting, the members of the Presidency Council of FIDES agreed to hold the annual meeting of the Board on the same date and at the same place of the Annual Seminar of ASSAL, in order to optimize the agenda of executives and take better advantage of both meetings.
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Convention of Mexican Insurers:
XV Conference on Insurance Regulation
the president Marco Antonio Rossi
and Supervision in Latin America of
attended two panels at the event held by
ASSAL – the president of FIDES, Marco
the Asociación Mexicana de Instituciones
Antonio Rossi, took part in the panel
de Seguros, A.C. - AMIS, held on May 6th
on Fight Against Insurance Fraud,
and 7th, 2015, in Mexico City.
held on April 23rd, 2014.
FIDES vice president Recaredo Arias, and the future president, Pilar González de Frutos, participated, on the 16th of September, 2015, in the panel about Solvency II, in the 4th Meeting of Actuaries at the 7th CONSEGURO - CNseg, in São Paulo, Brazil.
Participation in the Assemblies and in the Annual Conference of the International Association of Insurance Supervisors IAIS: IAIS determined that, from 2015, the “Observers” category would no longer be admitted. Taking into account the importance of the participation of FIDES at the meetings of IAIS, it was decided that GFIA would be your point of contact and main representative body.
Week of Insurance in Madrid, Spain - INESE: Representatives of FIDES, Recaredo Arias and Raúl De Andrea attended the event, organized by INESE, in Madrid, in February 2014 and 2015.
The President of FIDES, Marco Antonio Rossi, attended the inauguration ceremony of Armando Virgil as president of the Confederacción Panamericana de Productores de Seguros (COPAPROSE), on April 25th, 2014, in Lima, Peru.
The Secretary General and the vice president of FIDES, Raúl De Andrea and Recaredo Arias, respectively, the latter also acting as vice president of GFIA, participated in the meetings of GFIA, held in Australia ( 2014 ) and Turkey ( 2015 ) with regulators, supervisors and executives of the insurance industry to deal with issues of financial inclusion, catastrophic risks, standards and investments.
10th International Conference on Microinsurance, Munich Re Foundation: the president of FIDES, Marco Antonio Rossi, gave the opening lecture, in November 11th, 2014, in Mexico City. The vice president and the secretary general of FIDES, respectively, Recaredo Arias and Raúl De Andrea attended the Conference panels.
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List of
Active and Adherent Argentina
Bolívia
Brasil
Chile
Asociación Argentina de Cias. de Seguros
Asociación Boliviana de Aseguradores
AACS
ABA
Asociación de Aseguradores de Chile
President Francisco Astelarra
General Manager José Luis Camacho Miserendino
Confederação Nacional das Empresas de Seguros Gerais, Previdência Privada e Vida, Saúde Suplementar e Capitalização
ACTIVE MEMBERS
CNseg
AACH President José Manuel Camposano Larraechea
President Marco Antonio Rossi
United States
Guatemala
Honduras
Mexico
American Council of Life Insurers
Asociación Guatemalteca de Instituciones de Seguros
Cámara Hondureña de Aseguradores
Asociación Mexicana de Instituciones de Seguros
ACLI President and CEO Governador Dirk Kempthorne
AGIS
CAHDA President Luis Atala Faraj
President Nolasco Sicilia Valls
AMIS President Mario Vela Berrondo
American Insurers Association
AIA
ADHERENTS MEMBERS
President Leigh Ann Pusey
President Peter F. Hugger
President José Carlos Cardoso
President
President
Carlos Caputo
Munich RE Brazil Rodrigo Belloube
Members | 2015 Colombia
Costa Rica
Ecuador
El Salvador
Spain
Federación de Aseguradores Colombianos
Asociación de Aseguradoras Privadas de Costa Rica
Federación Ecuatoriana de Empresas de Seguros
Asociación Salvadoreña de Empresas de Seguros
Fasecolda
AAP
Fedeseg
ASES
Unión Española de Entidades Aseguradoras y Reaseguradoras
President Jorge Humberto Botero Angulo
President Kevin Lucas Holcombe
President Antonio Arosemena Merino
President Eduardo Montenegro Palomo
Nicaragua
Panama
Paraguay
Peru
Venezuela
Asociación Nicaragüense de Aseguradoras Privadas
Asociación Panameña de Aseguradores
Asociación Paraguaya de Compañías de Seguros
Asociación Peruana de Empresas de Seguros
Cámara de Aseguradores de Venezuela
Apeseg
Camaraseg
President Eduardo Morón
President de Junta Diretora José Omar Guevara
Anapri President Sergio Ulvert
Apadea President José Antonio Eleta
General Director
Executive President
L. A. Ingrid Carlou
Michel M. Liès
APCS President Antonio Vaccaro Pavia
Director President Paulo Eduardo de Freitas Botti
Unespa President Pilar González de Frutos
President
President
Javier Edmundo Vijil
Robert Bittar