April 14, 2011 – The International Federation of Risk and Insurance Management Associations (IFRIMA) welcome the flexibility and understanding of the Brazilian government in responding to the world-wide concern about its new reinsurance regulations. At the same time, IFRIMA, which represent commercial insurance buyers from crossways the world, believes that more requirements to be complete to limit the negative impact on insurance capability and cost.
By replacing Resolution 224 with Resolution 232, the Brazil government is permitting insurance companies to cede up to 20% of each reinsurance treaty to companies based abroad that are linked with or belong to the same financial group, instead of leaving out intra-group transfers.
We trust that the current position is an intermediate state of affairs for the division and that an evenhanded situation can be reached for all the parties concerned in this gifted market.
Carl Leeman, President of IFRIMA and Chief Risk Officer for Katoen Natie
Jorge Luzzi, Chairman of IFRIMA and Director Group Risk Management for Pirelli
About IFRIMA
The International Federation of Risk and Insurance Management Associations (IFRIMA) is the international umbrella organization for risk management associations, on behalf of 25 organizations and over 40 countries around the world. IFRIMA has over 10,000 individual members representing a wide range of business sectors from chief industrial and commercial companies to financial institutions and local government organizations.
With its family going back to the 1930s and its development through the regulation of insurance and risk management, IFRIMA is uniquely positioned as a leader in risk organization and its application.
By replacing Resolution 224 with Resolution 232, the Brazil government is permitting insurance companies to cede up to 20% of each reinsurance treaty to companies based abroad that are linked with or belong to the same financial group, instead of leaving out intra-group transfers.
We trust that the current position is an intermediate state of affairs for the division and that an evenhanded situation can be reached for all the parties concerned in this gifted market.
Carl Leeman, President of IFRIMA and Chief Risk Officer for Katoen Natie
Jorge Luzzi, Chairman of IFRIMA and Director Group Risk Management for Pirelli
About IFRIMA
The International Federation of Risk and Insurance Management Associations (IFRIMA) is the international umbrella organization for risk management associations, on behalf of 25 organizations and over 40 countries around the world. IFRIMA has over 10,000 individual members representing a wide range of business sectors from chief industrial and commercial companies to financial institutions and local government organizations.
With its family going back to the 1930s and its development through the regulation of insurance and risk management, IFRIMA is uniquely positioned as a leader in risk organization and its application.
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