January 20, 2012
The Joint Forum on Financial Conglomerates Still Exists, and Now an American Will Chair It
Posted by David Zaring

Given that there has been the creation of a Financial Stability Board, designed to bring the various financial regulatory networks together, you wouldn't think there would be a need for a Joint Forum, designed to do the same thing.

Nonetheless, the Forum exists, and perhaps in an effort to get things going in insurance, always the laggard in international regulatory harmonization, the new chair is a) an insurance supervisor, and b) an American.  Rare, but here's the news:

The Joint Forum's parent organisations, the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS), have announced the appointment of Dr Therese M Vaughan as Chair of the Joint Forum. This two-year appointment is effective 1 January 2012.

Therese Vaughan, who succeeds Tony D'Aloisio of the Australian Securities and Investments Commission (ASIC) in this role, is the CEO of the National Association of Insurance Commissioners (NAIC) in the United States.

The Joint Forum's parent organisations expressed their gratitude to Mr D'Aloisio for his important leadership and contributions during his time as Chair.

Therese Vaughan noted the importance of the Joint Forum's international focus on cross-sector supervisory issues: "I look forward to working with Joint Forum members and the Joint Forum's parent organisations to advance the international regulatory agenda with a focus on cross-sector issues."

The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision, IOSCO, and the IAIS to deal with issues common to the banking, securities and insurance sectors, including the supervision of financial conglomerates.

 

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