Asian financial markets are at various stages of development and sophistication. The financial systems in most of the region's countries are still dominated by banks, reflecting a lack of capacity in the region's non-banking sectors and capital markets. A non-diversified financial sector also represents a risk in terms of the inability to deal with financial shocks and periods of uncertainty. Therefore, as part of the region's financial sector development, along with the capital market, the growth and development of the insurance and pensions sector deserves greater policy priority.
In line with the Financial Sector Operational Plan, ADB, through its Financial Sector Development Community of Practice is supporting this information exchange at all levels for financial crisis prevention, management, and resolution in partnership with The World Bank and the members and observers of the International Association of Insurance Supervisors, from within and outside the region.
The 2-day seminar, organized by ADB's Financial Sector Development Community of Practice, aims to equip ADB staff in the gaps and weaknesses in the current international financial architecture as well as national regulatory systems, recent developments such as Solvency 2 and cross-border supervision, disaster risk financing and management of longevity risk while looking at examples from developing countries on a proportionate approach to observance of internationals insurance standards and deepening financial sector to its developing members. It will also provide an opportunity for participants to discuss the dynamics of international insurance regulation and supervision.
ADB senior management and staff, as well as invited representatives from the development community, private sector, and civil society.