Contents08 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

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

Agricultural Insurance Project

for Latin America

Consumer Protection Regulation

Microinsurance Regulation

Consumer relationship

New adherent members

47

48

Cover letter

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;

I

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

eff ects of climate change, and our industry is strategic to mitigate such eff ects

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 reaffi rm

our importance, which may be proved by the return to society, through claims

payments, private pension benefi ts and capitalization rescues.

And FIDES is protagonist in such eff ort to strengthen the insurance industry,

extending signifi cantly the protection against risks of companies and people.

Marco Antonio Rossi

President

Raúl De Andrea

Secretary General

88

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 fi rst 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.

of existence70of existence

years

brings together 16 Latin American countries, as well as the United States and Spain

An entity dedicated to advocacy and private insurance development

10

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

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.

T

The denomination of ´FIDES´ is based on the latin word that stands for faith, trust, belief, credibility.

CURIOSITIES

2.000 insures

integrate the market in Latin America

11

MISSION

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

Peninsula, as well as its

public image.

To stimulate the

growth of the private

insurance and

reinsurance.

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

qualifi cation of leaders, offi cers

and employees of the activity,

in national, regional and

international levels.

To further standardize

statistical information

systems and the legislation

regarding the technical

aspects of the

insurance activity.

To cooperate, from

its specifi c area, with

global economic

development, creating

ties with public or private,

national or international

organizations.

7 9

88

The FIDES Mission highlights the goal of full development of the insurance industry and the importance of integration among the member countries.

To advocate the

private initiative

system through the

responsible exercise

of freedom.

To promote the diff usion

and compliance with

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.

To establish and

maintain relationship

with its counterparts

in other continents.

To carry out the required

measures to oppose all acts

that jeopardize the interests of

associated companies, whenever

requested by a member aff ected

by such acts, and explicity

announce its stance regarding

the subject-matter, whether

individually or collectively.

To perform other

convenient or

benefi cial acts for the

best fulfi llment of

its goals.

1313

Number Year City | Country Inaugurated President Country

i 1946 New York | United States Jorge Bande Chile

II 1948 Mexico City | Mexico Jorge Bande Chile

III 1950 Santiago de Chile | Chile Jorge Bande Chile

IV 1952 New York | United States Jorge Bande Chile

V 1954 Rio de Janeiro | Brazil Jorge Bande Chile

VI 1956 Buenos Aires | Argentina Jorge Bande Chile

VII 1958 Caracas | Venezuela Jorge Bande Chile

VIII 1961 Lima | Peru Jorge Bande Chile

IX 1963 Mexico City | Mexico Oscar Barahona Guatemala

X 1965 Bogota | Colombia Oscar Barahona Guatemala

XI 1967 New Orleans | United States Jaime Bustamante Colombia

XII 1969 Viña del Mar | Chile Jaime Bustamante Colombia

XIII 1971 Asunción | Paraguay Guillermo Mascarenhas Argentina

XIV 1973 Buenos Aires | Argentina Guillermo Mascarenhas Argentina

XV 1975 San Salvador | El Salvador Juan Riveroll Mexico

XVI 1977 Santo Domingo | Santo Domingo Juan Riveroll Mexico

XVII 1979 Rio de Janeiro | Brazil Ernesto Townson Guatemala

XVIII 1981 Acapulco | Mexico William Phelan Venezuela

XIX 1983 San Francisco | United States William Phelan Venezuela

XX 1985 Panama City | Panama Clinio Silva Brazil

XXI 1987 Asunción | Paraguay Clemente Cabello Mexico

XXII 1989 Buenos Aires | Argentina Rufi no Garay San Salvador

XXIII 1992 Madrid | Spain Rufi no Garay San Salvador

XXIV 1993 Cartagena | Colombia William Fadul Colombia

XXV 1995 Washington | United States William Fadul Colombia

XXVI 1997 Mexico City | Mexico Francisco Serqueira Chile

XXVII 1999 Panama City | Panama Alfonso Castro Mexico

XXVIII 2001 Lima | Peru Carlos Rabat Panama

XXIX 2003 Punta Cana | Dominican Republic Juan Manuel Peña Peru

XXX 2005 Caracas | Venezuela Roberto Sollitto Argentina

XXXI 2007 Guayaquil | Ecuador Augusto Salame Ecuador

XXXII 2009 Las Vegas | United States Enrique Rodríguez Guatemala

XXXIII 2011 San Pedro Sula | Honduras Gonzalo Lauria Venezuela

XXXIV 2013 Antigua, Guatemala Marco Antonio Rossi Brazil

XXXV 2015 Santiago de Chile | Chile Pilar González de Frutos * Spain

Hemispheric Conferences and inauguration of Presidents

14

Number Year City | Country Inaugurated President Country

i 1946 New York | United States Jorge Bande Chile

II 1948 Mexico City | Mexico Jorge Bande Chile

III 1950 Santiago de Chile | Chile Jorge Bande Chile

IV 1952 New York | United States Jorge Bande Chile

V 1954 Rio de Janeiro | Brazil Jorge Bande Chile

VI 1956 Buenos Aires | Argentina Jorge Bande Chile

VII 1958 Caracas | Venezuela Jorge Bande Chile

VIII 1961 Lima | Peru Jorge Bande Chile

IX 1963 Mexico City | Mexico Oscar Barahona Guatemala

X 1965 Bogota | Colombia Oscar Barahona Guatemala

XI 1967 New Orleans | United States Jaime Bustamante Colombia

XII 1969 Viña del Mar | Chile Jaime Bustamante Colombia

XIII 1971 Asunción | Paraguay Guillermo Mascarenhas Argentina

XIV 1973 Buenos Aires | Argentina Guillermo Mascarenhas Argentina

XV 1975 San Salvador | El Salvador Juan Riveroll Mexico

XVI 1977 Santo Domingo | Santo Domingo Juan Riveroll Mexico

XVII 1979 Rio de Janeiro | Brazil Ernesto Townson Guatemala

XVIII 1981 Acapulco | Mexico William Phelan Venezuela

XIX 1983 San Francisco | United States William Phelan Venezuela

XX 1985 Panama City | Panama Clinio Silva Brazil

XXI 1987 Asunción | Paraguay Clemente Cabello Mexico

XXII 1989 Buenos Aires | Argentina Rufi no Garay San Salvador

XXIII 1992 Madrid | Spain Rufi no Garay San Salvador

XXIV 1993 Cartagena | Colombia William Fadul Colombia

XXV 1995 Washington | United States William Fadul Colombia

XXVI 1997 Mexico City | Mexico Francisco Serqueira Chile

XXVII 1999 Panama City | Panama Alfonso Castro Mexico

XXVIII 2001 Lima | Peru Carlos Rabat Panama

XXIX 2003 Punta Cana | Dominican Republic Juan Manuel Peña Peru

XXX 2005 Caracas | Venezuela Roberto Sollitto Argentina

XXXI 2007 Guayaquil | Ecuador Augusto Salame Ecuador

XXXII 2009 Las Vegas | United States Enrique Rodríguez Guatemala

XXXIII 2011 San Pedro Sula | Honduras Gonzalo Lauria Venezuela

XXXIV 2013 Antigua, Guatemala Marco Antonio Rossi Brazil

XXXV 2015 Santiago de Chile | Chile Pilar González de Frutos * Spain

Hemispheric Conferences and inauguration of Presidents

(*) The President of UNESPA will take offi ce at the XXXV Hemispheric Insurance Conference 15

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.

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.

T

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.

Organization

16

PresidentMarco Antonio Rossi

Brazil

Secretary GeneralRaúl De Andrea

Peru

Former PresidentGonzalo Lauría

Venezuela

First vice president and president of

the South Regional Commission

José Manuel C. Larraechea

Chile

Second vice president and president of

the North Regional Commission

Recaredo Arias

Mexico

Third vice president and president of the Central America and Caribbean Regional

Commission

Leonel Argüello

Nicaragua

Fourth vice president and president of the

Andean Regional Commission

Alesia Rodríguez Pardo

Venezuela

PRESIDENCY COUNCIL

Presidency Council and General Assembly

2013

2014

Antigua GuatemalaGuatemala

Presidency Council November 11th

Ordinary General AssemblyNovember 12th

XXXIV Hemispheric Conference

AsunciónParaguay

Presidency Council Abril 22nd

Timeline

18

2014

2015

2015

XXXV Hemispheric Conference

Mexico CityMexico

Presidency Council Annual Meeting

Novembro 12th

Mexico CityMexico

Presidency Council May 7th

Santiago CityChile

Presidency Council October 26th

Ordinary General Assembly October 27th

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

General Assembly approves new members of the Presidency Council 2014 -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

Mexico 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

Bolivia 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

Total 936.4 24,668.5 1,587,235.4 1,695 6.4% 8,496

US$

Sources:Associate Members

*Sigma # 4/2015** World Bank website

21

FIDESWORLDThe 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:

2222

FIDESWORLD

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,

off ering 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.

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

Nowadays, the environment is a regional reference in insurance,

off ering 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

T

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.

WEBSITERevitalization of the

24

WEBSITE

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 signifi cant number of visitors has been registered. In January

2014, when Marco Antonio Rossi took over the Presidency of FIDES,

Increase in the number of users in relation to January, 2014.

Increase in the number of visits in relation to January, 2014.

344%152%

Visits5782014

2014

2014

2015

2015

2015Users

478

2.124

Views2.451

4.487

1.458

26

the website registered 578 visits and 2,451 views. In July 2015, after

its redesign, the number of visits increased by 152 %, reaching the

fi gure 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.

On the website tabs, it is possible to access a wide range of data,

themes and documents.

El crecimiento de los microseguros en América Latina

by Craig Churchill, Team Leader of the Microinsurance Innovation Fund.

Seguros para Consumidores de Bajos Ingresos

by Dirk Reinhard, vice president of Munich Re Foundation.

Microinsurance: A risk management instrument with many facets

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.

Articles available MICROINSURANCE

28

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:

Microinsurance and fi nancial inclusion

by Andrea Keenan, senior managing director of AM Best and vice president of Microinsurance Network.

The fi rst 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.

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.

29

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

Stimulus or incentive plans to the sales forceCámara de Aseguradores de Venezuela – CAV

Reinsurance TaxesFederación Ecuatoriana de Empresas de Seguros – Fedeseg

Accounting ofTechnical ReservesFederación de Aseguradores Colombianos – Fasecolda

Mandadory Traffi c Accident Insurance – SOAT Asociación Guatemalteca de Instituciones de Seguros – AGIS

Fees for advanced reimbursement of Life InsuranceAssociación de Aseguradoresde Chile – AACH

Financing ModalitiesAssociación Peruana de Empresas de Seguros – Apeseg

The Impact of Health and Accident Insurance in Public Health SystemsAsociación de Aseguradoras Privadas de Costa Rica – AAP

Mandatory Contribution to the Fire DepartmentAsociación Argentina de Compañias de Seguros – AACS

Consultations made in 2014

Consultations made in 2015

Insurance Normativeness regarding Transparency and Anti-CorruptionAsociación Mexicana de Instituciones de Seguros A.C. – AMIS

Portfolio coverages for Credit line insuranceCámara Hondureña de Aseguradores – CAHDA

Rules on mandatory or optional investmentsAsociación de Compañias de Seguros del Ecuador – Acose

Regulation for insurance sales by phoneAsociación Argentina de Compañias de Seguros – AACS

Taxes on Equity Increase from any kind of act or agreement the domain of which is acquired free of chargeFederación Ecuatoriana de Empresas de Seguros – Fedeseg

Collateral for Technical Reserves 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

signifi cant 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.fi deseguros.com ).

The issue that most concerns insurers and associations in each marketConfederação Nacional das Empresas de Seguros Gerais, Previdência Privada e Vida, Saúde Suplementar e Capitalização – CNseg

3131

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 diff erent 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

TBID-Fomin-FIDES

Microinsurance Project

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 fi ve initially

presented — and 37 microinsurance products were created

in diff erent 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 offi cially closed after a presentation

by each of the following country:

Brazil, Colombia, Guatemala,

Mexico, Peru and

Venezuela.

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 fi ve initially

presented — and 37 microinsurance products were created

in diff erent 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 offi cially closed after a presentation

by each of the following country:

Brazil, Colombia, Guatemala,

Mexico, Peru and

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 eff ects, due to their

geographical characteristics and lack of public policies to tackle

natural phenomena.

This fi nding 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 fi ve countries have generated promising results.

O

BM – FIDES

Insurance Project for Latin America

Agricultural

with high vulnerability to climate change eff ects, due to their

geographical characteristics and lack of public policies to tackle

natural phenomena.

This fi nding 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 fi ve countries have generated promising results.

3434

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.

T

T

Insurance Project Consumer ProtectionRegulation

MicroinsuranceRegulation

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.

CONSUMERRELATIONSHIPCommitment to quality of services

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.

I

37

“ 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 a� ect 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. Rea� rm 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

Declaration of Mexico City

Letter of Commitment with Good Practices in the Relationship with Inter-American Insurance Consumers

3. Take on a fi rm commitment to prevent commercial practices that may o� end 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 e� ects 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

Four new reinsurers have become members during the current management

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 ratifi ed 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.

D

membersadherent New

Working

42

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

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.fi deseguros.com.

GroupsThe goal is to promote exchange of experiences and to disseminate good practices in insurance

T

Visit FIDES’swebsite using the QR Code

43

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 offi cial 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.

Consumer Protection

WG

44

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 diff erent 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.

Solvency

WG

45

IDES and LIMRA joined in 2015 to perform a study to benefi t

their affi liates with strategic information of global importance.

This partnership started with the research on a theme of

substantial importance to our industry. For the fi rst 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 fi nancial 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.

F IDES and LIMRA joined in 2015 to perform a study to benefi t

their affi liates with strategic information of global importance.

This partnership started with the research on a theme of

substantial importance to our industry. For the fi rst 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 fi nancial issues.

The research of FIDES and LIMRA intends to give an overview on

the theme together with the Insurance Industry, an initiative by the

F

Research on the United Nations New Guidelines on Consumer Protection

46

T he production of a book specially intended to tell the history of FIDES over seven

decades of operation, highlighting its infl 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.

History BOOKThe book that tells the story of FIDES in detail

Read the magazine online at CNseg`s website.

48

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 fi gures 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.

Special issue of CNseg´s Revista de Seguros featuring FIDES

PublicationT

49

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.

A network to diffuse the insurance education

El SalvadorEscuela de Estudios del Seguro de Centroamérica www.ases.com.sv/escueladeseguros.html

ChileEscuela de Seguros de Chilewww.escueladeseguros.cl/

ArgentinaEscuela de Capacitación Aseguradorawww.aacs.org.ar/escuela

ColombiaFundación Instituto Nacional de Seguros – INS

www.ins.edu.co

BrazilEscola Nacional de Seguros

www.escolanacionaldeseguros.org.br

T

INSURANCE

NetworkSchools

The following member countries were invited:

SpainInvestigación Cooperativa entre Entidades Aseguradoras y Fondos de Pensioneswww.icea.es

MexicoIMESFAC Instituto Mexicano de Seguros y Fianzas A.C.

www.imesfac.com.mx

EcuadorCentro de Formación Aseguradora – FITSEwww.educaedu.com/es/institutions/fi tse-77786

PeruEscuela de Seguros - SEGURTECwww.escueladeseguros.com

SpainFundación Mapfre Estudios

www.fundacionmapfre.org

The fi rst 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.

FIDES AWARD TO THE HIGHLIGHTED IBERO-AMERICAN INSURER

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 fi nancial system of the country.

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.

TThe Council encompasses the vast majority of companies operating in the Chilean insurance market.

HIGHLIGHT

53

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 benefi t 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.

54

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.

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.

GFIA and UNEP FI are prominent partners

F

Internationalpartnerships

56

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.

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.

57

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 so-

called 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.

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.

IEnvironmental,

whose main concern is

climate change

IISocial,

with microinsurance

as an example of a

support mechanism

IIICorporate

governance,

to ensure the strength

of the company

58

We will demonstrate accountability

and transparency in regularly

disclosing publicly our progress

in implementing the Principles.

We will embed in our decision-

making 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

key stakeholders to promote

widespread action across society

on environmental, social and

governance issues.

The four Principles are the following:

Visit the partners’ websites using the QR Code

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.

Convention of Mexican Insurers:

the president Marco Antonio Rossi

attended two panels at the event held by

the Asociación Mexicana de Instituciones

de Seguros, A.C. - AMIS, held on May 6th

and 7th, 2015, in Mexico City.

XV Conference on Insurance Regulation

and Supervision in Latin America of

ASSAL – the president of FIDES, Marco

Antonio Rossi, took part in the panel

on Fight Against Insurance Fraud,

held on April 23rd, 2014.

relationsInternational

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.

60

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.

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.

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.

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.

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.

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.

61

ACTI

VEM

EMBE

RS

ArgentinaAsociación Argentina de Cias. de Seguros

AACS

PresidentFrancisco Astelarra

BolíviaAsociación Boliviana

de AseguradoresABA

General ManagerJosé Luis Camacho

Miserendino

BrasilConfederação Nacional das

Empresas de Seguros Gerais, Previdência

Privada e Vida, Saúde Suplementar e

CapitalizaçãoCNseg

PresidentMarco Antonio Rossi

Chile

Asociación de Aseguradores

de ChileAACH

PresidentJosé Manuel Camposano Larraechea

United StatesAmerican Council of

Life InsurersACLI

President and CEOGovernador

Dirk Kempthorne

American Insurers Association

AIA

PresidentLeigh Ann Pusey

GuatemalaAsociación

Guatemalteca de Instituciones de

SegurosAGIS

PresidentNolasco Sicilia Valls

HondurasCámara Hondureña de Aseguradores

CAHDA

PresidentLuis Atala Faraj

Mexico Asociación Mexicana

de Instituciones de SegurosAMIS

PresidentMario Vela Berrondo

ADHE

REN

TSM

EMBE

RS

PresidentPeter F. Hugger

PresidentJosé Carlos Cardoso

PresidentCarlos Caputo

President Munich RE BrazilRodrigo Belloube

Active and AdherentList of

Colombia Federación de Aseguradores ColombianosFasecolda

PresidentJorge Humberto Botero Angulo

Costa Rica Asociación de

Aseguradoras Privadas de Costa Rica

AAP

PresidentKevin Lucas Holcombe

Ecuador Federación

Ecuatoriana de Empresas de Seguros

Fedeseg

PresidentAntonio Arosemena

Merino

El Salvador Asociación

Salvadoreña de Empresas de Seguros

ASES

PresidentEduardo Montenegro

Palomo

SpainUnión Española

de Entidades Aseguradoras y Reaseguradoras

Unespa

PresidentPilar González

de Frutos

Nicaragua Asociación

Nicaragüense de Aseguradoras

PrivadasAnapri

PresidentSergio Ulvert

Panama Asociación

Panameña de Aseguradores

Apadea

PresidentJosé Antonio Eleta

Paraguay Asociación

Paraguaya de Compañías de

SegurosAPCS

PresidentAntonio Vaccaro

Pavia

PeruAsociación Peruana

de Empresas de SegurosApeseg

PresidentEduardo Morón

VenezuelaCámara de

Aseguradores de Venezuela

Camaraseg

President de Junta Diretora

José Omar Guevara

General DirectorL. A. Ingrid Carlou

Executive PresidentMichel M. Liès

Director PresidentPaulo Eduardo de

Freitas Botti

President Javier Edmundo Vijil

PresidentRobert Bittar

Members | 2015