speech of insurance superintendent of the dominican republic prof. rafael santos badía latin...

Speech of insurance Superintendent of the Dominican Republic

Prof. Rafael Santos BadíaLatin American Supervisors of Insurances

Association Conference (ASSAL)

Inaugural act of the XIV ASSAL AssembleHotel Paradisus, Punta Cana, La Altagracia, Dom. Rep.

May 6th 2003

Discurso del Prof. Rafael Santos Badía

Superintendente de Seguros de la República Dominicana

Conferencia ASSAL 6 al 9 de mayo del 2003

Honorable Mr. President of the Dominican Republic

Members of the Latin American Supervisors of Insurances Association Conference (ASSAL)

Civilians and militaries authorities

Ladies and gentlemen:

Is a pleasure to meet and share this important conference with all my colleges and friends, the Insurances Superintendent of Ibero America, in special thanks the presence of the President of the Dominican Republic, who gently join to us this afternoon to begin this important event.




Honest for me is recognize that this meeting has been possible, here in Punta Cana; because the past superintendent, today mayor, Mr. Domingo Batista, managed in Peru that our country became the host of this XIV Conference, therefore I make a public certainty of our gratefulness.

The business of the insurance face the challenge of the international markets and the globalization process. This imply a greater effort for compete with the greatest actives markets and with vocation to the integration, the fusion and the concentration of strategic alliances between diverse capitals.

In our country, the insurance area has been grown in a sustainable Way, in the year 2000 the behavior was 14.5%, and the numbers ofcompanies was reduced from 56 to 23; but this diminution not Imply a reduction of the business.




in our management to the front of the supervision of

Insurances we try, among other points, to as much impel a

process of reform and modernization of the regulating

institution as of the sector in general sense, supporting the

search of the efficiency, the effectiveness and the fairness at

all the levels.

The essential criteria not always can be sufficient to obtain the

additional objective of the principle, and therefore, one or

more criteria with measures that can be considered necessary

by the evaluador to judge that the observance of the principle

is obtained.




A principle will be considered materially not observed, when in spite of the progress, the deviations are sufficient to create doubts about the ability of the authority to obtain the observance.

A principle will be considered not observed, when progress does not exist directed to obtain the observance of the same one.

A principle will be considered no applicable, when in opinion of the evaluator the principle is not applied given the legal and structural institutional conditions of the jurisdiction.




The Supervisor of Insurances of a jurisdiction must be organized to be able to carry out his main function, for example maintaining efficient, safe and stable the markets of insurance for benefit and protection of the insured.

It must at any time be able to efficiently act its as and in agreement with the Central Principles of Insurances. In individual the supervisor of insurances must:




•To be operationally independent and responsible in the exercise for its functions and powers;

•The Supervisor must count on stability in his position;

•To have sufficient powers, legal protection and financial resources to execute its functions and to exert its powers;

•To adopt a clear one, is transparent and consistent regulation and processes of supervision

•To define clearly the responsibility in the decision making; and

•To use, to train and to maintain a sufficient work party with high professional standards, that follow the standards appropriate of confidentiality and supervision.




The supervisors must assured that the insurance agencies have the capacity to identify, to monitor, to measure, to inform and to control the risks associate.

In order to obtain this objective, the supervisors must require that the insurers obey to a global policy of investments; as well as to the procedures approved by the Meeting of Directors, including procedures that determine that the Meeting receives the appropriate, qualitative and quantitative information, on the activities of investment and positions of assets.




The supervisors also can require that the companies orchestrate effective procedures to supervise and to handle their position of assets-liabilities, to assure that the activities of investment and positions of assets are consistent with the profiles of obligations.

We are living a time on great, deep and dramatic changes on local, national, regional and global scale. The insuring sector does not escape to this challenge of the time. Their actors must learn to mobilize in the space and the time that contributes to this new states of our civilization.




I want to conclude my words informing that two new events will be celebrated in our country in this year, and are the following ones:

The Conference Insuring and Underwriters of the Islands of the Caribbean, the 8 to the 11 of June in this same place.

The twentieth ninth Conference Hemispherical of Insurance, FIDES-2003, of the 26 to 29 October of this same year, will take place in the Hotel Bavaro Barceló Convention Center, Higüey, province of La Altagracia.




It is the change that touches to our door and it invites to us to reinvent the reality to live with con enthusiasm the expectations on a new century and a new millennium.

Still we need much to do

THANK YOU VERY MUCH AND HAPPY LODGING !

Prof. Rafael Santos BadíaSupervisor of Insurances

Santo Domingo, D. N.May 6th 2003




speech of insurance superintendent of the dominican republic prof. rafael santos badía latin...

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