Blog

During the month of April, the A2ii saw the launch of the exceptional A2ii-IAIS Consultation Calls webinar series on Covid-19 and its implications for supervisors.  In times of crisis, where there is a continuous flow of new information and rapidly evolving developments, the webinars have proved to be a purposeful platform for supervisors to exchange information and share best practice. 

In 2019, two supervisors from Belize were among those chosen by the A2ii to receive a scholarship to attend the program: Alma D. Gomez (senior official) and Alicia Leslie (a high-potential woman leader). The following is an interview with Ms Gomez, who is the Supervisor of Insurance and Pensions at the Office of the Supervisor of Insurance & Private Pensions (OSIPP) of Belize.

The fight against the global pandemic has imposed new dynamics for how we live, work and interact with our friends and family. We do not know what our lives will look like in the months to come, but many people will likely fall into poverty, and many businesses will not manage to bounce back. The most severely affected are vulnerable populations who face a higher personal economic risk due to a lack of savings or alternative coping strategies.

Over the past few months, the economic impact of the coronavirus disease (Covid-19) has become one of the greatest challenges facing the financial system since the 2008 financial crisis.  In addition to the immediate and grave health concerns, we are seeing a much wider impact on all of our lives, the broader economy and the financial system. Understandably, this has created a great sense of unease around the world. In situations like these, we recognise the essential role of insurance. The protections provided to individuals, households and businesses are critical in helping people respond and ultimately recover from this crisis. 

In December 2019, before COVID-19 unfolded into a global crisis, the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England published a joint consultation paper on how to strengthen operational resilience in financial institutions. The new requirements were in response to IT failures within the financial sector. Most strikingly the proposals introduce a new paradigm of outward-facing awareness where firms must factor in their impact on their customers and the financial system as a whole. Firms should no longer consider operational resilience to be constrained within their balance sheet. In hindsight, this was a timely publication, and these proposals were a clear precursor to the UK regulators’ response to COVID-19.