ABAC submitted an Interim Report of the APFF (Asia Pacific Financial Forum) in August 2014 to APEC Finance Ministers, which recommend concrete undertakings across the broad financial sector that can yield tangible results within two or three years. This report drew from discussions undertaken by more than 270 senior representatives and experts from 137 major private and public institutions.
The interim report include 12 action plans, which aims the development of deep, liquid and integrated capital markets and the region’s long-term investor base, and expanded access of enterprises and individuals to financial services. With regards to insurers and pension funds, In particular, the APFF interim report proposes action plans with the following objectives among others;
– Developing the lojng-term institutiojnal investor base through enhanced regulators’ understanding of regulatory and accounting issues’ impact on insurers’ incentives to do long-term business and of longevity solutions for management of retirement savings, and
– Identifying market and opearational issues that constrain insurers’ and pension funds’ investment in long-term assets, including infrastruture.
The APFF Insurance and Retirement Income Workstream has developed the list of high-level issues and recommendations, including regulatory, accounting, market and operational issues, for discussion with policymakers and regulators.