OECD Council Approves Israel’s Admission to the Insurance Committee

Finance Minister: The OECD Council’s decision marks an important step in the positioning of Israel’s insurance and pension sector and its integration into the global economy
 
The OECD Council approved Israel’s admission to the Insurance Committee and to the Working Party on Private Pensions as an observer yesterday.
 
Finance Minister Ehud Olmert commented today that the OECD Council’s decision marks another important step in the integration of the Israeli insurance sector into the international arena. Israel’s membership in the committees as an observer will have a significant contribution to promoting regulation, supervision, and liberalization in the area of insurance and pensions.
 
The observer status will grant Israel access and influence at the forefront of international standard setting in insurance and pensions, complementing the Capital Market Division’s activity in other international arenas. Activity on the committee will also provide Israel with access to essential information on policy making, serve as a catalyst for reforms, and encourage foreign investors toenter Israel.
 
The Insurance Committee is attended by representatives of the member countries and representatives of the private sector in those countries. Representatives of other international organizations also participate in the committee’s work, such as the World Trade Organization, the European Commission, the International Association of Insurance Supervisors (IAIS), and others.
 
The committee’s objective is to foster cooperation among participants by creating a forum for discussion between policy makers in the various countries on international and national insurance and pension-related issues. The committee formulates international standards on insurance and pension-related subjects, promotes liberalization of international trade in insurance, and discusses variousprofessional issues. A characteristic of the committee is the inclusion of private sector representatives in its discussions.
 
Capital Market, Insurance and Savings Commissioner, Yadin Antebi commented that he sees this subject as highly important, and will act to integrate and promote the activity of Israeli private sector representatives in the committee alongside representatives of the Capital Market Division.
 
Israel’s admission to the Insurance Committee is the result of intensive efforts over the course of several months, during which Israeli representatives participated in OECD activity, comprehensive reports on the insurance and pensions sectors in Israel were prepared and submitted to the OECD, and the OECD released an opinion statement. At the conclusion of the process, Capital Market Division representatives gave a professional presentation to the committees.
 
Admission as an observer to the Insurance Committee and to the Working Party on Private Pensions is another stage in the process of Israel’s accession to the OECD as a full member, which the State of Israel has defined as a strategic goal.