Lord Turner has spoken to the International Association of Insurance Supervisors' (IAIS) 2010 Annual Conference on the case for change in global insurance regulation and supervision. He looked at the differences between the insurance and banking business models and said the sectors obviously need different approaches, but that there must be consistency and all regulation must continually react to interconnectedness within the financial system and for systemic risk. He discussed the role of Solvency II in trying to help avoid procyclicality.