Law School Event Tackles
Financial Issues in China
On his first trip to China last year, Robert Googins shared his thoughts about the financial services industry with an eager class at a Beijing university. On a return trip later this month, Googins expects that a much broader audience will want to hear what he has to say.
From Oct. 15 through 17, Googins, adjunct professor of law and founding director of the law school's Insurance Law Center, will participate in a conference in Beijing about the impact of China's pending membership in the World Trade Organization. That membership, and the recently granted permanent normal trade relations with the United States, are sure to cause great changes, says Googins.
During the three-day conference, "A Conference on Insurance and Financial Services: China after WTO," Googins; John Day, lecturer in law; and Hugh Macgill, professor of law and former law school dean, hope to discuss with Chinese insurers and regulators the changes that will accompany their country's expanding global role.
"Entry into the WTO will lead to a programmed opening of the Chinese marketplace," Googins says. "It probably won't happen on day one, but it will have to be more open to American insurers. The opportunity to get into the Chinese market will be enhanced. Those that are already in it will find more opportunities, and Chinese insurers will find increased competition."
The conference is cosponsored by partners that include the law school and its Insurance Law Center; the U.S. Department of Commerce; and Beijing's University of International Business and Economics, where Googins and other UConn faculty members have taught.
It was during his trip to teach there last September that Googins first considered China as a possible site for the second annual conference. Last year's conference explored insurance and financial services regulation in Central and South America. After this year's conference, Googins is heading to Delhi, India, which he thinks could be the site of a future conference.
"This series of conferences is designed to facilitate the exchange of information on best regulatory practices and provides a unique opportunity for regulators and competitors from different countries to learn from one another and to strengthen the relationships that are essential to effective regional cooperation," says Googins.
As the home of the Insurance Law Center, the only facility of its kind in the country, the law school is recognized as a world leader in the study of insurance as a business and as a social institution for allocating risk and responsibilities.