The Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) is a set of international supervisory requirements focusing on the effective group-wide supervision of internationally active insurance groups (IAIGs). ComFrame is built and expands upon the high level requirements and guidance currently set out in the IAIS Insurance Core Principles (ICPs), which generally apply on both a legal entity and group-wide level.
The ICPs are the globally accepted requirements for the supervision of the insurance sector. They are structured to allow a wide range of regulatory approaches and supervisory processes to suit different markets and the range of insurance entities and groups operating within these markets.
IAIGs, however, need tailored and more coordinated supervision across jurisdictions due to their complexity and international activity. This necessitates a specific framework to assist supervisors in collectively addressing group-wide activities and risks, identifying and avoiding regulatory gaps and coordinating supervisory activities under the aegis of a group-wide supervisor.
ComFrame is primarily intended to be a framework for supervisors to efficiently and effectively cooperate and coordinate by providing a basis for comparability of IAIG regulation and supervisory processes. By coordinating supervisory activities and information about IAIGs at the group-wide level and between group-wide and host supervisors, ComFrame will reduce compliance and reporting demands on IAIGs.
The Development Phase of ComFrame began in 2010 and concluded in 2013. In developing ComFrame, the IAIS has utilised an open and transparent process involving both Members and insurance professionals. A Concept Paper was issued for public consultation in 2011 with the Draft ComFrame similarly being issued for public consultation in 2012 and 2013. The IAIS has also held numerous meetings and dialogues with industry participants in order to obtain and incorporate actual business experiences. The IAIS finalised ComFrame for the purposes of Field Testing in 2013.
The Field Testing Phase of ComFrame began in 2013. During field testing, ComFrame will be evaluated in practice so that it can be modified as necessary prior to formal adoption.
The IAIS is scheduled to formally adopt ComFrame in 2018, with its Members to begin implementing ComFrame thereafter.
For more information about ComFrame, please see the Frequently Asked Questions available by clicking here. Other questions on ComFrame are welcome at any time at firstname.lastname@example.org.