The first IAIS Newsletter of 2024 is now online! This edition focuses on five recent IAIS publications, including the 2023 GIMAR and 2024 Roadmap.
Established in 1994, the IAIS is a voluntary membership organisation of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world’s insurance premiums. It is the global standard-setting body responsible for developing and assisting in the implementation of principles, standards and guidance as well as supporting material for the supervision of the insurance sector. The IAIS mission is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders; and to contribute to global financial stability.
The Insurance Core Principles form the globally accepted framework for insurance supervision. ComFrame builds on the ICPs and focuses on the group-wide supervision of internationally active insurance groups. Together these support the protection of policyholders and promote the stability of the global financial system.
The Insurance Capital Standard (ICS) is being developed as a consolidated group-wide capital standard for internationally active insurance groups and forms the quantitative element of ComFrame. It consists of three components: valuation, qualifying capital resources, and a standard method for the ICS capital requirement.
Following consultation between February and April 2023, the IAIS has now published its Issues Paper on roles and functioning of policyholder protection schemes (PPSs). The paper provides an updated overview of global practices regarding PPSs and their roles in insurance resolution and a variety of related activities. I...