Public consultation of Application Paper on supervising diversity, equity and inclusion – the governance, risk management and culture perspective
The consultation closed on 14 June 2024.
Background information
Diversity, equity and inclusion (DEI) is one of the IAIS’ strategic themes in recognition that advancing DEI within insurers’ organisations and in the way they operate supports better prudential and consumer outcomes.
This application paper explains why DEI within an insurer is relevant to corporate governance (Insurance Core Principle (ICP) 7), risk management (ICP 8) and corporate culture. It guides supervisors on relevant matters to look at when examining the state of an insurer’s DEI strategies and possible warning signs that an insurer might need to enhance its DEI efforts. It then proposes potential actions that a supervisor can take, either industry-wide or insurer-specific, to address potential and realised DEI issues ranging from the use of soft powers to more formal interventions.
The IAIS is also preparing a separate application paper focusing on DEI considerations in conduct of business (per ICP 19) to secure fair treatment of a diverse range of consumers, including those who may have specific needs, be under-served or be experiencing vulnerability. Consultation on that paper is anticipated for Q3 2024.
Read more about the IAIS’ work on DEI here.
On 14 June 2024, the public consultation of Application Paper on supervising diversity, equity and inclusion – the governance, risk management and culture perspective closed. The IAIS is in the process of reviewing the comments received. All consultation questions were optional, allowing stakeholders to comment on all or a subset of questions. The consultation tool is now closed, and it is no longer possible to submit comments.
A public background session webinar was held on 3 April 2024 13:30 – 14:30 CEST to present the application paper and answer any questions from stakeholders. A recording of the session can be found here.