Public consultation of Application Paper on supervising diversity, equity and inclusion – the governance, risk management and culture perspective
Comments due by 14 June 2024 24:00 CEST
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.
Feedback on this application paper is invited by 14 June 2024 24:00 CEST. After the deadline, the consultation tool will be closed, and it will no longer be possible to submit comments.
A public background session webinar will be held on 3 April 2024 13:30 – 14:30 CEST to present the application paper and answer any questions from stakeholders. Click here for details and registration.
How to provide feedback:
The consultation is now open. Please use the consultation tool available at this link to provide your comments. All consultation questions are optional, so stakeholders may comment only on a subset of questions. Instructions for use are available when you access the tool. Only comments submitted through the tool will be considered. All comments will be published on the IAIS website unless the option in the tool to keep comments confidential is chosen.
Please note that some formatting (eg bullet points) may not be preserved when copying and pasting your comments into the consultation tool from other software such as Microsoft Word.