As the global standard setter for insurance supervision, the IAIS is committed to undertaking stakeholder engagement to identify, assess and respond to evolving risks in the global insurance sector, in developing global standards and in assessing their implementation. We consulted on a new Stakeholder Engagement and Consultation Policy in June which makes clear that stakeholder engagement is an integral part of what we do as a standard setter. Later this year the IAIS will publish the final version of the policy taking on board the consultation feedback.
The IAIS defines “stakeholders” as “all groups and individuals who have an interest in insurance supervision and regulation or who are affected by the activities of the IAIS and shall be interpreted as broadly as possible.”
Given the technical nature of much of the Association’s work, IAIS engagement includes consumer groups, insurers, trade associations, professional associations and other interested parties such as academics and other international organisations focused on the insurance sector. However, it may be necessary to undertake wider proactive engagement to seek specific feedback on the IAIS’ work.
Our draft policy states that IAIS engagement with stakeholders is driven by four principles:
1. Diversity, equity and inclusion (DEI) – the IAIS will seek to engage with all relevant and interested stakeholders to reflect the geographic and market diversity of its members. Among our range of stakeholders, it will be key to reach stakeholders that provide a consumer voice and those from emerging markets and developing economies to ensure these perspectives are effectively recognised.
2. Transparency – the IAIS is committed to operating in an open and transparent manner, with appropriate consultation processes and governance, whilst maintaining the ability for members to exchange information in confidence. The IAIS will on a quarterly basis publish a list that details stakeholder meetings and topics discussed. In the IAIS Roadmap IAIS will respectively set out its plan for engagement during the period and in its Year in Review it will provide an update on how this was achieved.
3. Equal access – the IAIS will seek to ensure equal access for those groups that wish to engage but that have limited resources to do so. This is likely to mean the need to tailor engagement, for example more use of virtual meetings to allow a wider group of stakeholders to take part and may include financial support to participate. With the exception of the Annual Conference, all IAIS stakeholder engagement must offer at least a virtual option. Additionally, the IAIS will seek to communicate in a manner that is accessible taking into account the technical nature of our work.
4. Avoid conflicts – the IAIS will seek at all times to avoid any conflicts of interest.