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.
Stakeholder engagement is essential to the IAIS’ ability to deliver on its mandate. Stakeholder input provides the IAIS a more holistic view of emerging risks and trends in the sector. It also allows the IAIS to include in its planning a range of perspectives to enhance the effectiveness and significance of future initiatives. Effective stakeholder engagement ensures that stakeholders are properly consulted in the development of IAIS policy and that the opportunity for timely, substantive and high-quality contributions from stakeholders is maximised.
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 business and consumer users of insurance products, insurers, insurance intermediaries, trade associations, policymakers, professional associations and other interested parties such as academics, third sector/non-governmental organisations 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 policy states that IAIS engagement with stakeholders is driven by four principles: