The International Association of Insurance Supervisors (IAIS) has launched a new consultation package and is seeking public feedback via one more upcoming public background session. The consultation focuses on revised Insurance Core Principles (ICPs), ComFrame-specific material, and a new draft Application Paper on Group Corporate Governance.
The ICPs apply to the supervision of all insurers within a jurisdiction. ComFrame, the Common Framework for the Supervision of Internationally Active Insurance Groups, builds upon the ICPs with standards and guidance specific to the supervision of internationally active insurance groups.
"This package is the product of substantial feedback from insurance supervisors and stakeholders from throughout the world," stated Victoria Saporta, chair of the IAIS Executive Committee. "It represents a major milestone in finalizing the qualitative components of ComFrame in line with its scheduled delivery in late 2019 and in upgrading the ICPs," Ms. Saporta added.
Elements of the ICP/ComFrame Consultation Package
- The Introduction to ICPs and ComFrame and the ICP Assessment Methodology
- ComFrame material integrated with ICP 5 (Suitability of Persons), ICP 7 (Corporate Governance), and ICP 8 (Risk Management and Internal Controls)
- The Supervisor and Supervisory Measures
- Revised ICP 9 (Supervisory Review and Reporting), plus ComFrame integrated material
- Revised ICP 10 (Preventive Measures, Corrective Measures, and Sanctions), plus ComFrame integrated material (ICPs 10 and 11 are combined into a single ICP)
- Supervisory Cooperation and Coordination
- Revised ICP 3 (Information Sharing and Confidentiality Requirements)
- Revised ICP 25 (Supervisory Cooperation and Coordination), plus ComFrame integrated material
The first public background session was on March 15, 2017, and the second will be on March 20, 2017. Learn more details here.