The International Association of Insurance Supervisors has started formal work on a project that could have a big effect on insurers that do business in two or more countries.
The IAIS, Basel, Switzerland, a group for insurance regulators from around the world, began developing a Common Framework for the Supervision of Internationally Active Insurance Groups Thursday.
The IAIS executive committee approved an outline for work on the “ComFrame” project in January.
An IAIS task force chaired by Monica M?chler of the Swiss Financial Market Supervisory Authority created the outline and will manage the ComFrame project, officials say.
The IAIS wants the ComFrame team to complete a concept paper by mid-2011 and have all elements of the framework completed by July 1, 2013.