The Solvency Modernization Initiative Task Force is looking at efforts by the International Association of Insurance Supervisors (IAIS) to improve supervision of multinational insurers.
The task force, part of the National Association of Insurance Commissioners (NAIC), Kansas City, plans to discuss the Common Framework for the Supervision of Internationally Active Insurance Groups, or ComFrame, Friday during a conference call.
The IAIS, Basel, Switzerland, launched the ComFrame project this past summer.
The IAIS hopes to develop methods for supervising insurers that do business in two or more countries; establish a “comprehensive framework for supervisors to address group-wide activities and risks and also set grounds for better supervisory cooperation”; and “foster global convergence of regulatory and supervisory measures and approaches.”
The NAIC sponsored a symposium on regulation of international insurance groups in July, and the task force also will talk about the views expressed during that symposium.