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July 06, 2011 at 08:00 PM
The International Association of Insurance Supervisors (IAIS) is asking for comments on a paper that could shape regulators’ efforts to oversee multinational insurers for decades to come.
The “concept paper,” a skeleton for the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), could help the world’s insurance regulators oversee “internationally active insurance groups” (IAIGs) that may be part of large, diverse corporate groups, according to officials at the IAIS, Basel, Switzerland.
The IAIS includes regulators and supervisors from 190 jurisdictions in about 140 countries. IAIS members started the ComFrame project in response to the recent financial crisis, and they hope to complete work by July 1, 2013.
ComFrame drafters have drafted a number of “elements” in 5 “modules,” with some elements already close to completion, some scheduled to be complete by July 1, 2012, and the rest scheduled to be complete by July 1, 2013.
The modules are Scope of Application, Group Structure and Business, Qualitative and Quantitative Requirements, Supervisory Cooperation and Interaction and Jurisdictional Matters.
