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International Regulator Group Seeks Ideas

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The International Association of Insurance Supervisors is giving the public a chance to shape its future.

The Basel, Switzerland-based group has asked representatives for insurers, insurance distributors, consumers and other insurance stakeholders to send it information and ideas for its next five-year strategic plan.

(Related: New Global Insurance Chief Comes From South Africa ) 

The current IAIS five-year strategic plan ends in 2019.

Because most countries in the world rely mainly on government programs, not commercial health insurance, to pay for health care, the IAIS tends to focus mainly on issues related to life insurance, annuities and property-casualty insurance, not to health insurance.

In the past year, the National Association of Insurance Commissioners and some members of Congress have complained about state insurance regulators’ conflicts with the U.S. Federal Insurance Office over how U.S. representatives should approach negotiations with the IAIS and other international financial services standards bodies.

The IAIS does post drafts of its proposals, and it puts the proposals through public comment periods.

For the strategic plan drafting process, the IAIS is asking for two types of comments:

1. Comments on trends that could affect insurance.

The IAIS is asking for descriptions of the types of factors, such as demographic trends or changes in technology, that could affect the sector. The group is also asking for any data available on those trends and changes.

2. Comments on what objectives the IAIS should pursue.

The IAIS notes that the objectives should reflect the IAIS mission to “promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to global financial stability.”

Comments are due Feb. 20.

More information about the request for comments is available here.

—Read AXA Plans to Sell Part of U.S. Life Unit to Public on ThinkAdvisor.

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