The International Association of Insurance Supervisors Executive Committee has made a formal decision to come up with a strategy for multinational insurers.
The committee has approved "recommendations on the design and workplan regarding a framework," according to the IAIS, Basel, Switzerland.
The IAIS was established in 1994 and now represents insurance regulators and supervisors from 140 countries.
Monica Machler, a Swiss insurance regulator, chaired the task force that developed the framework workplan recommendations. Machler's task force now will be responsible for creating the framework, under the supervision of the IAIS Executive Committee.
The framework team will try to develop better approaches for monitoring the structures of corporate groups that sell insurance in more than one jurisdiction, and for monitoring those groups' business mix and intra-group transactions.
"The framework will set out quantitative and qualitative requirements, provide a platform for supervisory cooperation and interaction, and facilitate wide implementation," the IAIS says.
Machler's task force hopes to release a concept paper draft by mid-2011 and the full framework by 2013. The IAIS then will assess the possible effects of adoption of the framework, officials say.
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