On 4 September 2012, the International Association of Insurance Supervisors (IAIS) published a document compiling the responses it received to its recent consultation on ComFrame (a proposed common framework for the supervision of internationally active insurance groups). Insurance Europe has published its own response. While supporting the framework, Insurance Europe highlighted (amongst other matters) that the framework should not result in a separate prudential regime for the groups concerned, but should aim to increase supervisory understanding of them.
At a press conference Frankfurt on 7 September 2012, EIOPA’s Chairman spoke of the challenges faced by supervisors in a globalised insurance market. Referring to ComFrame, he emphasised the need to establish a strong set of global regulatory principles.