On 15 November, the International Association of Insurance Supervisors (IAIS) published an application paper to assist IAIS members in their development or revision of a regime for the supervision of intermediaries. The application paper sets out some examples of approaches which IAIS members may like to consider when completing this task. The paper also outlines potential ideas to take into account when implementing Insurance Core Principle (ICP) 18 (Intermediaries) and the relevant aspects of ICP 19 (Conduct of business) and incorporating those ICPs into their broader supervisory frameworks.
The paper supplements an application paper published by the IAIS on 4 November 2014 entitled Application Paper on Approaches to Conduct of Business Supervision and focusses on the conduct of business by intermediaries.
The application paper is divided into 4 sections, (1) an introduction, (2) a description of the different types of intermediaries and the variety of intermediation, (3) approaches to supervision of intermediaries within the context of the overall framework for supervision and (4) supervisory requirements and approaches which promote good conduct of business by intermediaries, with reference to ICPs 18 and 19.
A link to the application paper is here.