The International Association of Insurance Supervisors (“IAIS”) has released a “concept paper” describing its proposed Common Framework for the Supervision of Internationally Active Insurance Groups (“ComFrame”). This document is open for comments through August 31, 2011. As summarized in the accompanying Press Release, ComFrame will:
- Develop methods of operating group-wide supervision of Internationally Active Insurance Groups in order to make group-wide supervision more effective and more reflective of actual business practices;
- Establish a comprehensive framework for supervisors to address group-wide activities and risks and also establish principles for better supervisory cooperation in order to allow for a more integrated, international approach; and
- Foster global convergence of regulatory and supervisory measures and approaches.
The IAIS also has published a set of presentation slides which provide an overview of ComFrame