The International Association of Insurance Supervisors (IAIS) is requesting feedback on a draft Stakeholder Engagement Plan, which it launched on 23 November 2016.
The IAIS Member Handbook defines “stakeholders” to mean “all groups and individuals who have an interest in insurance supervision and regulation or who are affected by the activities of the IAIS and shall be interpreted as broadly as possible.” The draft Plan is aimed at enhancing effective stakeholder engagement, that is: ensuring that stakeholders are properly consulted in the development of IAIS policy and that the opportunity for timely, substantive and high quality contributions from all stakeholders is maximised.
The launch of the draft plan is the latest in a series of developments in this area. In March 2013, the IAIS began a review of its strategic goals, financial outlook and resources with the goal of developing proposals to improve its structures, operations and the allocation of resources. One key goal was to improve the process of obtaining quality stakeholder input.
In July 2014, the IAIS developed new draft policies and procedures and issued these for public consultation. In October 2014, the IAIS adopted the 2015-19 Strategic Plan and Financial Outlook which identified the development of an effective stakeholder engagement plan as one of four strategies for achieving effective stakeholder engagement. The IAIS General Membership also approved IAIS Executive Committee proposals, including for an enhanced stakeholder engagement process covering a broader scope of interested parties.
In January 2015, the IAIS adopted new stakeholder engagement procedures and the Executive Committee subsequently approved the development of a “comprehensive, formal stakeholder engagement plan to promote, on a continuous basis, the interest of the Association with relevant stakeholders, including global bodies.”
In January 2016, the Executive Committee created the Stakeholder Engagement Task Force to develop the draft plan. The draft plan includes new commitments, policies and strategies for enhancing stakeholder engagement, including a set of recommendations specific to consumers and the academic community and professional organisations.