On 22 October 2014, the International Association of Insurance Supervisors (IAIS) published a paper providing best practice guidance on the establishment and operation of supervisory colleges (forums for cooperation and communication between supervisors established to facilitate effective supervision of multi-national insurance groups). The paper deals with the setup of supervisory colleges (e.g. the legal framework, college structures and the role and identification of group-wide supervisors), procedures and tools for the operation of supervisory colleges (e.g. terms of reference, coordination agreements between supervisors, college functions and activities, work planning and information exchange) and supervisory college meetings (e.g. meeting logistics and format). On 27 October 2014, the IAIS also published an application paper on approaches to conduct of business (COB) supervision. The paper notes that, in addition to having serious implications for individual policyholders, poor COB practices can also be indicators of underlying financial issues within an insurer. The application paper provides guidance in relation to the scope of COB supervision and discusses potential supervisory approaches to COB, including those that have already been adopted in some jurisdictions and which may be of interest to other supervisors developing or reviewing their COB supervision frameworks.