- Lloyd's Brussels office officially opens for business ready for Brexit
- World Economic Forum's Regional Risks for Doing Business report indicates significant differences in risk perceptions across the eight regions covered-cyber attacks heads most developed regions
- IAIS concludes 25th annual Conference-“We are now beginning a pivot to a greater focus on emerging and accelerating trends impacting both our developed and emerging market Members, including FinTech, cyber risks, climate risk and sustainable development challenges" says Secretary General.
- Pool Re publishes its annual Terrorism Threat & Mitigation Report focusing on the key terrorist events and developments in 2018
- Marsh-JLT Specialty formed
- Allen to chair LMA Finance Committee
- Oman joins IAIS Multilateral Memorandum of Understanding (MMoU) expired
- InsurTech Iotatech raises £1m in second round of funding expired
- Startupbootcamp InsurTech appoints Manjit Rana as managing director for Corporate Innovation in Insurance expired
- RSA to restructure its specialty and wholesale business on a more focussed basis expired
- Sedgwick acquires Irish loss adjuster expired
- AXIS Capital estimates Hurricane MIchael losses at $100-120m expired
7th November 2018
Insurance Europe welcomes IAIS changes to its proposals for a ComFrame for the supervision of Internationally Active Insurance Groups(IAIGs)
Europe’s insurers have welcomed changes made by the International Association of Insurance Supervisors(IAIS) to its proposals for a Common Framework(ComFrame) for the supervision of Internationally Active Insurance Groups (IAIGs).
In particular, the IAIS’ efforts to clarify how requirements apply across an IAIG are welcome. However, additional guidance is needed on what approach should be taken if the group-wide and legal entity supervisors have different expectations.
In its response to an IAIS consultation on ComFrame, Insurance Europe said it generally supports the ComFrame material and the IAIS’ proposed guidance, however a number of concerns were raised with respect to overlapping issues and lack of consistency between specific insurance core principles(ICPs), overly detailed and prescriptive governance requirements and requests for further clarification.
Insurance Europe reiterated the need for proportionality to be an overarching principle in ICPs and ComFrame, adding that proportionality needs to be introduced to several provisions throughout the ICPs.
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IAIS Trends(136 articles)