Friday, January 29, 2021
In our December edition of Experience Insurance, we reported on the Annual Conference of the International Association of Insurance Supervisors (IAIS). We now turn our international lens to recent international activity related to insurance insolvency policy, or in the international vernacular, “resolution” policy.
International Association of Insurance Supervisors
In 2019, the IAIS adopted the Insurance Core Principles (ICPs) and Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). The ICPs provide a global framework for insurance regulators that is accepted by all IAIS member jurisdictions. They apply to all insurance companies and groups, regardless of size, complexity, types of products or level of international activity. ComFrame builds upon the ICPs, focusing on effective group-wide supervision of internationally active insurance groups, or IAIGs. It’s designed to help supervisors address group-