GFIA response to the IAIS "Draft Procedures on Meeting Participation and the Development of Supervisory and Supporting Material and Draft Policy for Consultation of Stakeholders"Release Date: 09/02/2014 Staff Reference: Janice Hilchie
2 September 2014
The Global Federation of Insurance Associations (GFIA) through its 38 member associations represents insurers that account for around 87% or more than $4.0 trillion in total insurance premiums worldwide. We appreciate the opportunity to comment on this document, and acknowledge the IAIS’ commitment to transparency and openness with stakeholders as part of its restructuring.
We agree with the IAIS that it is a timely decision to review its organisational procedures with the aim to increase efficiency and transparency. The IAIS is operating in an evolving landscape and under an increasingly demanding mandate. We recognise the importance of the IAIS’ reconsideration of its operational process, policy consultation process and governance, in light of the directions given by the G20 member governments, the Financial Stability Board, and other national policymakers to whom IAIS members are accountable. The impact of the work of the IAIS is far-reaching and as such it is imperative that it has an effective and transparent way of seeking stakeholder input throughout its policy development process.