GFIA Comments on IAIS Application Paper on Approaches to Conduct of Business SupervisionRelease Date: 08/08/2014 Staff Reference: Janice Hilchie
The Global Federation of Insurance Associations (GFIA) which through its 38 member associations represents insurers that account for around 87% or more than $4.0 trillion in total insurance premiums worldwide would like to express its appreciation to the IAIS for the opportunity to provide input on its Application Paper on Approaches to Conduct of Business Supervision, issued on June 19.
We would like to commend IAIS for a thoughtful paper which provides useful examples of the variety of approaches that regulators use to support the conduct of business principles set out in ICP 19. It is clear that regulators are making a renewed commitment to COB supervision.
The paper recognizes that regulatory regimes differ from jurisdiction to jurisdiction and, quite appropriately, does not try to suggest that all jurisdictions adopt a single model or that one approach is better than another. Using the results of the survey that IAIS undertook of its members is an excellent way to demonstrate the range of regulatory tools and measures that can prove effective, given the regulatory, structural, historical and cultural differences that exist from one jurisdiction to the next...