Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

IAIS to develop framework for international insurance groups

Reprints

BASEL, Switzerland—The International Assn. of Insurance Supervisors is developing a framework to foster cooperation between the supervisors of internationally active insurers.

The Basel, Switzerland-based IAIS said Wednesday it would develop a Common Framework for the Supervision of Internationally Active Insurance Groups, to be known as ComFrame, in phases. The framework will be in place by July 1, 2013, IAIS said.

The framework will develop methods to make groupwide supervision of international insurance groups more effective and “reflective of actual business practices,” IAIS said in a statement.

ComFrame will establish principles for better cooperation between supervisors and a more integrated, international approach, IAIS said, as well as “foster convergence of regulatory measures and approaches.”

IAIS has published a concept paper on the project and has invited public comments by Aug. 31.

“A global framework for the supervision of internationally active insurers is one of the most important initiatives on IAIS’ agenda,” said Peter Braumüller, chairman of the IAIS’ executive committee. “It will not only enhance the effectiveness and efficiency of supervision of these groups, but also contribute to our continuing efforts towards stability in insurance markets around the world,” he added.