The guidance paper provides eight key features of group-wide supervision. These
features call for appropriate consideration of the complexity of group structures
and the full spectrum of risks posed by non-regulated entities through measures
such as capital adequacy and governance requirements.
The release of the guidance paper is timely in responding to the recommendation
by the G20, the Financial Stability Board and the Joint Forum which called for
standard setting bodies to review the scope of financial regulation and address
any gaps.
Peter Braumüller, Chairman of the IAIS Executive Committee, said “this guidance
paper further supports the broader aim of the IAIS to enhance group-wide supervision
globally and will support the development of a Common Framework for the Supervision
of Internationally Active Insurance Groups.”
He added that “this was the first time the IAIS has used the newly introduced
approach to adopt a supervisory paper in a fast-track manner to allow the necessary
flexibility for the IAIS to address emerging issues in a timely manner.”
The guidance paper is available on the IAIS website at www.iaisweb.org.
IAIS Press release - 12 April 2010
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About the IAIS
Established in 1994, the IAIS represents insurance regulators and supervisors
of some 190 jurisdictions in nearly 140 countries and has also more than 120 insurance
professionals, insurers, reinsurers and trade associations as observers. The IAIS
issues global insurance principles, standards and guidance papers, provides training
and support on issues related to insurance supervision, and organises meetings
and seminars for insurance supervisors. The IAIS works closely with other international
institutions to promote financial stability.
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