IAIS concludes annual conference with plans to revise ComFrame
Source: Middle East Insurance Review | Dec 2016
Hosted by the Central Bank of Paraguay, this year’s IAIS 23rd Annual Conference concluded with two days of dialogue and panel discussions in a diverse programme for both advanced and emerging insurance markets. During a panel focused on major initiatives, the IAIS announced plans to revise the existing ComFrame structure by integrating text into the Insurance Core Principle (ICP) format over the coming months.
The conference also featured panels on risk-based supervision, financial stability and policyholder protection, technological innovation in insurance and insurance as an agent for achieving sustainable growth.
The Executive Committee agreed to seek stakeholder feedback on a draft Stakeholder Engagement Plan, with the final plan on track for adoption in early 2017. Specific plans for receiving this feedback will be announced soon. Building on existing commitments, this year-long effort includes proposals relevant to all stakeholders and a number specific to engaging with consumers and the academic community and professional organisations.
The Executive Committee also adopted an Application Paper on Supervising the Conduct of Intermediaries. The paper provides IAIS Members with ideas to consider when developing or revising a regime for the supervision of intermediaries. Progress towards the June 2017 agreement on Insurance Capital Standard (ICS) Version 1.0 continued as Members reviewed preliminary field testing results and findings, and summaries from the recently concluded consultation.
At the annual general meeting, IAIS’ Members approved the annual report, admitted two new members – Abu Dhabi Global Market Financial Services Regulatory Authority, UAE, and Financial Services Authority, Seychelles, and elected and re-elected a number of Executive Committee members. The IAIS Executive Committee subsequently re-elected Victoria Saporta (UK, PRA) to a second term as Chair, and elected Hiroshi Ota (Japan) as a new Vice Chair to join current Vice Chair, Julie Mix McPeak (US, Tennessee).