IAIS is consulting on the draft application paper on the use of digital technology in inclusive insurance. Comments on this consultative document are due by March 16, 2018. IAIS also made available a consultation tool, in addition to the usage instructions, for providing comments on the draft application paper. The application paper seeks to provide guidance to supervisors, regulators, and policymakers when considering, designing, and implementing regulations and supervisory practices on the use of digital technology in inclusive insurance.
The paper describes a typical inclusive insurance market and a typical inclusive insurance customer, to offer context of the operating environment of a supervisor. It also outlines the use and implications of digital technology within inclusive insurance markets and builds the context within which the Insurance Core Principles (ICPs) should be proportionately applied. The paper provides application guidance on the relevant ICPs in context of the use of digital technology in inclusive insurance. Where relevant, examples of observed practices have been included. The paper also examines the aspects of fintech and insurtech within inclusive insurance. The paper was developed as a sequel to the issues paper on "Conduct of Business in Inclusive Insurance,"at the explicit request of members that are looking for guidance in the area of mobile phone insurance and other use of digital technology.
Comment Due Date: March 16, 2018
Keywords: International, Insurance, Inclusive Insurance, ICP, Proportionality, Insurtech, Fintech, IAIS
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