IAIS Publishes List of Internationally Active Insurance Groups
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors. As of July 01, 2020, 48 IAIGs have been identified by relevant group-wide supervisors from 16 jurisdictions. Out of those 48 IAIGs, 30 IAIGs have been publicly disclosed by relevant group-wide supervisors from 11 jurisdictions.
The Common Framework for Supervision of IAIGs (ComFrame) establishes supervisory standards and guidance focusing on the effective group-wide supervision of IAIGs. Group-wide supervisors are responsible for identification of IAIGs, in cooperation with other involved supervisors, after considering whether a group meets both the following criteria, provided in ComFrame:
- Internationally active. Premiums are written in three or more jurisdictions and gross written premiums outside of the home jurisdiction are at least 10% of the group’s total gross written premiums
- Size (based on a three-year rolling average). Total assets are at least USD 50 billion or total gross written premiums are at least USD 10 billion
In limited circumstances, described in ComFrame guidance, the group-wide supervisors have the discretion to determine that a group is not an IAIG even if it meets the criteria or that a group is an IAIG even if it does not meet the criteria. The public register of IAIGs will be updated at least annually. However, ad-hoc updates may be made more frequently, based on disclosures by the group-wide supervisors that may occur during the year.
Keywords: International, Insurance, IAIG, Group-Wide Supervisors, ComFrame, IAIS
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