IAIS published the comments received, along with the associated resolutions, on the draft issues paper on index-based insurance. The draft issues paper on index-based insurance was developed by the Financial Inclusion Working Group (FIWG). The consultation ran from December 2017 to January 2018.
The issues paper provides an overview of this product, describes practices in this area, provides examples, and identifies related regulatory and supervisory issues and challenges. The paper does not address products in which the index is solely a function of capital markets, asset prices, or other economic measures, or where payouts are determined by the value of underlying assets in an investment portfolio; it also does not address products that are based on an index related to mortality rates, particularly directed at long-term longevity risk.
Keywords: International, Insurance, Index-based Insurance, Comments and Resolutions, Responses to Consultation, IAIS
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