IAIS Consults on Guidance on Product Oversight in Inclusive Insurance
IAIS is consulting on the draft Application Paper on product oversight in inclusive insurance. This Application Paper intends to provide guidance to supervisors, regulators, and policymakers when considering, designing, and implementing regulations and supervisory practices on product oversight in inclusive insurance markets.
The paper first explains the concept of product oversight and describes a typical inclusive insurance market and a typical inclusive insurance customer. This is added to provide the context in which product oversight is applied and needs to be effective to treat the inclusive insurance customer fairly. It then explains the concept of proportionality and the impact on the implementation and application of the ICPs. This follows the application guidance of relevant ICPs in respect of product oversight from the perspective of the requirements addressed to the insurer. The paper also provides application guidance of relevant ICPs in respect of product oversight from the perspective of the implementation of supervisory oversight in this area.
This paper builds on the Issues Paper on Conduct of Business in Inclusive Insurance (2015) that more broadly deals with the fair treatment of customers in inclusive insurance markets. In inclusive insurance, the need for providing customer value is particularly relevant because an insurance product in an inclusive insurance market can add value to the private objectives of the customer as well as to the overall public policy objectives of the country or region. Therefore, it is essential to provide insurance services that add value in the light of the specific context/living conditions of the inclusive insurance customer. Only comments submitted via the web-based consultation tool will be considered for further development of the material for finalization.
Comment Due Date: August 29, 2017
Keywords: International, IAIS, Insurance, ICP, Guidance, Inclusive Insurance
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