IAIS Updates List of Internationally Active Insurance Groups
IAIS published the annual update on the list of Internationally Active Insurance Groups (IAIGs). IAIS has compiled this list or register based on information received from group-wide supervisors. As of November 03, 2020, forty-eight IAIGs have been identified by relevant group-wide supervisors from 16 jurisdictions; out of which, thirty-four IAIGs have been publicly disclosed by relevant group-wide supervisors from 12 jurisdictions.
The 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 the Common Framework for Supervision of IAIGs (ComFrame):
- Internationally active—Premiums are written in three or more jurisdictions; and gross written premiums outside 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.
ComFrame, which was adopted in November 2019, establishes supervisory standards and guidance focusing on the effective group-wide supervision of IAIGs. ComFrame provides supervisors with a common language for the supervision of IAIGs. Through the ICP Self-Assessment Tool questionnaires, supervisors can assess the level of observance of the Insurance Core Principles (ICPs), with the results generated immediately after the completion of a questionnaire. In limited circumstances, as described in the ComFrame guidance, the group-wide supervisor has 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.
Keywords: International, Europe, EU, UK, Insurance, IAIG, Group-Wide Supervisor, ComFrame, ICP, IAIS
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