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October 19, 2017

IAIS published the status and timelines for insurance core principles (ICPs) and the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame).

The ComFrame update contains a table that provides up-to-date information on the status of development of the ComFrame material. It also includes information on how the elements of the 2014 draft ComFrame were, or will be, distributed among ICPs, following a decision to integrate the ComFrame material with relevant ICPs. The timeline and status for ICPs contains a table that provides up-to-date information on the status of the ICPs, including any ongoing or planned revisions. For ongoing revisions, next to the status, the links to the revised versions have been also provided, where applicable. ICP 23 on group-wide supervision is expected to be published for consultation in mid-2018, as part of the consultation on the overall ComFrame.

The Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) is a set of international supervisory requirements focusing on the effective group-wide supervision of internationally active insurance groups (IAIGs). ComFrame is built and expands upon the high level requirements and guidance currently set out in the IAIS ICPs, which generally apply on both a legal entity and group-wide level. ICPs are the globally accepted requirements for the supervision of the insurance sector. They are structured to allow a wide range of regulatory approaches and supervisory processes to suit different markets and the range of insurance entities and groups operating within these markets.

 

Keywords: International, Insurance, ComFrame, ICPs, Timeline and Status, IAIS

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