Insurance Europe has responded to the International Association of Insurance Supervisors’ (IAIS) consultation on revisions to Insurance Core Principle (ICP) 1 on objectives, powers and responsibilities of the supervisor and ICP 2 on the supervisor.
Insurance Europe called for clarifications to be made to the objectives of insurance supervision, and proposed the addition of good regulatory practices to guide supervisors in achieving these objectives.
In line with the comments provided to the recent IAIS consultation on the revised ICP 3, Insurance Europe said that the information received by authorities, bodies and persons should be covered by the obligation of professional secrecy, as opposed to confidentiality.
Insurance Europe said it did not support the IAIS decision to delete the reference to confidentiality in ICP 2 and asked this be reconsidered.
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