GFIA welcomes the reference made by the IAIS to, and the application of, the overarching concept of proportionality in macro-prudential supervision.
GFIA has today published its response
to a consultation by the International Association of Insurance
Supervisors (IAIS) on its draft application paper on macro-prudential
supervision.
However,
the IAIS should put more emphasis on the assessment of sector-wide
vulnerabilities, rather than the potential systemic importance of
individual insurers.
GFIA also believes that supervisors
should be able to base their assessments on their knowledge of insurers,
the markets for which they are responsible and the data that they
already have access to.
Moreover, GFIA stresses the
importance of ensuring flexibility is embedded in the IAIS’ approach to
macro-prudential supervision.
GFIA
© GFIA - Global Federation of Insurance Associations
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