ComFrame Public Consultation
The release for public consultation of the 2013 draft of ComFrame marks the next step in its three-year Development Phase. Supervisors, insurers and other interested parties are encouraged to submit comments through 16 December.
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 Insurance Core Principles (ICPs), which generally apply on both a legal entity and group-wide level. As announced on 9 October, the IAIS has recently agreed to develop a risk based global insurance capital standard within ComFrame.
ComFrame was initiated in recognition of the growing relevance of IAIGs in the global insurance marketplace and the need for an internationally coherent framework for the supervision of large, global groups. It contains qualitative and quantitative requirements for IAIGs and for home and host supervisors that will foster greater cooperation and coordination among supervisors.
Coordinated Implementation Framework (CIF)
The IAIS adopted the CIF to enhance its current implementation commitment and strengthen the delivery of existing strategic objectives. Under the CIF, the IAIS commits to:
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Develop a robust programme of regional engagement
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Enhance relationships with key implementation partners
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Focus IAIS resources on implementation areas and activities
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Strengthen alignment of IAIS implementation activities and coordinate implementation perspectives into all standard setting activities of the IAIS
The CIF will contribute to the strategic planning activities of the IAIS and help focus contributions towards implementation objectives. The IAIS will engage with Members on a regional basis, coordinating with existing regional groups where appropriate. Additional efforts will bring increased collaboration with key IAIS partners, such as the BIS-based Financial Stability Institute and the Access to Insurance Initiative.
Aggregate report from IAIS self-assessment and peer review (SAPR)
The IAIS has released an aggregate report containing the findings from two SAPRs conducted on ICPs 1 (Objectives, Powers and Responsibilities of the Supervisor), 2 (Supervisor) and 23 (Group-Wide Supervision).
The results reveal that observance of ICPs 1 and 2 is high, but that many supervisors found certain standards under ICP 2 difficult to fully observe. Observance of ICP 23 was found to be a work in progress for a number of supervisors. As a result of recommendations from the team that conducted the SAPR on ICP 23, the IAIS established a Task Force to review and identify improvements.
The SAPR is a robust and sophisticated evaluation, conducted on a thematic basis, which assists jurisdictions in understanding whether they observe, largely observe, partly observe or not observe the ICPs and the related individual standards. The IAIS is committed to reviewing all ICPs through the SAPR process by the end of 2016. By participating in the assessments, a jurisdiction can identify the extent and nature of any weaknesses or gaps in their supervisory and regulatory frameworks – especially those aspects that could affect policyholder protection and insurance sector stability – as well as identify possible remedies.
Press release
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