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This draft Application Paper is a follow up to the findings from the Self-Assessment and Peer Review (SAPR) conducted by the IAIS in 2014, which showed a need for more proactive supervision of governance by the insurance supervisors.
The most common challenge to full observance of some of the standards concerning supervision of the Board activities were the robustness and frequency of the supervisor’s assessments of some aspects of the Board’s performance.
Some of the issues identified in the SAPR were addressed by revision of ICP 7 (Corporate Governance), finalised in November 2015.
The IAIS also noted in the SAPR that some challenges related to supervision of the Board’s composition and functioning should be addressed by providing supervisors with good practices and tools.
A public background session will be held via teleconference on 16 July 2018 to discuss the draft Application Paper and receive public feedback.
Feedback on this consultative document is invited by 13 August 2018 at 24:00 Basel time (CEST).