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Effective and efficient supervision requires a balanced approach that encourages and supports innovation, while assuring legal compliance. However, while a few sentences in the paper mention some positive impacts for consumers from innovation, overall the paper is negative towards innovation.
There is a pressing need for more dialogue between insurers, supervisors and the IAIS in order to achieve a proper balance. The IAIS paper should also discuss in greater depth work being done by insurers and supervisors to provide balance and improve dialogue.
GFIA also outlined a set of guiding principles for innovation and insurance, and called on the IAIS to consider them.