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Over the past decade, standard setting bodies (SSB) and financial regulators have focused significant efforts on addressing the fault lines exposed by the global financial crisis. Insurance supervisors and the IAIS undertook an intensive period of policy work to address the weaknesses exposed by the crisis.
The IAIS has made significant progress on its post-crisis reform agenda, with the finalisation of the Common Framework for the Supervision of Internationally Active Insurance Groups – ComFrame – and a holistic framework for the mitigation of systemic risk in the global insurance sector expected before the end of 2019.
From 2020 onwards, finalisation and implementation of agreed reforms remain a critical priority, but the focus will necessarily shift to the next horizon. The IAIS has identified trends and developments – such as FinTech, cyber risk, climate risk, and the challenge of sustainable development – that have the potential to reshape the business of insurance in the coming years.
As the global community of insurance supervisors, the IAIS needs to evolve with these changes, keeping alert to the impact of these trends and developments on how we achieve our Mission and support the objectives of our Members.
The HLGs in this 2020–2024 Strategic Plan incorporate strategies to respond to these trends and developments in ways that best add value to our Members and leverage the potential for effective collaboration with partner organisations, other standard setting bodies and industry stakeholders.