IIF Authors

Status: Will be live at 06/05/2017 00:00

IIF Response to IAIS Public Consultation Revised ICPs and ComFrame material

Monday, June 5, 2017

On Thursday June 1, the IIF jointly with the Geneva Association submitted a response to the IAIS Public Consultation on Revised Insurance Core Principles (ICPs) and ComFrame material integrated with ICPs. As the first tranche of ICPs/Integrated ComFrame materials being revised, this consultation package includes extensive materials that cover topics including recovery and resolution, group corporate governance, and supervisory cooperation and coordination. Members of the Joint IIF/GA working group appreciate the streamlined document, and the general approach in revising the ICPs in tranches, while nevertheless realizing that the potential issue of inconsistency that may raise as a result. Members therefore urged the IAIS to keep an open dialogue with the industry, and ensure that important elements such as supervisory transparency and accountability, the principle of proportionality as well as confidentiality in information sharing are consistently elaborated throughout the entire ICP/ComFrame material.

The second and third public consultation on Revised ICPs are expected in the summer as well as towards the end of this year. In addition to responding to consultations, the IIF will continue actively engaging with the IAIS to provide industry inputs to the revised ICPs before the expected final adoption in 2019.'