IIF Authors

Status: Will be live at 07/31/2023 10:04

IIF Response to IAIS Stakeholder Engagement and Consultation Policy

On July 17, the IIF submitted its response to the IAIS's Stakeholder Engagement and Consultation Policy. The IIF noted the importance of stakeholder engagement and encouraged the IAIS and its members to continue to engage with a diverse range of stakeholders in order to benefit from the experiences and perspectives of the broader insurance community, as well as other international organizations and competent authorities.

The IIF also suggested that the IAIS consider convening stakeholder sessions ahead of and, whenever possible, in lieu of data collection exercises, as opportunities for dialogue before data calls could help both companies and supervisors better understand the scope and intended purpose of the data being collected.

Lastly, the IIF asked for greater transparency into the IAIS's reasons for not taking on board stakeholder recommendations, or for taking a different course of action than what the IAIS had originally proposed, as well as longer timelines for responding when materials require expert input or when multiple materials are in the process of consultation at the same time.