IIF Authors

Status: Will be live at 06/18/2024 14:00

IIF response to IAIS consultation, Application Paper on Supervising DEI

On June 14, the IIF submitted its responded to the International Association of Insurance Supervisors' (IAIS) Draft Application Paper on Supervising Diversity, Equity, and Inclusion (DEI). The IIF commended the IAIS's commitment to DEI, acknowledging the potential benefits that could extend to insurers' governance, risk management, policyholders, and stakeholders. The IIF noted the importance of the IAIS sharing best practices and encouraging DEI implementation. However, it advised against a one-size-fits-all approach due to varying local contexts and organizational objectives, as well as the jurisdictional differences around DEI. The IIF also calls for more empirical evidence to support the link between DEI practices and improved outcomes for policyholders or financial performance. The IIF advises that supervisory responses to DEI issues use soft powers rather than formal actions or interventions, focusing on sharing best practices rather than punitive measures. The IIF appreciates the opportunity to respond and welcomes further engagement with the IAIS on the role of DEI in the insurance sector.