International developments dominate regulatory change | KPMG | PH

International developments dominate regulatory change

International developments dominate regulatory change

R.G. Manabat & Co.

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IAIS Framework

The IAIS Framework is a globallyaccepted framework for the supervisionof the insurance sector.The material is structured in a seriesof increasing regulatory requirementsdepending on the nature of the entitybeing supervised:

  • The Insurance Core Principles(ICPs) are high-level principles-based standards that are to be followed for the supervision of insurers in all jurisdictions. These mainly apply to regulated insurance entities, but are supplemented by five group ICPs that apply to the wider insurance group.
  • The Common Framework for I AIGs(ComFrame) applies further requirements against the approximately 50insurance groups that meet the IAIG definition. This population of firms willneed to comply with the insurance capital standard that the IAIS is developing.
  • The GSII population (nine groupscurrently) must comply with all of the above requirements and are subject to enhanced supervision due to their perceived systemic risk. This includes both additional capital requirements and recovery and resolution planning measures.

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