The International Association of Insurance Supervisors (IAIS) has ratified six new papers on solvency assessment, citing the importance of insurer solvency amid the current financial market conditions.

The regulators, including representatives from Australia, met in Budapest last week. They say the papers highlight points to consider in the promotion of solvent and well-regulated insurance industries.

The papers include standards and guidance on the structure of regulatory capital requirements and on enterprise risk management for capital adequacy and solvency purposes.

IAIS Executive Committee Chair Michel Flamee said on Friday the organisation “is following closely the current financial market and is committed to incorporate lessons learned into its standard-setting work”.