The International Association of Insurance Supervisors (IAIS) is to undertake a major global consultation on its proposed revisions to a number of Insurance Core Principles (ICP).

The consultation comes as the association moves closer to its 2019 deadline for introducing the latest version of its Common Framework for the Supervision of Internationally Active Insurance Groups, better known simply as ComFrame.

The ICP application paper aims to provide good practices for the supervision of the corporate governance framework, board composition and the allocation of management responsibilities in an insurance company.

Apart from issues at the level of senior management, comments are also being sought on the general regulatory processes and procedures supervisors should have in place and how they are reported.

The consultation paper says supervision “is a dynamic process that includes developing and implementing a framework for supervisory review and reporting”.

Other areas covered include analysing reported and other relevant information, intervention and co-operation and co-ordination with other relevant supervisors and authorities.

Another ICP for consultation looks at what information a supervisor may want from an insurer including strategy, business activities and business models including prospective and recent acquisitions or disposals.

Financial data, organisational structure and information on the management, and operational systems of an insurer are also covered.

The revised core principles will be incorporated into the latest version of ComFrame. Many revisions are designed to clarify the responsibilities of supervisors while meeting legal obligations.

IAIS Executive Committee Chairman Victoria Saporta says the consultation package “is the product of substantial feedback from insurance supervisors and stakeholders from throughout the world”.

“It represents a major milestone in finalising the qualitative components of ComFrame in line with its scheduled delivery in late 2019 and in upgrading the Insurance Core Principles.”

Submissions on the package must be made to IAIS by June 1. Details can be found here.