The International Association of Insurance Supervisors (IAIS) has proposed standards for insurance company boards, policyholder protection schemes and risk management policies that cover business strategy and daily operations as part of a global regulatory push.

The standards – part of the Common Framework (ComFrame) for supervision of internationally active insurance groups – are now open for public consultation.

The IAIS says insurers and reinsurers that operate globally “need tailored and more co-ordinated supervision across jurisdictions, due to their complexity and international activity”.

ComFrame aims to help supervisors in different regions co-operate and co-ordinate their work. The association says it will reduce compliance and reporting demands.

The IAIS identifies internationally active insurance groups as those that earn at least 10% of gross written premium outside their home country and have total assets of at least $US50 billion ($52.14 billion) or gross written premium of at least $US10 billion ($10.4 billion). These criteria would include QBE.

Submissions to the consultation are due by December 16.