The International Association of Insurance Supervisors (IAIS) is consulting on proposed revisions to the assessment methodology for global systemically important insurers.

It is also seeking feedback on these insurers’ non-traditional and non-insurance (NTNI) activities and products.

The consultation comes under the three-year review of regulations IAIS agreed in 2013.

Proposed changes to the assessment methodology include a five-phase approach that integrates structured use of quantitative and qualitative elements.

Other elements of the consultation include data quality – including reliability – across insurers and jurisdictions, plus a means of allowing global systemically important insurers to enter or exit the list.

The NTNI consultation focuses on the activities’ role in assessing the basic capital requirement and the higher loss absorbency requirements applicable to global systemically important insurers.

The proposed analytical framework is the first step in a three-phase process to clarify the NTNI concept and help ensure its consistent application across IAIS jurisdictions.

Stakeholders have until January 25 to make submissions.