The International Association of Insurance Supervisors (IAIS) has launched a third consultation as part of work to promote a globally consistent approach to climate-related risks. 

Updates are proposed for selected core principles guidance and materials and the consultation covers issues related to corporate governance, risk management and internal controls, asset and liability valuations for solvency purposes, investment activities, and enterprise risk management frameworks. 

“Climate change is a key strategic theme for the IAIS as it is a source of financial risk impacting the resilience of individual insurers and could lead to financial stability risk,” the organisation says.  

The IAIS completed two consultations last year and a fourth and final round later this year will cover supervisory reporting and public disclosures. 

A public background webinar will be held on April 15 and comments on the third consultation are invited by June 19. 

Details are available here.