The International Association of Insurance Supervisors has proposed opening up all policy proposals for public consultation.

Previously only members and fee-paying observers could comment on supervisory rule changes.

The group also proposes issuing public background notes with any new or revised supervisory material.

All comments received during consultation will be made public, and public sessions will be held to discuss submissions and the next step of the consultation process.

The association will also announce when final drafts of supervisory proposal are to be published before formal adoption.

In another move to improve transparency, the association is holding public sessions to explain supervisory items such as the insurance capital standards.

The first was at the beginning of this month in LA, and the next is in Rome on March 20. It will discuss technical issues raised on the insurance capital standards. Further public sessions will be in New York (May 6), Tokyo (May 12) and Basel (August 4 and October 5).