The International Association of Insurance Supervisors (IAIS) has released draft proposals on an international supervisory framework for global insurance groups.

Known by the acronym ComFrame, the proposals are planned to provide a supervisory framework for insurers operating across national borders and build on a body of principles and standards released by the IAIS in October.

“ComFrame will provide the foundation needed to effectively work together in supervising complex cross-border insurance groups and, in addition to contributing to global financial stability, will help protect the individual policyholder,” IAIS Executive Committee Chairman Peter Braumuller said.

The draft proposals were released last week and are open for comment until August 31.