The International Association of Insurance Supervisors (IAIS) has updated its Insurance Core Principles document.

IAIS Chairman Peter Braumuller says the new set of principles takes into account events that have happened in insurance markets since the document was last updated in 2003.

“It takes into account experience gained from the financial sector assessments conducted jointly by the World Bank and International Monetary Fund, as well as recommendations issued by the G20 finance ministers and the Financial Stability Board,” he said at the association’s AGM in Seoul, South Korea.”

The revised principles include an entirely new one guiding future work in the area of macro-prudential surveillance.

The principles describe the essential elements in an insurance supervisory regime in order to promote a financially sound industry.

Standards set out the key requirements needed to meet the principles, while the guidance provides examples of how to comply.

The IAIS membership now includes insurance regulators from over 190 jurisdictions in more than 140 countries.