IAIS commits to develop global insurance capital standard

The International Association of Insurance Supervisors has announced its intention to develop a risk based global insurance capital standard by 2016, with full implementation to begin in 2019 after two years of testing with supervisors and internationally active insurance groups: see here (pdf).

Joint Forum publishes Principles for the Supervision of FInancial Conglomerates

The Joint Forum, which consists of representatives from the Basel Committee on Banking Supervision, the International Organization of Securities Commissions and the International Association of Insurance Supervisors, has published its revised Principles for the Supervision of Financial Conglomerates: see here (pdf). These are more extensive than the so-called '1999 Principles' which they replace. There are, for example, new high level principles concerning corporate governance (in particular the responsibilities of the board and senior management, the treatment of conflicts of interest and remuneration policy).

OECD and IAIS publish issues paper on insurer corporate governance

The OECD and IAIS have begun a public consultation in respect of their joint issues paper on the main issues relevant to the corporate governance of insurers. The paper discusses, inter alia, governance structures, board functions, risk management, the external auditor's role, disclosure and transparency and relationships with stakeholders. The paper's purpose is not to present proposals or recommendations but to inform the future work of the OECD and IAIS. It makes for interesting reading because it does not focus on a single jurisdiction.

Note: in 2005 the OECD published guidelines for insurers' governance and in 2007 the IAIS published recommendations for the governance of insurers.