Insurance Europe's comments on the International Association of Insurance Supervisors (IAIS) draft application paper on approaches to conduct of business supervision, which aims at complementing the Insurance Core Principle (ICP) 9 on supervisory review and reporting and ICP 19 on conduct of business.
As a general comment, Insurance Europe notes that the document specifies in its introduction that the IAIS ICPs recognise the insurance regulatory and supervisory system’s dual purposes, concerning: i) protection of policy holder’s interests
and ii) contribution to the stability of the financial system.
Insurance Europe supports this approach aiming to serve the policyholders’ interest and, like GFIA, it also welcomes that the paper recognises that regulatory regimes differ from jurisdiction to jurisdiction and, quite appropriately, does not try to suggest that all jurisdictions adopt a single model or that one approach is better than another. Moreover, we support the promotion of competition as an important part of a conduct regulator’s mandate.