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Concerns raised on IAIS draft application paper on group corporate governance

Insurance Europe has responded to the International Association of Insurance Supervisors’ (IAIS) consultation on its draft application paper on group corporate governance.

While Insurance Europe said it welcomes the IAIS efforts on supervisory convergence, it stressed that the intended nature of IAIS application papers was not to set any new standards for insurers. As such, Insurance Europe pointed out where the draft nevertheless introduced new requirements, directly or implicitly, and asked for their removal.

Regarding flexibility, Insurance Europe warned that at times the draft application paper was too granular and should maintain sufficient flexibility for supervisors to apply regulatory requirements proportionally.

Published 9 May 2017
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