The globalisation of insurance: A supervisory response

Abstract

International insurance groups are significant participants in the global insurance markets and are increasing in importance. Insurance supervision is more complex in the context of internationally active insurance groups (IAIGs). The IAIS is the international standard setter for insurance supervision. It has launched the ComFrame Project in order to put in place a framework for effective supervision of IAIGs. The ComFrame project will have implications for the risk management functions within IAIGs as it will provide international standards for risk management within IAIGs and an expectation of enhanced interaction between supervisors and CROs and others within group-wide risk management functions. The Development Phase of ComFrame will end in 2013 with the Field Testing Phase beginning in 2014 and the IAIS aims to adopt ComFrame in 2018.