The IAIS is the global standard-setting body for insurance supervision and develops supervisory materials and standards for the effective supervision of the insurance sector worldwide.
One of the key roles of the IAIS is the development of the Insurance Core Principles (ICPs). The ICPs provide the framework for the supervision of all insurers and provide guidance on key areas such as licensing, corporate governance, risk management and solvency.
In addition to the ICPs, the IAIS has developed the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). ComFrame builds upon the ICPs and sets out supervisory minimum requirements specifically focused on the effective group-wide supervision of Internationally Active Insurance Groups (IAIGs). IAIGs are large insurance groups with significant international presence.
As part of ComFrame, the IAIS is currently developing the Insurance Capital Standard (ICS). The ICS will establish a consolidated group-wide capital standard for IAIGs. This standard will help ensure that IAIGs maintain appropriate levels of capital to cover their risks and promote financial stability in the insurance sector.