was instructed in a broad insurance supervisory policy directive by the G-20's Financial Stability Board (FSB) to develop "a work plan to develop a comprehensive, group-wide supervisory and regulatory framework for Internationally Active Insurance Groups (IAIGs), including aquantitative capital standard" by the end of the year.
How much observers are held at bay from key subcommittee work is still up for discussion, according to sources in Taipei, site of an upcoming IAIS
= International Association of Insurance Supervisors.
In line with ED-17, with respect to Core Principles issued by the IAIS
and IOSCO, this Second Working Paper has also expanded gap assessment carried out by the IFSB and these standard setters in earlier publications, namely, the IFSB-IAIS
Issues in Regulation and Supervision of Takaful (Islamic Insurance) (2006); IOSCO Islamic Capital Markets Fact Finding Report (July 2004) and Analysis of the Application of IOSCO Objectives and Principles of Securities Regulation for Islamic Securities Products (September 2008).
Deputy Secretary General George Brady said the growing influence of the IAIS
with national regulators in both developed and emerging markets stems from the varied initiatives the organization is spearing to "bring global solutions to global issues.
It wants a seat at the table with IAIS
, which is based in Basel, Switzerland, and hosts global, multi-tiered meetings.
reported that it received 106 responses to the survey questionnaire.
McPeak also serves as chair of the NAIC's International Insurance Relations Committee and as vice chair of IAIS
0" being in place late in 2019, the IAIS
, which is based in Basel, Switzerland, said in a statement.
FIO has a statutory role internationally under the Dodd Frank Act and is heavily involved in the International Association of Insurance Supervisors (IAIS
), as is the NAIC, in key IAIS
committees, and it is here where tensions have surfaced between FIO, the NAIC and industry, which havebrought their concerns to the Hill, as well.
A proposed phantom quantitative capital standard, always looming above or beyond the IAIS
ComFrame, a common framework for supervision of global insurers, worrying many in the industry.