IAIS sets ‘ambitious’ roadmap for the next two years

This is to prepare insurance supervisors for the challenges ahead.

The International Association of Insurance Supervisors (IAIS) its 2022-2023 Roadmap that will outline the group’s projects and activities for the next two years.

The roadmap will focus on five primary areas. First, is assessing trends and risks in the global insurance sector through the Global Monitoring Exercise, which is an important pillar of the Holistic Framework for the assessment and mitigation of systemic risk.

Second is finalising the development of global standards, in particular, the Insurance Capital Standard for internationally active insurance groups.

The third will be promoting effective supervisory practices, particularly in responding to accelerating trends in the global insurance sector.

Next will be supporting the implementation of agreed global standards and assessing their comprehensive and consistent implementation.

Finally, IAIS will also focus on enhancing efficient and effective group operations and transparent communications.

According to IAIS, the roadmap presents an ambitious, but achievable, programme of work focused on areas of key interest for its members and stakeholders.

“As we arrive at the midpoint of the 2020-2024 Strategic Plan, the 2022-2023 Roadmap builds on the lessons learnt from responding to the new circumstances brought about by Covid-19, whilst also looking ahead to the risks and challenges insurance supervisors are and will be facing in the near future”, IAIS Executive Committee Chair, Vicky Saporta said.