IAIS—International Capital Standard, ComFrame, Holistic Framework for Systemic Risk in the Insurance Sector: IAIS Adopts Global Frameworks for Supervision of Internationally Active Insurance Groups and Mitigation of Systemic Risk in the Insurance Sector

Sullivan & Cromwell LLP - December 18, 2019
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On November 14, 2019, the International Association of Insurance Supervisors (IAIS) adopted at its Annual General Meeting a set of reforms that are the culmination of work the IAIS, in consultation with the Financial Stability Board and national authorities, initiated in response to the 2008 financial crisis. The reforms include: a group-wide international capital standard for the effective group-wide supervision of Internationally Active Insurance Groups, the Common Framework for the Supervision of IAIGs, and a holistic framework for the assessment and mitigation of systemic risk in the insurance sector.