Policyholder protection schemes require a jurisdiction-specific approach, clearly defined roles and appropriate funding mechanisms

18 April 2023

GFIA has responded to a consultation undertaken by the International Association of Insurance Supervisors (IAIS) on policyholder protection schemes (PPS).

GFIA welcomes the opportunity to provide its input and appreciates the work already undertaken by the IAIS on PPS. This consultation is a welcome addition to the IAIS’ previous work on the topic.

In its response, GFIA highlighted four key aspects:

  • The importance of having a jurisdiction-specific approach.
  • The need for clear roles and responsibilities of supervisors, resolution authorities and PPS.
  • The need to have an overall balance of a prudential framework including any PPS.
  • The importance of appropriate funding requirements.

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