2 July 2025
The Global Federation of Insurance Associations (GFIA) has urged the OECD’s Insurance and Private Pensions Committee to adopt a proportionate and flexible approach should it decide to revise its insurance governance guidelines.
In its position, GFIA acknowledges the OECD’s important role in promoting sound corporate governance across the insurance sector. However, it emphasises the need to strike the right balance in regulation and supervision, cautioning against overly prescriptive or burdensome requirements. Governance frameworks, it argues, should be guided by the principles of proportionality and flexibility, with full recognition of the diverse legal, regulatory, and market structures across jurisdictions.
In its response, GFIA highlights that emerging issues - such as climate change, environmental, social and governance (ESG) considerations, diversity, equity and inclusion (DEI), and digitalisation - are best addressed through existing governance structures and processes. A one-size-fits-all approach, it warns, risks adding unnecessary complexity and costs without improving governance outcomes.
While GFIA supports harmonised global regulation at the principles level, it cautions against guidance that excessively inserts supervisors or regulators into the internal workings of companies.