Concerns raised on IAIS corporate governance paper

GFIA has responded to an International Association of Insurance Supervisors (IAIS) application paper on proactive supervision of corporate governance.

 

GFIA warned that the increased supervisory mandates included in the IAIS application paper would be costly to implement, overly intrusive and potentially even blur the line between the supervisor and the insurer, to the detriment of both.

 

In addition, while the application paper is intended as guidance, there are provisions in it that are unclear, subjective and overly broad.

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