IAIS unveils workplan for the next two years
Source: Asia Insurance Review | Feb 2022
The International Association of Insurance Supervisors (IAIS) published its 2022-2023 roadmap outlining the projects and activities that form the IAIS’ work programme over the next two years, guided by the IAIS’s strategic plan 2020-2024.
“As we arrive at the mid-point 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, while also looking ahead to the risks and challenges insurance supervisors are and will be facing in the near future”, said IAIS executive committee chair Vicky Saporta.
The 2022-2023 roadmap sees a prioritisation of the IAIS’ activities focused on five primary areas:
- Assessing trends and risks in the global insurance sector – notably through the global monitoring exercise -E) an important pillar of the holistic framework for the assessment and mitigation of systemic risk;
- Finalising the development of global standards, in particular, the Insurance Capital Standard (ICS) for internationally active insurance groups;
- Promoting effective supervisory practices, particularly in responding to accelerating trends in the global insurance sector;
- Supporting the implementation of agreed global standards and assessing their comprehensive and consistent implementation; and
- Enhancing efficient and effective IAIS operations and transparent communication.
The Basel-headquartered IAIS says that COVID-19 amplifies many of the trends that it identifies as relevant to the global insurance sector. In response, in 2022-2023, the association will strengthen its consideration of these accelerating trends from a supervisory perspective. Notably, the IAIS will continue to advance its ambitious work programme on climate risk. It will also continue work on promoting good supervisory practices in the areas of digital transformation, cyber risk, culture and conduct, financial inclusion and sustainable development.
In 2022-2023, the association will add a focus on diversity, equity and inclusion in the insurance sector, particularly related to interlinkages with insurers’ culture and governance. A