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Comments Due on Draft International Association of Insurance Supervisors' (IAIS) Procedures by September 2, 2014




by:
Colodny Fass Talenfeld Karlinsky Abate Webb P.A. - Fort Lauderdale Office

 
August 21, 2014

Previously published on August 12, 2014

Public comments are due by September 2, 2014 on the International Association of Insurance Supervisors' ("IAIS") "Draft Procedures on Meeting Participation and the Development of Supervisory and Supporting Material and Draft Policy for Consultation of Stakeholders" document, which is designed to increase the effectiveness and transparency of the organization's activities, ensure adequate coordination of standard setting, standard implementation and financial stability work, and improve the process for obtaining and enhancing the quality of stakeholder input.

To go directly to the IAIS interactive "consultation tool" that enables the electronic submission of comments based on the above-provided draft procedures, click here - http://www.iaisweb.org/content/api/IAIS/survey/index.cfm?isPublic=1&action=intro&survey&under;ID=15&questionsperpage=4&jumpaction=1.   (Note that comments provided in any other format whatsoever will not be taken into account.  Responses made via the consultation tool will be made available on the IAIS Web site.   To submit confidential information, contact the Secretariat at IAISconsultation@bis.org to make arrangements before such responses are made.)

Because the IAIS' role within the international financial community has increased substantially over the last several years, it has taken on additional responsibilities, such as assisting in the designation of global systemically important insurers (the comment period on which closed yesterday) and developing global insurance capital standards, that were not contemplated when its current five-year strategic plan and financial outlook was initially adopted.

Accordingly, in 2013 the IAIS began a review of its strategic goals, financial outlook and resources with the goal of developing proposals to improve its structures, operations and the allocation of resources.

According to its draft procedures, the IAIS would:

1.  Publicly consult on the development of all supervisory and supporting material

All interested stakeholders would receive information on the IAIS' development of supervisory and supporting material at multiple stages, including:

  • A public background note published on the IAIS website immediately following the approval of a request to revise or develop supervisory and supporting material.  The note would include information on the scope and objectives of the project, the reasons the IAIS is pursuing the revision or development, timelines, and opportunities to provide input and perspective on how the project fits within the IAIS' hierarchy of material.
  • At least one public consultation, at the launch of which a public background session would be held in order to provide background on the project, outline how the project has progressed, describe what is being presented for consultation and describe specific issues or options for which the IAIS is seeking targeted input.
  • Publication on IAIS Web site of comments received through the public consultation process, as well as responses thereto.
  • A public discussion session, announced at least two weeks in advance, on the comments received through the consultation process and the IAIS' responses thereto. 
  • The purpose of this session would be to present the main issues raised during the consultation, discuss how those issues have been or are proposed to be resolved, provide information on decisions yet to be taken and how/when the decisions will be taken, describe the timing of subsequent work and opportunities to provide input and receive feedback on work completed and planned.
  • Posting of proposed final draft on IAIS Web site at least 14 calendar days before it is scheduled for final adoption.

2.  Hold public sessions with its Executive Committee

At least once a year, the IAIS Executive Committee, which is ultimately responsible for overseeing the IAIS operations and development of policy measures, as well as providing strategic direction on IAIS deliverables, would invite stakeholders to an open session to discuss relevant substantive issues.

3.  Conduct public dialogues and/or hearings

The IAIS would, when needed, hold public dialogues and/or hearings at the Committee level (distinct from the Executive Committee sessions described above) with qualified experts on specific topics related to policy development.

4.  Provide timely public information on IAIS activities

The IAIS is committed to keep all interested stakeholders informed through:

  • A public Web site that is regularly and routinely updated so as to provide timely information on IAIS activities.
  • A monthly online Newsletter that outlines activities and provides information on on-going projects, as well as the outcome of recent meetings.
  • Summary Records of meetings that provide an overview of the items covered and the decisions reached.
  • A calendar that provides adequate notice of all opportunities to provide input.
  • An Annual Report that summarizes all activities over the previous year and contains the IAIS' audited financial statements.


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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