IAIS issues supervisory papers on solvency assessment

The International Association of Insurance Supervisors (IAIS) is very pleased to adopt six significant supervisory papers on solvency assessment”, said Michel Flamée, IAIS Executive Committee Chair. “These papers are an important step in the development of a comprehensive package on insurer solvency assessment. The IAIS is following closely the current financial market crisis and is committed to incorporate lessons learned in its standard setting work.”

The papers identify certain key features which supervisors should consider in their particular solvency regimes in establishing and maintaining well-regulated insurance industries. The papers aim at enhancing and improving transparency, comparability and convergence of the assessment of insurer solvency internationally.

The papers cover:

• Standard and guidance on the structure of regulatory capital requirements

• Standard and guidance on enterprise risk management for capital adequacy and solvency purposes

• Standard and guidance on the use of internal models for regulatory capital purposes

In current market conditions it is particularly important that insurance supervisors globally continue to move forward in the development of supervisory standards to strengthen markets for policyholders.



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