National Authorities Get Guidance On Handling Int'l Insurers
Law360, London (November 14, 2019, 4:55 PM GMT) -- Global insurance regulators on Thursday detailed the first worldwide frameworks aimed at helping national supervisors monitor international insurance groups, a move designed to contribute to financial stability across borders.
The International Association of Insurance Supervisors — a group of more than 200 insurance regulators from across the world — adopted guidance that it said will allow national regulators to communicate with each other when monitoring cross-border insurance businesses.
The “comprehensive set of reforms” gives regulators minimum requirements for what they must do to supervise insurance groups, depending on their size, the IAIS said. The guidance also sets out a common language...
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