The International Association of Insurance Supervisors has told the insurance world it will be developing a first-ever risk-based global insurance capital standard by 2016.
"It is undeniable that the business of insurance is global, and global issues demand global responses," said Peter Braumüller, chair of the IAIS Executive Committee.
Full implementation will begin in 2019 after two years of testing, and it will be included as part of ComFrame, applying to internationally active insurance groups (IAIGs)–both property and life insurers–although some in the industry worry about a bleed over effect into all manner of insurers.
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