To achieve greater global consistency, the International Association of Insurance Supervisors (IAIS) has set out a series of insurance core principles that provide a framework for the development of solvency regimes. In light of the increasing awareness of the role that internationally active insurance groups play in the global economy, the IAIS also is driving the reform of group-wide supervision, at the heart of which is the development of a common framework known as ComFrame. While there appears to be high-level agreement on key principles (operative word) for solvency regime reform, full convergence is unlikely given territorial industry differences, geopolitical impediments and regulator preferences.

The approach to group supervision has the potential to significantly impact the industry, its global competitiveness and the level of protection for domestic policyholders, particularly in terms of:

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