Two property and casualty insurance trade groups contend proposed international supervisory standards must be rethought because it would impose an unjustified additional layer of regulatory restrictions on insurance companies who operate globally.
In letters to the International Association of Insurance Supervisors, insurer associations the Property Casualty Insurers Association of America and American Insurance Association were critical of the ComFrame proposal.
ComFrame (Common Framework for the Supervision of Internationally Active Insurance Groups) is an international group supervision project led by the IAIS that is intended to be a "common framework" for the supervision of internationally active insurance groups. It is intended to provide guidance and principles to aid supervisors in different countries to coordinate, cooperate, and communicate with one another regarding the oversight of such groups.
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