The International Association of Insurance Supervisors (IAIS) released its 2012 draft of the Common Framework for the Supervision of Internationally Active Insurance Groups (‘ComFrame’). Supervisors, insurers and other interested parties can submit comments on ComFrame until 31 August 2012. ComFrame is a multidisciplinary framework designed to facilitate group-wide supervision of internationally active insurance groups (IAIGs). It builds upon and complements the IAIS’ Insurance Core Principles, Standards and Guidance and Assessment Methodology (Core Principles), which were updated in October 2011. ComFrame is designed to enable supervisors to co-ordinate and cooperate in supervising cross-border insurance groups.

ComFrame was initiated in response to the realisation that no internationally coherent framework exists for supervising lAIGs beyond the Core Principles. It contains qualitative and quantitative requirements for IAIGs, and measures intended to foster greater cooperation and coordination among supervisors. ComFrame is designed to customise supervisory requirements and processes to IAIGs, create more commonality and comparability among supervisory approaches, reduce complexity in international regulation, and facilitate co-ordination and cooperation.