‘Prescriptive’ ComFrame criticised by American insurance industry
Fears that global cooperation and coordination initiative is evolving into strict regulatory regime
The international project to develop a framework for supervising international insurance groups is in danger of exceeding its original purpose and loading a new and unwelcome layer of standards and regulations onto insurers, the American Insurance Association (AIA) warns.
The International Association of Insurance Supervisors (IAIS), which is developing the so-called ComFrame initiative, insists that the project's goal is to construct "a framework for supervisors to efficiently and effectively
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