Brussels - The Global Federation of Insurance Associations (GFIA) responded to a request for feedback to an International Association of Insurance Supervisors (IAIS) draft stakeholder engagement plan.
GFIA expressed its support for the measures recommended by the IAIS Stakeholder Engagement Task Force, noting that they are marked improvements over the status quo.
Further to supporting the measures already proposed by the IAIS, GFIA called on the IAIS to introduce consultation periods of at least 60 days to reduce the strain on stakeholders whose working language is not English.
GFIA also called for more stakeholder opportunities for involvement in IAIS self-assessment and peer review process and Insurance Core Principles review processes. Amongst other points, it was also noted that the output generated by the IAIS online consultation tool is not user-friendly, as it is not readable.