GFIA response to IAIS consultation on Stakeholder Engagement and Consultation Policy SECP

16 August 2023

The Global Federation of Insurance Associations (GFIA) has shared its views on the International Association of Insurers Supervisors' new Stakeholder Engagement and Consultation Policy.

Responding to the consultation, GFIA praised the IAIS for aiming to have strong engagement with stakeholders and recognised that the IAIS has taken positive steps to adapt its engagement with stakeholders to reflect the pace of change in current issues that merit global regulatory policy attention.

GFIA nonetheless raised points of attention, urging the IAIS to recognise the weight and value of input from associations representing a wide range of stakeholders; recognise the importance of physical meetings; provide transparency in disclosing interactions with external stakeholders; and recognise the importance of consulting with business end-users of insurance, including businesses in developing markets, when considering how to address protection gaps.

Finally, GFIA provided suggestions on how to improve the implantation of this policy and shared best practices the IAIS could build on.

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