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GFIA comments on IAIS issues paper “Conduct of business risk and its management”


Release Date: 08/13/2015
Staff Reference: Janice Hilchie

The Global Federation of Insurance Supervisors (GFIA) commends the International Association of Insurance Supervisors (IAIS) for its comprehensive paper intended to provide a useful resource in assisting supervisors in understanding conduct of business (COB) risk and the tools that both they and industry have to mitigate such risk. The IAIS is taking a leadership role in international financial services in identifying and providing guidance on COB risk. This paper may prove a useful resource not just for insurance supervisors, but also for other financial supervisors.
However, GFIA believes it is also important to avoid creating the perception that a heavy-handed approach to regulation is required in all instances. GFIA believes that care needs to be taken in four areas...