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Archived stories from Nov 2019

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IAIS loses important papers at Beijing meeting

The International Association of Insurance Supervisors has admitted that it lost several new important supervisory standards and guidance papers at its 13th Annual Conference and General Meeting in Beijing. ?I put them down on a desk near to where I was sitting while I went to the washroom and when I came back they had gone,? said David Biro, vice chair of the IAIS non-executive committee. ?I know, I?m a complete twit.?

As far as he can remember, Biro says, the IAIS general meeting adopted some stuff the chaps have been working on. ?One was a standard on asset-liability management, describing best practices relating to er, assets and liability, obviously.

?Another standard was on disclosure concerning certain types of tricky risks, probably but not definitely for life insurers, and something to do with minimum enclosure requirements. But again I?ll check this, ? he said.

?I?m sure there was guidance paper on promoting ? this has got to be wrong ? and improving fraud in insurance. There was certainly revised guidance on something called finite reinsurance, because I remember there was a lot of fuss about that with the Aussies saying why were they the only ones doing anything about it.?

Also presented for information at the meeting, Biro thought, were issues papers on the supervision of captive insurance companies and another on the supervision of takaful insurance. ?I remember them because I thought to myself at the time, whatever is ?captive? insurance? Also, surely ?takaful? is a misspelling.? Cont p2

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