The International Association of Insurance Supervisors (IAIS) has released a concept paper that outlines the operation of the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). ComFrame is designed to foster co-operation among supervisors and close regulatory gaps, and so addresses regulatory issues raised by the increasing globalisation in the insurance sector, particularly the rise of internationally-active insurance groups (IAIGs). Parties can comment on the concept paper until 31 August 2011.

ComFrame is designed to develop methods of regulating IAIGs, establish a comprehensive framework for supervisors to regulate these groups across national borders, and foster global convergence of regulatory and supervisory measures and approaches. The release of the concept paper is the first milestone in the three-year development phase of ComFrame that will be completed by 1 July 2013.