The International Association of Insurance Supervisors (IAIS) has adopted a supervisory paper titled Guidance Paper on the Use of Supervisory Colleges in Group Wide Supervision (paper). The paper outlines 13 key features for effective supervisory colleges, including guidance on the inter-relationship between a group wide supervisor and a supervisory college, the range of functions that a college may undertake, and practical considerations in the operational structure of a supervisory college.

The paper supports the G-20 Leaders Declaration of November 2008 which called for supervisors to collaborate to establish supervisory colleges for all major cross-border financial institutions, including insurers, to further strengthen the supervision of cross-border insurance groups. The IAIS will use the guidance paper as a basis to provide additional insurance perspectives to the Financial Stability Board in developing global protocols for supervisory colleges for the financial sector overall.