Comframe Third Draft Released for Comment Today By NAIC; IAIS Field Testing To Commence

The National Association of Insurance Commissioners (“NAIC”) advised today, November 20, 2013, that the International Association of Insurance Supervisors (“IAIS”) has released for consultation its third draft of the Common Framework for the Supervision of Internationally Active Insurance Groups (“ComFrame”).

This will be the final consultation on Comframe before the field testing phase, which will look at the practicality and feasibility of the current version and make refinements and revisions before finalizing it in 2018.

Following its usual process, the NAIC will be organizing and compiling its comments to submit to the IAIS.  

Attached are the NAIC’s initial comments on the third draft of Comframe.   Interested parties and members of the public who want to submit additional comments to the NAIC’s International Insurance Relations (G) Committee and Solvency Modernization Initiative Task Force should send them to Ryan Workman (rworkman@naic.org) by Wednesday, December 4.

Any additional comments received will be circulated in advance of an open joint conference call between the International Insurance Relations Committee and Solvency Modernization Initiative Task Force scheduled for Monday, December 9 at 2:00 p.m. (ET) to discuss and finalize comments to be submitted to the IAIS by its December 16 deadline.

Also attached, courtesy of the NAIC, is the Comframe consultation third draft and a cover note, which explains the types of comments being sought and highlights a number of related issues.  An “Introductory Remarks” section affords background and frames overarching concepts.

To go directly to the NAIC’s International Insurance Relations Committee page, click here.

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