Insurers would need to develop new systems to capture the information required in proposed revisions by the International Association of Insurance Supervisors (IAIS) to Insurance Core Principle (ICP) 20 on public disclosure, GFIA said in response to an IAIS consultation.
GFIA also warns that the IAIS proposals would require insurers to publish very detailed information, much of which is not currently made public and some of which is expressly protected from disclosure under current law.
GFIA argues that significant further discussion of the changes is needed, since the IAIS has not balanced the required detail or type of disclosure against other considerations.
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© GFIA - Global Federation of Insurance Associations
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