NEW YORK — While the goal of the Common Framework for the Supervision of Internationally Active Insurance Groups is to reduce complexity, cost and redundancies in the regulatory process, panelists at a recent forum opined that the initiative is headed in the "wrong direction."
ComFrame, as the initiative is commonly called, is a project of the International Association of Insurance Supervisors (IAIS). It is an attempt to establish globally agreed to best practices for the regulation of carriers. But at a session on "Global Regulatory Concerns and Opportunities" held at the 23rd annual Executive Conference, hosted by Ernst & Young and Summit Business Media, panelists noted that the ComFram draft document has grown to 180 pages.
The session featured a diverse panel of experts: Thomas Leonardi, the commissioner of the Connecticut Insurance Department; Bradley Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers; and Andrea Keenan, vice president of research, ratings criteria and relations at A.M. Best.
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