IAIS Opens Public Consultation on Draft Operational Resilience Objectives

The International Association of Insurance Supervisors (IAIS) has launched a public consultation on its draft application paper on operational resilience objectives, with a deadline for comments set for Friday, October 11.

This consultation marks the initial phase of a two-part effort by the IAIS to enhance the supervision of insurers' operational resilience. The operational resilience objectives are designed to provide supervisory authorities with a robust framework to strengthen their approaches in this area. Rather than introducing new requirements, the objectives clarify the application of existing supervisory materials, focusing on the following key areas.

• The relationship among operational resilience, governance, and operational risk management
• Core elements of a sound approach to operational resilience that promote the effective and holistic management of insurers' people and processes
• Specific objectives for insurance supervisors

The second phase of this initiative, currently underway, involves the development of a draft toolkit that will outline supervisory practices relevant to these objectives. A consultation on the draft toolkit is expected in the first half of 2025, after which both phases will be consolidated into a single application paper.

Stakeholders are encouraged to provide feedback on any or all of the consultation questions by the October 11 deadline. Responses must be submitted directly through the IAIS consultation tool, which will close at the stated deadline. Detailed instructions for using the tool are available within the platform.

A public webinar will be held in early September to introduce the draft paper and address any questions from stakeholders, with registration details to be announced soon.

For more information on the IAIS's broader work on operational resilience, visit the IAIS website.