IAIS (International Association of Insurance Supervisors)
Category: Regulation and supervision · Reviewed by the Apex broking team · Last reviewed 2026-08-22 · ~5 min read
Category: Regulation and supervision
Also known as: International Association of Insurance Supervisors, Insurance Core Principles, ComFrame
Related concepts: FCA, Solvency II, EIOPA
What the IAIS is
The IAIS describes itself as the global standard-setting body responsible for developing and assisting in the implementation of principles, standards and guidance for the supervision of the insurance sector. Its members are supervisory authorities rather than insurers or brokers. It was founded in 1994 and its secretariat is hosted by the Bank for International Settlements in Basel.
Its stated mission is to promote effective and globally consistent supervision of the insurance industry, in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders, and to contribute to global financial stability. It is routinely called on by the G20 and other international standard-setting bodies.
Its work is organised through a committee structure led by an executive committee with regional representation. Standards are developed through public consultation, and implementation is supported through assessment and capacity-building rather than enforcement.
Standard-setter, not regulator
This is the distinction that matters and it is worth stating plainly. The IAIS writes standards. It does not authorise insurers, does not supervise them, does not set capital requirements that bind them, and cannot take enforcement action against them. It has no power over any UK firm.
In the United Kingdom, prudential regulation of insurers is carried out by the Prudential Regulation Authority and conduct regulation by the Financial Conduct Authority. Those are the bodies with statutory powers. IAIS standards reach UK firms only where UK legislation or the regulators’ rulebooks adopt them, and the UK — like other jurisdictions — implements with national variation rather than by direct transposition.
The same is true of comparisons with EIOPA, which is a European supervisory authority with a defined role in the EU regulatory framework. EIOPA operates inside a legal system; the IAIS operates above legal systems and depends on members choosing to implement.
The Insurance Core Principles
The Insurance Core Principles are the IAIS’s foundational framework, setting out what is expected of an insurance supervisory regime — the powers a supervisor needs, licensing and suitability requirements, corporate governance and risk management expectations, valuation and capital adequacy, group supervision, conduct of business, and resolution.
The ICPs are drafted at the level of a supervisory system rather than a firm, so they read as requirements on the supervisor. They matter to firms indirectly and substantially, because they are the template against which national regimes are designed and assessed, including through international financial sector assessments.
ComFrame and the Insurance Capital Standard
ComFrame is the Common Framework for the Supervision of Internationally Active Insurance Groups. It sits within and alongside the ICPs and addresses the specific problem of supervising groups whose operations span multiple jurisdictions, including how supervisors coordinate through supervisory colleges and how group-wide supervision is allocated.
The Insurance Capital Standard is a risk-based global capital standard for internationally active insurance groups, developed by the IAIS as part of ComFrame. It is a comparability and consolidation tool for group supervisors rather than a requirement that applies directly to a UK insurer, which remains subject to the capital regime set by the PRA.
The relationship with the UK regime is one of influence rather than instruction. Concepts recognisable from the ICPs and ComFrame appear in Solvency II and its UK successor arrangements, but the binding requirements on a UK insurer come from UK law and the PRA rulebook.
What it means for a commercial insurance buyer
For most buyers the IAIS is background rather than operational. It does not affect your policy wording, your claim, or your broker’s duties to you. It is relevant in two narrower situations.
The first is multinational programmes. When arranging cover across several countries, the question of whether local supervision meets recognisable international standards, and whether local policies are required rather than optional, is a supervisory question shaped by the frameworks the IAIS promotes. Non-admitted insurance rules vary widely and are a national matter.
The second is security assessment. Understanding that an insurer’s supervisory regime is built on the same core principles as others gives some comfort about the framework, but no comfort about the individual insurer. Financial strength assessment of a specific carrier is a separate exercise.
Why it matters
The IAIS is worth knowing about mainly so that it is not mistaken for something it is not. Documents and market commentary that refer to IAIS standards are describing an international benchmark, not a rule that binds a UK insurer or broker. Where a question is about what a UK firm must actually do, the answer is in UK legislation and the PRA and FCA rulebooks.
Frequently asked questions
Is the IAIS a regulator?
No. It is a standard-setting body whose members are insurance supervisors from over 200 jurisdictions. It has no power to authorise, supervise or take enforcement action against any insurer. In the UK, prudential regulation is carried out by the Prudential Regulation Authority and conduct regulation by the Financial Conduct Authority.
What are the Insurance Core Principles?
The IAIS's foundational framework setting out what an insurance supervisory regime should provide: supervisory powers, licensing and suitability, corporate governance and risk management, valuation and capital adequacy, group supervision, conduct of business and resolution. They are written as expectations on supervisors rather than on individual firms.
Do IAIS standards apply to UK insurers?
Not directly. They take effect in the UK only where UK legislation or the PRA and FCA rulebooks adopt them, and implementation involves national variation. The binding requirements on a UK insurer come from UK law and the regulators' rules, not from the IAIS.
What is ComFrame and the ICS?
ComFrame is the Common Framework for the Supervision of Internationally Active Insurance Groups, addressing how supervisors coordinate on cross-border groups. The Insurance Capital Standard is a risk-based global group capital standard developed within ComFrame, used as a comparability tool by group supervisors rather than applying directly to a UK insurer.
Related entries
This entry is part of the Apex Insurance Wiki. This entry is insurance information, not legal advice. It describes UK insurance law and market practice as at August 2026 and does not address the terms of any particular policy. Take advice on your own wording and your own facts before acting. Last reviewed 2026-08-22. Next review: 2027-02-22.
Apex Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority (FRN 724952). This page is general information, not advice on a specific policy.