Public consultation on an updated Stakeholder Engagement and Consultation Policy
The IAIS consulted on the creation of a new Stakeholder Engagement and Consultation Policy (SECP) between 21 June and 20 August 2023. The IAIS has now published its final policy and resolution of comments received during the consultation (see below under “key documents”). For more information on the IAIS stakeholder engagement, visit our dedicated webpage.
Background information
The policy consolidates and replaces both the Stakeholder Engagement Plan (SEP) and Policy for Consultation of Stakeholders (PCS). The SEP was last updated in March 2017 and the PCS in November 2018. Both documents required revisions for a number of reasons: (i) to be better aligned with actual practice, notably in cases where the original policies have proven impractical to follow; (ii) a number of references in the documents are outdated, such as references to the governance changes in 2015, the need to modernise the IAIS website and references to Global Systemically Important Insurance; (iii) stakeholder engagement needed to be reviewed in light of the implementation of the IAIS’ Environment Policy and the move to fewer in-person meetings; and (iv) parts of the documents referred mostly to internal policies and procedures which with hindsight do not fit in a public document focused on stakeholder engagement.
Effective stakeholder engagement should ensure that stakeholders are properly consulted in the development of IAIS policy and that the opportunity for timely, substantive and high-quality contributions from stakeholders is maximised. Effective stakeholder engagement can bring valuable information to the design and implementation of successful policy solutions and further inform decision making.
The IAIS SECP makes clear that stakeholder engagement is an integral part of what we do as a standard setter. The policy builds on a solid foundation of established stakeholder engagement but recognises that to reach a wider range of stakeholders it is important that the IAIS continues to innovate in the way it engages. The policy is focused on ensuring that the IAIS can engage with a diverse range of stakeholders, that have equal access to the IAIS and that conflicts of interest are avoided.
IAIS engagement with stakeholders is driven by four principles:
- Diversity, equity and inclusion (DEI) – the IAIS will seek to engage with all relevant and interested stakeholders to reflect the geographic and market diversity of its stakeholders. Among our range of stakeholders, it will be key to reach stakeholders that provide a voice for consumers, those from emerging markets and developing economies and those from underserved and unrepresented segments of society who may not have access to insurance, to ensure these perspectives are effectively recognised.
- Transparency – the IAIS is committed to operating in an open and transparent manner, with appropriate consultation processes and governance, whilst maintaining the ability for members to exchange information in confidence. The IAIS will on a quarterly basis publish a list that details stakeholder meetings and topics discussed. In the Roadmap, the IAIS will set out its plan for engagement during the period and in its Year in Review it will provide an update on how this was achieved.
- Equal access – the IAIS will seek to ensure equal access for those groups that wish to engage but that have limited resources to do so. This is likely to mean the need to tailor engagement, for example more use of virtual meetings to allow a wider group of stakeholders to take part and may include financial support to participate. With the exception of the Annual Conference, all IAIS stakeholder engagement must offer at least a virtual option. Additionally, the IAIS will seek to communicate in a manner that is accessible taking into account the technical nature of our work.
- Avoid conflicts – the IAIS will seek at all times to avoid any conflicts of interest..