Public consultation of Application Paper on fair treatment of a wide range of consumers
This consultation is now closed and the Application Paper has been published.
The IAIS has now published its Application Paper on fair treatment of a wide range of consumers.
This paper focuses on the critical role that insurers, intermediaries and supervisors can all play through implementation of ICP 19 (Conduct of Business) to remove barriers and ensure that a wide range of consumers―not only those who fit within a more normative or mainstream customer profile―have access to the insurance products they need to protect themselves from risk of loss and are treated fairly in their interactions with the insurance sector.
The paper:
- Describes that a consumer population is composed of different types of people whose characteristics and circumstances contribute to them having differing needs and abilities when they interact with an insurer or intermediary, and that some types of consumers are at higher risk of unfair treatment;
- Recognises the ongoing role for risk-based pricing and insurer’s autonomy to decide the scope of its business and suggests ways to implement these principles in promotion of the insurance sector being accessible, fair and responsive to the needs of a wide range of consumers;
- Offers recommendations for how to establish fair treatment of a wide range of consumers as an integral part of insurers and intermediaries’ business culture and achieve it throughout the product lifecycle – spanning design, distribution, communications, advice, customer assistance, claims, complaints and product monitoring and review; and
- Highlights the role supervisors can additionally play through their actions shaping the supervisory landscape and facilitating market development.
Comments on the draft Application Paper (with different title) were sought between June and September 2024. The comments received and the IAIS’ responses are available in the resolution of comments document at the bottom of the page. Key themes of the feedback are summarised, together with the IAIS response, on the first few pages.
A public discussion session will be held via webinar on 12 August 2025 13:00 – 14:00 CEST to present the Application Paper and answer any questions from stakeholders. Click here for details and registration.