Public consultation of Issues Paper on customers receiving value from insurance products
Comments due by 28 July 2026 24:00 CEST
Background information
Insurance plays a vital role in protecting individuals and businesses from financial risks, fostering societal resilience and contributing to economic stability. However, insurance products do not always deliver a compelling value proposition to their customers. This can lead to poor customer outcomes and, in some cases, an erosion of consumer trust.
The draft Issues Paper describes the challenges consumers face in evaluating the value of insurance products when making insurance purchasing decisions. It also highlights insurance characteristics or practices that may either diminish or enhance the value of insurance products. Examples from IAIS member jurisdictions are included to illustrate a range of supervisory approaches such as:
- Establishing expectations that insurance products deliver “fair value”;
- Supporting consumers in making informed insurance decisions;
- Monitoring and assessing that the insurance industry is offering value; and
- Intervening when low-value products are identified.
One-page summary of the draft Issues Paper
The observations in this Issues Paper aim to enhance understanding of the importance of insurance products delivering meaningful value to customers and of ways to achieve this. Such efforts protect policyholders, promote fair consumer outcomes, and strengthen public trust and confidence in the insurance sector, aligning with the objectives of Insurance Core Principle 19 (Conduct of Business).
Issues Papers are a category of IAIS supporting material intended to provide background on particular topics, describe current practices, actual examples or case studies pertaining to a particular topic and/or identify related regulatory and supervisory issues and challenges. Issues Papers are primarily descriptive and not meant to create expectations on how supervisors should implement supervisory material.
Feedback on the draft Issues Paper is invited by 28 July 2026 24:00 CEST. All consultation questions are optional, so stakeholders may comment only on a subset of questions. After this deadline, the consultation tool will be closed, and it will no longer be possible to submit comments.
A public background session webinar will be held on 12 May 2026 13:00 – 14:00 CEST to present the Issues Paper and receive any questions from stakeholders as they prepare to provide their consultation feedback. Click here for details and registration.
How to provide feedback:
The consultation is now open. Please use the consultation tool available at this link to provide your comments. Instructions for use are available when you access the tool. Only comments submitted through the tool will be considered. All comments will be published on the IAIS website unless the option in the tool to keep comments confidential is chosen.
Please note that some formatting (eg bullet points) may not be preserved when copying and pasting your comments into the consultation tool from other software such as Microsoft Word.