Holistic Framework implementation assessment
The IAIS Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector (Holistic Framework) was adopted in November 2019, for implementation from the beginning of 2020. It comprises an integrated set of supervisory policy measures, a Global Monitoring Exercise (GME) and implementation assessment activities aimed at addressing systemic risk in the global insurance sector.
In December 2022, the Financial Stability Board endorsed the Holistic Framework as a more effective basis for assessing and mitigating systemic risk in the insurance sector, and discontinued the identification of Global Systemically Important Insurers (G-SIIs).
A key element of the Holistic Framework is the IAIS’ assessment of the consistent and effective implementation of the relevant supervisory material: enhanced ongoing supervisory policy measures and powers of intervention. These supervisory materials, integrated into the Insurance Core Principles (ICPs) and the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), enhance and add supervisory policy measures designed to assess and mitigate potential systemic risk build-up in the insurance sector.
The Holistic Framework implementation assessments were undertaken in two phases: a Baseline Assessment (BLA) was carried out in 2020-2021, followed by Targeted Jurisdictional Assessments (TJAs) in 2021-2022 and 2024-2025. BLAs follow a methodology similar to the that of the Peer Review Process, whereas TJAs are more intensive, involving an in-depth verification of described supervisory practices through both desk-based reviews and on-site assessments, akin to the approach used for the Member Assessment Programme.
In 2025, the FSB reaffirmed its decision to use the assessments from the IAIS Holistic Framework to inform the FSB’s ongoing work to evaluate vulnerabilities in the financial system.
For more information on the Holistic Framework please visit our Financial Stability page.
Stakeholder Engagement
Baseline Assessment (BLA)
The Baseline Assessment determined the extent to which supervisors have already implemented the Holistic Framework supervisory material, effectively establishing a baseline level of implementation. Assessment tools include a self-assessment questionnaire, an expert review and a supervisor-issued report on plans to address any implementation gaps. The BLA aggregate report was published in June 2021.
2022 Targeted Jurisdictional Assessments (TJA)
The assessments were divided into three cycles, relevant to thematic areas to achieve the objectives of the Holistic Framework.
- Cycle 1: Role of the supervisor including group-wide supervision and macroprudential supervision.
- Cycle 2: Requirements on insurers in relation to corporate governance and enterprise risk management (ERM) including investment policy.
- Cycle 3: Crisis management and planning and powers of intervention / preventive and corrective measures.
In April 2023, the IAIS published its public report reflecting the findings from the TJA performed during 2021-2022. The report highlighted robust implementation of the Holistic Framework standards, with good levels of observance across many of the standards. In most jurisdictions where there were gaps, continued progress was being made on implementation.
As a follow-up, the IAIS monitored progress in early 2023 and again in 2025 for the initial 10 TJA jurisdictions. The monitoring revealed that most gaps were addressed through legislative changes and new supervisory practices, though a few gaps remained. These are detailed in the summary of outcomes of the 2025 Progress Monitoring exercise below).
2025 TJA
In March 2026, the IAIS published its report reflecting the findings from the second TJA performed during 2024-2025. This added six jurisdictions to the Holistic Framework implementation assessment. Consistent with the initial TJA, this report highlights strong implementation and broad observance across many standards.
2022 TJA jurisdictions
Canada; China; China, Hong Kong; France; Germany; Japan; the Netherlands; Switzerland; the United Kingdom and the United States.
2025 TJA jurisdictions
Australia, Bermuda, Italy, Singapore, South Africa and Spain.
Key documents
