IAIS publishes Application Paper on fair treatment of a wide range of consumers
The International Association of Insurance Supervisors (IAIS) has published its ‘Application Paper on fair treatment of a wide range of consumers’, following a public consultation conducted in 2024. The paper supports the implementation of Insurance Core Principle (ICP) 19 on conduct of business. It provides recommendations on how insurers and intermediaries can embed fair treatment into their business culture and apply it throughout the product lifecycle, including product design, distribution, communications, advice, customer assistance, claims, complaints, and product monitoring and review. The paper acknowledges the continued role of risk-based pricing and insurers’ discretion in defining the scope of their business and suggests ways to implement these principles while promoting accessibility, fairness and responsiveness to a wide range of consumer needs. A public webinar explaining the paper will be held on 12 August 2025.