B.  Convergence in the framework of prudential regulation and supervision  A second major development in the financial market, which makes information efficiency among regulators urgent, is the convergence in the framework of prudential regulation and supervision. Just as in banking, for instance, a set of core principles now lays out the broad prudential framework in insurance too.
The International Association of Insurance Supervisors (IAIS) has released just two weeks ago an Issues Paper on Group-Wide Solvency Assessment and Supervision. This sets out the future IAIS work on the development of a comprehensive suite of supervisory papers on group-wide solvency assessment and supervision.