International Association of Insurance Supervisors

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The International Association of Insurance Supervisors (IAIS) is a voluntary membership-driven organization of insurance supervisors and regulators from over 190 jurisdictions in more than 140 countries. In addition to its Members, approximately 135 Observers representing international institutions, professional associations and insurance and reinsurance companies, as well as consultants and other professionals participate in IAIS activities.

The IAIS Mission

The mission of the IAIS is to:

  • Promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders; and to
  • Contribute to global financial stability.[citation needed]

Structure and Location

The IAIS is a non-profit organisation formed under Article 60 of the Swiss Civil Code, domiciled in Basel, Switzerland.

The activities of the IAIS are supported by its Secretariat located in Basel and headed by a Secretary General. The IAIS is hosted by the Bank for International Settlements (BIS).

The IAIS Committee System

Under the direction of its Members, the IAIS conducts activities through a Committee system designed to achieve its mandate and objectives. The IAIS Committee system is led by an Executive Committee whose members come from different regions of the world. It is supported by five Committees established by the By-Laws – the Audit, Budget, Financial Stability, Implementation, and Technical Committees – as well as by the Supervisory Forum. Committees may establish subcommittees or working parties to help carry out their duties.

The Three Pillars of IAIS Activities

Activities undertaken in furtherance of its mission can be divided into three categories:

  1. Standard setting: The IAIS develops supervisory material (principles, standards and guidance) for effective supervision of insurance-related activities. The IAIS also prepares supporting papers (such as issues' papers) that provide background on specific areas of interest to insurance supervisors.
  2. Implementation: The IAIS actively promotes the implementation of its supervisory material. Working closely with international organisations, regional groups and supervisors, it supports training seminars and conferences and addresses financial inclusion. In addition, the IAIS conducts assessments and peer reviews of observance of supervisory material, consistent with the Financial Sector Assessment Program (FSAP) conducted by the International Monetary Fund (IMF) and the World Bank.
  3. Financial stability: The IAIS plays a central role in financial stability issues, including developing a methodology for the identification of any global systemically important insurers (G-SIIs).[1] It assists its Members in developing enhanced macroprudential surveillance tools.

Global Coordination

The IAIS coordinates its work with other international financial policymakers and associations of supervisors or regulators, and assists in shaping financial systems globally. In particular, the IAIS is a:

  • member of the Financial Stability Board (FSB)
  • founding member and co-parent of the Joint Forum, along with the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions(IOSCO)
  • member of the Standards Advisory Council of the International Accounting Standards Board (IASB)
  • partner in the Access to Insurance Initiative (A2ii).

The IAIS also participates as an observer or partner with numerous other organisations, including the Arab Forum of Insurance Regulatory Commissions (AFIRC), Asian Forum of Insurance Regulators (AFIR), Association of Latin American Insurance Supervisors (ASSAL), Consultative Group to Assist the Poor (CGAP), European Insurance and Occupational Pensions Authority (EIOPA), Financial Action Task Force (FATF), International Actuarial Association (IAA), IMF, International Organisation of Pension Supervisors (IOPS), Islamic Financial Services Board (IFSB), National Association of Insurance Commissioners (NAIC), Offshore Group of Insurance Supervisors (OGIS), Organisation for Economic Cooperation and Development (OECD), Insurance and Private Pensions Committee (IPPC), and World Bank.

Global Involvement

The IAIS holds Committee meetings four times a year, as well as Working Party meetings as needed, throughout the world. At its June meetings, the IAIS hosts a Global Seminar affordinginsurance supervisors and industry representatives a unique opportunity to discuss current and globally significant matters impacting the insurance sector, as well as to learn about new international standards.

To further encourage multilateral discussions on topical issues for insurance supervisors and other insurance professionals, the IAIS holds an Annual Conference. In conjunction with this conference, it convenes an Annual General Meeting of Members where it conducts official business.

Global Insurance Market Report (GIMAR)

The GIMAR collects and reports data reflecting the performance of primary insurers and reinsurers as well as key developments in the global insurance market. It builds on the previously issued Global Reinsurance Market Report, which has been incorporated as an integral part of the GIMAR. Publication of the GIMAR by the IAIS Secretariat began in October 2012.

The GIMAR is based on publicly available data as well as confidential data submitted to the IAIS by about 50 reinsurance companies.

Monthly Newsletter

The IAIS publishes a monthly Newsletter outlining recent and upcoming activities.

See also

References

  1. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links

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