International Association of Insurance Supervisors

International Association of Insurance Supervisors
Abbreviation IAIS
Formation 1994 (1994)
Type Verein
Headquarters Basel, Switzerland
Secretary General
 Jonathan Dixon
Affiliations Bank for International Settlements
Website iaisweb.org

The International Association of Insurance Supervisors (IAIS) is a voluntary membership-driven standards-setting organization of insurance supervisors and regulators from over 190 jurisdictions in more than 140 countries. Founded in 1994, it seeks to "supervise the insurance industry in order to develop and maintain fair, safe, and stable insurance markets".[1] 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.

Structure

The IAIS is a nonprofit organisation formed under Article 60 of the Swiss Civil Code, domiciled in Basel, Switzerland. Its activities are supported by its secretariat and headed by a secretary general. The IAIS is hosted by the Bank for International Settlements (BIS).

Committees

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.

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 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 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).[2] 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:

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), International Organisation of Pension Supervisors (IOPS), Islamic Financial Services Board (IFSB), National Association of Insurance Commissioners (NAIC), Offshore Group of Insurance Supervisors (OGIS), Insurance and Private Pensions Committee (IPPC), OECD, IMF, and the 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 affording insurance 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.

Publications

The Global Insurance Market Report (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.[3]

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

See also

References

  1. ↑ "International Association Of Insurance Supervisors". Bloomberg. Retrieved 11 February 2018.
  2. ↑ Gary Hirst (2013). "The International Association of Insurance Supervisors and Insurers that are Too Big to Fail". The Gary Hirst Insurance Blog. Retrieved 2013-04-08.
  3. ↑ "Global Insurance Market Report (GIMAR) Global Insurance Market Report (GIMAR)". International Association of Insurance Supervisors. Retrieved 11 February 2018.
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