International Association of Insurance Supervisors ( IAIS) releases Peer Review Report on Supervisory Cooperation and Information Exchange
March 01, 2012:
The International Association of Insurance Supervisors (IAIS) issued its first report from the process of thematic self-assessments and peer reviews focused on Supervisory Cooperation and Information Exchange. The report summarises the results of a pilot project conducted in 2011, examining Members’ observance of the related IAIS Insurance Core Principles (ICP). A wide majority of IAIS members participated in the pilot study. The report indicates an overall healthy compliance with the related 2003 ICPs and includes detailed results by region as an aid to prioritising regional level support initiatives.
The report was prepared by an Ad Hoc Group under the IAIS Standards Observance Subcommittee in consultation with its Members. Richard Walker, Chair of the Ad Hoc Group, stated that “This pilot project has provided a great deal of valuable information to the IAIS and its membership. Each of the 106 Members responding received its own jurisdictional report, which provides tailored insights into the strengths and challenges of the regime in place. At a higher level, the aggregate report analyses the combined responses, and reinforces that effective supervision of cross-border firms and groups depends heavily on meaningful cooperation and information exchange.“
J. Hari Narayan, Chair of the IAIS Implementation Committee, commended members of the Ad Hoc Group for the comprehensive report. He added that the process will serve as the basis for future IAIS self-assessments and peer reviews. Future projects will focus on observance of the newly revised ICPs adopted by the IAIS in October 2011.
About the IAIS: The IAIS is a global standard setting body whose objectives are to promote effective and globally consistent regulation and 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 stabilty. Its membership includes insurance regulators and supervisors from over 190 jurisdictions in some 140 countries. More than 120 organisations and individuals representing professional associations, insurance and reinsurance companies, international financial institutions, consultants and other professionals are Observers.
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