Future of Global Insurance Regulation- The Role of the International Association of Insurance Supervisors ( IAIS)
March 22, 2012:
Peter Braumüller, Chair of the Executive Committee of the International Association of Insurance Supervisors (IAIS), highlighted the critical role of the IAIS within the emerging global regulatory framework and discussed IAIS work on systemic risk at the 28th PROGRES International Seminar in Geneva, Switzerland.
“Each of the standard setting bodies plays a vital role in setting, implementing, and assessing international standards,” said Mr. Braumüller. “However, as the insurance marketplace grows even more globally interconnected, we must respond to the increasing need for supervisors to coordinate their actions and to allocate resources in a manner that best suits the ultimate goal of policyholder protection.”
In regard to financial stability, Mr. Braumüller discussed the IAIS’ role in the development of an assessment methodology to identify any global systemically important insurers (G-SIIs) and potential policy measures applicable to G-SIIs.
The IAIS currently expects the next phases of the G-SII project to include a two-month public consultation on the proposed assessment methodology scheduled from June at the earliest, followed by a second data call and a two-month public consultation on the potential G-SII policy measures.
Mr. Braumüller also discussed the IAIS’ central role in standard setting and implementation, stressing the IAIS’ commitment to promote effective and globally consistent supervision of the insurance industry. Mr. Braumüller described the IAIS’ robust self-assessment and peer review program, and the IAIS’ renewed focus on emerging markets as demonstrated through
the recent formation of the Financial Inclusion Subcommittee.
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 stability. Its membership includes insurance regulators and supervisors from over 190 jurisdictions in some 140 countries, and Observers including more than 120 organisations and individuals representing professional associations, insurance and reinsurance companies, international financial institutions, consultants and other professionals.
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