IAIS strongly supports the G20 Declaration on strengthening the financial system
April 09, 2009: The International Association of Insurance Supervisors (IAIS), as the international standard-setting body for the prudential supervision of the insurance industry and a member of the Financial Stability Board (FSB), strongly supports the G20 Declaration at London Summit, on strengthening the financial system.
Peter Braumüller, Chair of the IAIS Executive Committee, noted that “the IAIS welcomes the broadened mandate of the Financial Stability Board. The IAIS is committed to continue contributing to the FSB and to supporting extension of regulation to all systemically important institutions, markets and instruments and implementation of international standards. The IAIS will continue to develop supervisory standards which will contribute to an effective international insurance supervision framework. It will also analyse the financial crisis and its impact on the global insurance sector and identify areas for regulatory reform.”
The IAIS has already taken a number of actions to reinforce insurance regulation in support of the G20 stated aims. These actions, set out in a progress report sent to the G20, mainly address:
• enhancing group and cross sectoral supervision, where the IAIS is charting a new focus on internationally active insurance groups and working in cooperation with the Basel Committee on Banking Supervision and the International Organization of Securities Commissions through the Joint Forum, their joint working group, on the identification of important regulatory gaps and areas for enhanced supervision
• incorporating lessons drawn from the crisis in IAIS standards particularly in respect of solvency and investment, risk management, corporate governance and compensation
• developing supervisory guidance on the use of supervisory colleges for insurance groups consistent with the FSB protocols
• taking steps to expedite the operation of the IAIS Multilateral Memorandum of Understanding for the exchange of information between insurance supervisors
• facilitating the implementation of standards by providing supervisory assessment mechanisms and implementation programmes.
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