UPSC Articles
International Association of Insurance Supervisors (IAIS)
Part of: GS Prelims and GS-III – Economy
In news
- The International Financial Services Centres Authority (IFSCA) obtained membership of International Association of Insurance Supervisors (IAIS).
- With this membership IFSCA would have access to IAIS’s global network and would be able to exchange ideas and information with other global regulators.
- This would help in developing a vibrant global Insurance hub in IFSC at GIFT City.
Important value addition
International Association of Insurance Supervisors (IAIS)
- Established in: 1994
- Headquarter: Switzerland.
- It is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world’s insurance premiums.
- Some of the leading members of IAIS are: (1) United Kingdom- Financial Conduct Authority (FCA); (2) USA- National Association of Insurance Commissioners (NIAC); (3) India- Insurance Regulatory and Development Authority of India (IRDAI) etc.
- It is the international standard-setting body responsible for developing and assisting in the implementation of principles, standards and other supporting material for the supervision of the insurance sector.
