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International Association of Insurance Supervisors (IAIS)

  • IASbaba
  • December 4, 2020
  • 0
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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.

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