The former Federal Office of Private Insurance (FOPI), now part of FINMA, was a founder member of the International Association of Insurance Supervisors (
IAIS), which was established in Basel (Switzerland) in 1994. The association is made up of supervisory authorities from some 190 jurisdictions and since 1999 has also welcomed more than 120 observers representing industry associations, professional associations, insurers and reinsurers, consultants, and international financial institutions.
The IAIS issues global insurance principles, standards and guidance papers, provides training and support on issues related to insurance supervision and organises meetings and seminars for insurance supervisors. It works closely with other standard-setting bodies and international organisations to promote stability and the development of the financial markets.
In 2003, the association issued the Insurance Core Principles (
ICPs) for effective insurance supervision. The 26 revised ICPs were approved in October 2011 at the IAIS annual meeting Standards,
Guidance and Assessment Methodology). The latter concerns globally applicable general recommendations for the fundamental structure of insurance supervision. The principles are therefore guidelines for supervisory authorities and an instrument for their self-assessment, while at the same time assisting the International Monetary Fund (IMF) in its reviews of the status of supervisory regimes, on the basis of which the IMF issues recommendations under the Financial Sector Assessment Program (FSAP) and decides on technical and financial support.