The International Association of Insurance Supervisors (International Association of Insurance Supervisors IAIS
), which was established in 1994, defines the international standards for insurance supervision. Its objectives are to promote effective and globally consistent supervision of the insurance industry and contribute to global financial stability in order to ensure fair, safe and stable insurance markets for the benefit and protection of policyholders.
What the IAIS does
The IAIS issues global insurance principles, standards and guidance papers, provides training and support on issues related to insurance supervision and organises seminars for insurance supervisors. It works with the Financial Stability Board
), other standard-setting bodies and international organisations to promote stability and development of the financial markets.
The IAIS has refined its Insurance Core Principles (ICP
) over the past few years — a set of globally applicable general recommendations for the fundamental structure of insurance supervision. The principles are 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 these ICPs, the IMF issues recommendations under the Financial Sector Assessment Program (FSAP
) and decides on technical and financial support for the relevant authorities. The IMF’s experience with the FSAP or relevant IAIS programmes (e.g. peer review process) is taken into account when further refining specific principles.