The International Association of Insurance Supervisors (IAIS), which was established in 1994 and is based in Basel, defines the international standards for insurance supervision. It promotes effective and globally consistent supervision of the insurance industry for the benefit and protection of policyholders and contributes to global financial stability. FINMA is represented as a voting member on the Executive Committee of the IAIS.
The IAIS issues global core principles for insurance supervision, known as the Insurance Core Principles (ICP) and Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) (IAIG). ComFrame includes the creation of an international group-wide capital standard for IAIGs, which is to be finalised during the five-year monitoring period beginning in 2020. The IAIS also adopted the Holistic Framework for the assessment, mitigation and ongoing monitoring of systemic risk in the insurance sector. The IAIS encourages collaboration between members and provides training on issues related to insurance supervision. It works with the Financial Stability Board (FSB), other standard-setting bodies and international organisations to promote stability and development of the financial markets. FINMA is an active member in the most important committees and working groups for Switzerland.
The Insurance Core Principles provide a globally accepted framework for the supervision of the insurance sector. The IAIS helps supervisors assess the degree to which these ICPs have been implemented by offering various assessment programmes such as self-assessment, thematic peer reviews and in-depth member assessments. The ICPs also assist 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).