‘IFSCA obtains Membership of International Association of Insurance Supervisors (IAIS)’

Published: 7th Dec, 2020

In a latest development, the International Financial Services Centres Authority (IFSCA) obtained membership of International Association of Insurance Supervisors (IAIS).

Context

In a latest development, the International Financial Services Centres Authority (IFSCA) obtained membership of International Association of Insurance Supervisors (IAIS).

About

What is IAIS?

International Association of Insurance Supervisors (IAIS) is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world's insurance premiums.
Established in 1994, the IAIS headquartered in Switzerland

Role and responsibilities

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.
The IAIS also provides a forum for Members to share their experiences and understanding of insurance supervision and insurance markets.
In recognition of its collective expertise, the IAIS is routinely called upon by the G20 leaders and other international standard setting bodies.

Leading member of IAIS

United Kingdom- Financial Conduct Authority (FCA)
USA- National Association of Insurance Commissioners (NIAC)
USA- Federal Insurance Office of the Insurance of the United States Department of Treasury (FIO)
Singapore- Monetary Authority of Singapore (MAS)
India- Insurance Regulatory and Development Authority of India (IRDAI)

Significance of the membership by IFSCA

Access to global network: 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.
Development of global insurance hub: This would help in developing a vibrant global Insurance hub in IFSC at GIFT City.
Connecting IFSC with global insurance institutions: Currently, 17 leading Insurance entities are operating from GIFT IFSC undertaking offshore Insurance and Reinsurance business.
- This membership would go a long way in connecting IFSC with global insurance institutions and would facilitate IFSCA in joint development of global insurance business with other global centres.

International Financial Services Centres Authority (IFSCA)

The IFSCA has been established as a unified regulator with a holistic vision in order to promote ease of doing business in IFSC and provide world class regulatory environment.
The main objective of the IFSCA is
- to develop a strong global connect
- to focus on the needs of the Indian economy
- to serve as an international financial platform for the entire region and the global economy as a whole

CURRENT AFFAIRS FOR UPSC IAS

‘IFSCA obtains Membership of International Association of Insurance Supervisors (IAIS)’