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

  • Category
    Economy
  • Published
    8th 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
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