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.