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.
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International Financial Services Centres Authority (IFSCA)
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