The following Insurance & Reinsurance guidance note Produced in partnership with RPC provides comprehensive and up to date legal information covering:
This Practice Note provides a brief overview of the International Association of Insurance Supervisors (IAIS) and its principal projects. The IAIS was founded in 1994 and it represents insurance regulators and supervisors from more than 200 jurisdictions in nearly 140 countries. Members include the European Insurance and Occupational Pensions Authority ( EIOPA), the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA), and, from the USA, the Federal Insurance office and the Federal Reserve Bank. The IAIS's stated objectives, which are set out on its website, are to:
promote effective and globally consistent supervision of the insurance industry in order to promote and develop the fair, safe and stable insurance markets for the benefit and protection of policyholders, and
contribute to global financial stability
Whilst the IAIS has no regulatory or legal powers, it seeks to influence national and regional regulators by, for example, creating international standards and publishing supervisory principles. Despite the lack of formal powers to compel compliance, there is an expectation on each IAIS member, via their supervising authority(ies), that they comply with the IAIS's frameworks.
The IAIS's most significant projects are:
Insurance Core Principles (ICPs), standards and guidance and assessment methodology
Globally Systemically Important Insurers (G-SIIs); and
Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame)
A brief summary of each of these is provided below.
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