International Association of Insurance Supervisors—essentials
Produced in partnership with RPC
International Association of Insurance Supervisors—essentials

The following Insurance & Reinsurance guidance note Produced in partnership with RPC provides comprehensive and up to date legal information covering:

  • International Association of Insurance Supervisors—essentials
  • Insurance core principles, standards, guidance and assessment methodology
  • The ICPs in more detail
  • Fair treatment of customers
  • Pre-sale processes
  • Policy servicing
  • Globally systemically important insurers
  • Common framework for the supervision of internationally active insurance groups

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on the impact of Brexit on the insurance regulation, see Practice Note: Preparing for Brexit: Regulations relating to the European Supervisory Authorities and the European Systemic Risk Board and Information Sharing–—quick guide and for information on insurance distribution, see Practice Note: Impact of Brexit: Insurance distribution-quick guide.

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:

  1. 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

  2. contribute to global financial