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Daily News Analysis

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

3rd December, 2020 Economy

Context: Established in 1994, the IAIS headquartered in Switzerland is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world's insurance premiums.

About IAIS:

  • 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.
  • 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.
  • This would help in developing a vibrant global Insurance hub in IFSC at GIFT City.
  • Currently, 17 leading Insurance entities are operating from GIFT IFSC undertaking offshore Insurance and Reinsurance business.
  • Members: Some of the leading members of IAIS are 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).