The International Financial Services Centres Authority (IFSCA) obtained membership of International Association of Insurance Supervisors (IAIS).
What is International Association of Insurance Supervisors (IAIS)?
- 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.
- 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.
Benefits with membership
- 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.
- 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.
