In 2018, the IAIS moved closer to finalising its post-crisis reform agenda, advancing the development of the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), including the Insurance Capital Standard (ICS), and the holistic framework for the assessment and mitigation of systemic risk in the insurance sector.
The IAIS also began articulating a new strategic direction marked by a pivot to a greater focus on emerging risks and trends and the implementation of agreed standards.
The IAIS’ work over 2018 was generally organised around three pillars:
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standard-setting;
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identifying, assessing and responding to emerging risks; and
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implementation and assessment.
The IAIS is a growing and vibrant Association with a culture of inclusiveness, cooperation and transparency in pursuit of its shared mission of effective and globally consistent insurance supervision.
In 2018, it added four new Members, an increase of 28 since 2013. It also continued to grow in credibility and recognition – for example, the Association’s work on developing a holistic framework for the mitigation of systemic risk in the insurance sector was unanimously commended by the Financial Stability Board (FSB), while its paper on supervisory approaches to climate risk was ground breaking among peer standing-setting bodies.
The volume and quality of work undertaken is a testament to the talent and dedication of IAIS membership and Secretariat, and the organisational foundation supporting it.
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© IAIS - International Association of Insurance Supervisors
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