International Association of Insurance Supervisors (IAIS) Chairman Alessandro Iuppa underlined the need for the banking, insurance and securities sectors to coordinate on regulatory issues and the IAIS's commitment to communicate closely with the other sectors, in collaboration with other key international organisations.
The IAIS recently completed a paper assessing its requirements on cross border and cross-sectoral cooperation and information exchange. Mr Iuppa noted the ongoing work by the Joint Forum on Regulatory and Market Differences, which is addressing unnecessary inconsistencies which have been identified. He added that some differences of approach from the other sectors are necessary, however, due to the particular nature of the insurance industry and the specific risks associated with it.
Press release
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