The role of the International Association of Insurance Supervisors (IAIS) in the future of global insurance regulation

22 March 2012

Peter Braumüller, Chair of the Executive Committee of the IAIS, highlighted the critical role of the IAIS within the emerging global regulatory framework, and discussed IAIS work on systemic risk at the 28th PROGRES International Seminar hosted by the Geneva Association.

The seminar brings together the world’s leading insurance supervisors, academics and executives to discuss strategic issues facing the insurance sector. “Each of the standard-setting bodies plays a vital role in setting, implementing and assessing international standards”, said Mr Braumüller. “However, as the insurance marketplace grows even more globally interconnected, we must respond to the increasing need for supervisors to coordinate their actions and to allocate resources in a manner that best suits the ultimate goal of policyholder protection.”

In regard to financial stability, Mr Braumüller discussed the IAIS’s role in the development of an assessment methodology to identify any global systemically important insurers (G-SIIs) and potential policy measures applicable to G-SIIs. “At the request of the G20 Leaders and the Financial Stability Board (FSB), the IAIS has been diligently and carefully developing the G-SII assessment methodology and policy measures”, said Mr Braumüller. “The global insurer data collection required for this project – the first ever on such a scale – has presented unique challenges, and we are grateful for the continued support of our members and the participating insurers.”

Press release

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