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Its first priority is risk assessment and the maintenance of financial stability, including ongoing assessment of potential vulnerabilities arising from the impact of Covid-19. Secondly, delivering on key post-crisis reforms, including further refinement of the insurance capital standard during the current five-year monitoring period and the consistent implementation of the holistic framework.
The third priority is addressing the risks and opportunities of key trends, especially those accelerated by the Covid-19 crisis, like technological innovation, cyber risk, climate risk and financial inclusion to address the protection gap, said IAIS. It added that diversity and inclusion and helping emerging market and developing economies shift to risk-based supervision will also factor heavily in its work. And finally, “implementation support and assessment, specifically reinforcing our extensive programme of member support to help insurance supervisors understand and implement our standards”.
The IAIS said these priorities will be codified in the IAIS Roadmap 2021-2022, which will be published in early 2021.
“Despite the impact of Covid-19, the IAIS met its key milestones in 2020 and is well positioned to deliver on its future work plan,” said Vicky Saporta, chair of the IAIS executive committee. “Our future work is focused on the ongoing assessment of potential vulnerabilities arising from Covid-19, the finalisation and implementation of key reforms, and supporting our members in responding to accelerating trends like climate change and digital transformation.”
At the association’s recent annual general meeting, five new members joined the IAIS: Agência Angolana de Regulação e Supervisão de Seguros (Angola); Financial Services Regulatory Authority of Ontario (Canada); International Financial Services Centres Authority (India); National Bank of Ukraine (Ukraine); and the Insurance and Pensions Commission (Zimbabwe).
The meeting also saw the IAIS elect new executive committee members. Ms Saporta, executive director, prudential policy at the Bank of England, was re-elected as chair of the IAIS executive committee for a third term for a period of two years, and Jonathan Dixon was reappointed as IAIS secretary general for a further three years.
The IAIS also became the first global standard-setting body to adopt an environmental policy aimed at guiding its own performance on environmental issues. The policy sets out clear objectives and metrics by which to measure progress in the reduction of the IAIS’s carbon footprint.
Mr Dixon said: “As with all our members and stakeholders, this has been an incredibly demanding year, but we have demonstrated continued delivery, supported by a rapid adjustment to the new normal of remote work and virtual engagements. Covid-19 has underscored the importance of being able to find global solutions to global challenges, and the importance of international cooperation, collaboration and being able to speak a common supervisory language. Our global efforts are more important than ever.”