IFSCA gets membership of International Association of Insurance Supervisors

Gujarat International Finance Tec (GIFT) City regulator International Financial Services Centres Authority (IFSCA) on Wednesday has obtained membership of the International Association of Insurance Supervisors (IAIS).

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, an official release said. 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 the joint development of global insurance business with other global centres, the release added.

Established in 1994, the IAIS headquartered in Switzerland is a voluntary membership organisation of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97 per cent 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.

Indian Insurance Regulatory and Development Authority (IRDAI) is among the leading members of IAIS.

In recognition of its collective expertise, the IAIS is routinely called upon by the G20 leaders and other international standard-setting bodies.