IAIS prioritises cross border co-operation

The International Association of Insurance Supervisors (IAIS), at the conclusion of its Triannual Meeting in Taiwan, reaffirmed a number of actions being taken to reinforce insurance regulation and improve the resilience of the global insurance sector against new challenges. Peter Braumüller, chairman of the IAIS Executive Committee, said that these actions included developing guidance on the use of supervisory colleges in group-wide supervision, which will be consistent with the Financial Stability Board (FSB) protocols for cross border co-operation on crisis management. The IAIS was committed to continuously improving supervisory tools in terms of keeping up-to-date with developments in the global financial environment as well as reinforcing IAIS standards through a review of its Insurance Core Principles.