What we do
The International Association of Insurance Supervisors (IAIS) is the global standard-setting body responsible for developing and assisting in the implementation of principles, standards and guidance, as well as supporting material for the supervision of the insurance sector.
Established in 1994, the IAIS is a voluntary membership organisation of insurance supervisors from over 200 jurisdictions, constituting 97% of the world’s insurance premiums. The IAIS develops international standards and supports their implementation and assessment, with the aim of promoting effective and globally consistent supervision of the insurance industry so as to develop and maintain fair, safe and stable insurance markets.
In addition, the IAIS has a forward-looking role in identifying key trends and developments that could reshape the business of insurance. This supports IAIS members in addressing emerging risks and challenges in insurance supervision. As the global community of insurance supervisors, IAIS members must remain keenly aware of the main trends and developments affecting the insurance sector and the broader financial system, and respond to them with agility and insight. Accordingly, the IAIS has identified key themes that affect the sector and has intensified its efforts to be forward-looking and collaborative in supporting members to adopt effective supervisory responses to these themes.
These themes are global in nature and cut across the global supervisory community. The IAIS examines them through its monitoring and assessment activities and by promoting robust supervisory practices on how to respond proactively to developments in these areas.
The IAIS mission
The mission of the IAIS is to:
- Promote effective and globally consistent supervision of the insurance industry in
order to develop and maintain fair, safe and stable insurance markets for the benefit
and protection of policyholders; and to - Contribute to global financial stability.
Recognising the cross-sectoral nature of these themes, the IAIS coordinates and collaborates with other standard-setting bodies and stakeholders, offering an insurance sector perspective. The IAIS also coordinates its work with other international financial policymakers and associations of supervisors or regulators, and assists in shaping financial systems globally (see our Partners page). In recognition of our collective expertise, we are routinely called upon by the G20 leaders and other international standard-setting bodies.
The IAIS committee system
The IAIS committee system
To fulfil its mission and achieve its core objectives, the IAIS employs a committee system comprised of its members. The Executive Committee (ExCo) is the lead committee from all regions of the world, encompassing both advanced and developing economies. The ExCo is responsible for providing strategic direction and managing IAIS affairs as specified in its by-Laws and it establishes the following committees to support it:
- Audit and Risk Committee
- Budget Committee
- Monitoring and Risk Assessment Committee
- Standards and Supervisory Practices Committee
- Implementation Assessment Committee
The IAIS also establishes subcommittees to take forward the work programme under the oversight of the committees.
Read more about the committee system and its leadership, and see the organigram of the IAIS organisational structure.
The IAIS Secretariat
The IAIS operates with the support of a Secretariat under the direction of a Secretary General. The IAIS is hosted by the Bank for International Settlements (BIS) in Basel, Switzerland.