International Association of Insurance Supervisors (IAIS)

The International Association of Insurance Supervisors is the global body bringing together the insurance supervisory authorities of most jurisdictions, with the mission of developing international prudential standards and promoting effective, consistent supervision of the sector globally. It is the insurance equivalent of the Basel Committee for banking. Its most structuring work includes the insurance core principles, the international capital standard for internationally active groups, and the holistic framework for monitoring systemic risk, which replaced the systemic-insurer designation approach. The IAIS cooperates with the Financial Stability Board and contributes to the convergence of national regimes, with no binding power of its own: its standards are implemented by member supervisors in their respective frameworks. For an international insurance group, IAIS guidance foreshadows the evolution of global prudential requirements and the degree of harmonisation between heterogeneous regimes such as Solvency II and US risk-based requirements.

The IAIS holistic framework monitors potentially systemic activities across the whole insurance sector, rather than designating a list of systemic insurers.

IAIS, International Association of Insurance Supervisors, contrôleurs d'assurance