INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS

Established in 1994, the International Association of Insurance Supervisors (IAIS) represents insurance supervisory authorities of some 100 jurisdictions. It was formed to: promote co-operation among insurance regulators; set international standards for insurance supervision; provide training to members; and co-ordinate work with regulators in the other financial sectors and international financial institutions.

The Australian Prudential Regulation Authority (APRA) participates in a range of committees of IAIS. An APRA executive is currently the chair of the IAIS Technical Committee, which has responsibility for approval and oversight of all IAIS submissions and work on insurance regulation and related issues. APRA was also represented on the IAIS Task Force on Revisions to the Insurance Core Principles and Methodology. In addition, APRA has participated in various IAIS committees which deal with a wide range of issues relating to, for example, international accounting standards, credit risk transfer, the supervision of reinsurers, and capital adequacy requirements for insurers.