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Recently, International Financial Services Centres Authority (IFSCA) has obtained membership of the International Association of Insurance Supervisors
About the International Association of Insurance Supervisors
- Established in 1994, the IAIS is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% 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 mission 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.
Significance
- 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.
- 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
Source: The Hindu Business line
