The Financial Services and Markets Authority (FSMA) has become a member of the International Association of Insurance Supervisors (IAIS).
The International Association of Insurance Supervisors (IAIS) held its annual general meeting this week in Amsterdam. The association, established in 1994, is hosted by the Bank of International Settlements in Basel and counts supervisory authorities from more than 200 jurisdictions among its members. The objective of the IAIS is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain a transparent, safe and stable insurance sector for the benefit and protection of policyholders, and to contribute to global financial stability. It does so by developing standards and good practices for the supervision of the insurance sector and by ensuring that these standards are duly applied.'I am delighted that the FSMA has become a member of the IAIS. Given the tasks of the FSMA in respect of the insurance sector, including in the area of compliance with conduct of business rules and with regard to insurance intermediaries, it was important for the FSMA to become a member of the international organization for the sector,' said FSMA Chairman Jean-Paul Servais on the occasion of the FSMA joining the IAIS.