The International Financial Services Centres Authority (IFSCA) obtained membership of International Association of Insurance Supervisors (IAIS). Established in 1994, the IAIS headquartered in Switzerland.
Key-Points
Daily Current Affairs Quiz 2020
It is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world’s insurance premiums. Some of the leading members of IAIS are:
- United Kingdom- Financial Conduct Authority (FCA),
- USA- National Association of Insurance Commissioners (NIAC),
- India- Insurance Regulatory and Development Authority of India (IRDAI) etc.
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.
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. This would help in developing a vibrant global Insurance hub in IFSC at GIFT City.