INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS (IAIS) :
The IAIS is the only truly global body focusing its attention entirely and exclusively on the regulatory and supervisory issues of the insurance sector. The International Association of Insurance Supervisors (IAIS) was established in 1994. It is a voluntary membership organisation of insurance supervisors and regulators from more than 200 jurisdictions in nearly 140 countries. In addition to its Members, more than 130 Observers representing international institutions, professional associations and insurance and reinsurance companies, as well as consultants and other professionals participate in IAIS activities. Thus it is truly a representative standard-setting body, attuned to the realities of developing countries alongside developed countries.
The main purpose of this association is to promote a globally consistent approach towards insurance regulation aimed at supporting the overall stability and growth of the financial sector of a country. It helps in adopting the best practices which protect the interests of all the stakeholders in insurance. The IAIS issues global insurance principles, standards and guidance, including application and issues papers, provides training and support on issues related to insurance supervision, and organises meetings and seminars for insurance supervisors. In 2012, the IAIS formed the Financial Inclusion Sub-committee to develop standards and to engage with supervisors and others on financial inclusion issues, especially microinsurance, in response to the needs of many IAIS members
It was founded in 1994, 20 years after the BCBS and roughly 10 years after IOSCO was formed. Its relatively late arrival upon the global regulatory and supervisory scene was a reflection of a number of insurance specific factors. It was primarily a reflection of the relatively low level of trans-nationalisation of national insurance markets. For a number of economic, social and political reasons, insurance markets remained largely “nations-based”.