October 28, 2010

IAIS Chairman welcomes IAA's role in future global insurance regulation

IAIS Chairman, Peter Braumüller, identified several areas for mutual cooperation between the IAA and IAIS during his address to the IAA Council on October 12, in Vienna, Austria. Mr. Braumüller highlighted the similarities of purpose of the two organizations in various areas including standard setting, standard implementation, financial stability and external interaction.

IAIS Standard Setting Goal
Promote effective and transparent supervision of insurance markets through global, sustainable and coherent supervisory principles, standards and guidance, while minimising opportunities for regulatory arbitrage.

IAA Strategic Objective 3: Promote common standards of actuarial education, common principles of professionalism and model standards of actuarial practice.

IAIS Standard Implementation Goal
Promote the development of fair, safe and stable insurance markets through the implementation of supervisory principles, standards and guidance, the assessment of their implementation, and cooperation among insurance supervisors.

Development of the actuarial profession in emerging markets is regarded by many as a pre-requisite to fair, safe and stable insurance markets.

IAIS Financial and Insurance Market Stability Goal
Contribute to global financial stability and foster stable insurance markets for the protection of policyholders.

Global financial stability is one area that would benefit from increased input of actuarial knowledge and skills.

IAIS External Interaction Goal
Optimise the achievement of IAIS objectives and achieve recognition as the thought leader for insurance supervision by engaging with and managing relationships with external bodies.

The IAA’s Strategic Objective 1 “Identify, establish, and maintain relationships with key supranational audiences” is very complementary to this goal. 

Mr. Braumüller concluded that the IAIS and IAA strategic directions have many similarities. He remarked that, throughout the IAIS’s history, the IAA has played an important role and he expects it will continue to play an even more important role in the future.

The full text of Mr. Braumüller’s address is available online.

The International Association of Insurance Supervisors (IAIS), was established in 1994 and represents insurance regulators and supervisors of some 190 jurisdictions in nearly 140 countries; it has been an Institutional Member of the IAA since 2000.
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The International Actuarial Association (IAA) is the worldwide association of professional actuarial associations, with a number of special interest sections for individual actuaries. The IAA exists to encourage the development of a global profession, acknowledged as technically competent and professionally reliable, which will ensure that the public interest is served.
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