IFSCA has obtained the membership of the International Association of Insurance Supervisors (IAIS).
♦ Through this membership, IFSCA can access the IAIS global network and can exchange opinions and information with other global regulatory agencies.
♦ This will help establish a vibrant global insurance centre in the IFSC of GIFT City.
♦ Currently, GIFT IFSC operates 17 leading insurance entities engaged in offshore insurance and reinsurance businesses.
♦ This membership will greatly help the connection between IFSC and global insurance institutions, and help IFSCA and other global centers to jointly develop global insurance business.
♦ About International Association of Insurance Supervisors (IAIS):
♦ IAIS (International Association of Insurance Supervisors) is a voluntary membership organization of insurance regulators from more than 200 jurisdictions, accounting for 97% of global insurance premiums.
♦ It is an international standard-setting agency responsible for formulating and assisting in the implementation of principles, standards and other supporting materials to supervise the insurance industry.
♦ IAIS also provides a forum for members to share their experience and understanding of insurance supervision and the insurance market.
♦ The leaders of the G20 and other international standard-setting bodies usually require IAIS to recognize their collective expertise.
♦ Its headquarter is located in Switzerland and was established in 1994.