International Association of Insurance Supervisors
Encyclopedia
The International Association of Insurance Supervisors (IAIS) is an international organisation that brings together the world's insurance
supervisors and regulators.
within the premises of the Bank for International Settlements (BIS)
which hosts the IAIS Secretariat.
It, along with its sister organizations, the Basel Committee on Banking Supervision (BCBS)
and the International Organization of Securities Commissions (IOSCO)
, together make up the Joint Forum
of international financial regulators.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
supervisors and regulators.
History
The IAIS was created in 1994. The IAIS objectives are to promote cooperation amongst insurance supervisors, promotion of the development of insurance market and the contribution to financial stability.Structure and cooperation with other organizations
The IAIS is based in BaselBasel
Basel or Basle In the national languages of Switzerland the city is also known as Bâle , Basilea and Basilea is Switzerland's third most populous city with about 166,000 inhabitants. Located where the Swiss, French and German borders meet, Basel also has suburbs in France and Germany...
within the premises of the Bank for International Settlements (BIS)
Bank for International Settlements
The Bank for International Settlements is an intergovernmental organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks." It is not accountable to any national government...
which hosts the IAIS Secretariat.
It, along with its sister organizations, the Basel Committee on Banking Supervision (BCBS)
Basel Committee on Banking Supervision
The Basel Committee on Banking Supervision is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten countries in 1975. It provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance...
and the International Organization of Securities Commissions (IOSCO)
International Organization of Securities Commissions
The International Organization of Securities Commissions is an association of organisations that regulate the world’s securities and futures markets....
, together make up the Joint Forum
Joint Forum
the Joint Forum is an international group bringing together financial regulatory representatives from banking, insurance and securities...
of international financial regulators.