The International Association of Insurance Supervisors (IAIS) is a global standard-setting body that brings together insurance regulators and supervisors to promote effective and globally consistent supervision of the insurance industry. Established in 1994, it is headquartered at the Bank for International Settlements (BIS) in Basel, Switzerland, and its membership covers insurance authorities from more than 200 jurisdictions, representing the vast majority of the world's insurance premiums.
The IAIS develops principles, standards, and guidance for insurance supervision. Its flagship framework is the Insurance Core Principles (ICPs), which set out the essential elements of a sound supervisory regime and are used by the IMF and World Bank in Financial Sector Assessment Programs (FSAPs). The IAIS also produces the Common Framework (ComFrame) for the supervision of Internationally Active Insurance Groups (IAIGs) and, in response to the 2008 financial crisis, developed the Insurance Capital Standard (ICS), a risk-based group-wide capital standard for IAIGs.
The IAIS works closely with other international financial bodies, including the Financial Stability Board (FSB), the Basel Committee on Banking Supervision, and the International Organization of Securities Commissions (IOSCO). Together with the FSB, it previously designated Global Systemically Important Insurers (G-SIIs), an approach later replaced in 2019 by a Holistic Framework for assessing and mitigating systemic risk in the insurance sector.
Although IAIS standards are not legally binding, they exert significant influence: jurisdictions are expected to implement them through national law, and compliance is reviewed through peer assessments and IMF/World Bank evaluations. The Association is governed by an Executive Committee elected by its members, with technical work carried out through committees such as the Policy Development Committee, the Macroprudential Committee, and the Implementation and Assessment Committee.
For policy researchers, the IAIS is the principal venue where cross-border issues in insurance regulation — climate risk disclosure, cyber resilience, conduct of business, and group capital — are negotiated.
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In November 2019, the IAIS adopted the Holistic Framework for systemic risk in the insurance sector and finalized version 2.0 of the Insurance Capital Standard for a five-year monitoring period.