January 28, 2019.- The Financial Market Commission (CMF) informs that our country will host the 2020 Annual Conference of the International Association of Insurance Supervisors (IAIS), an event that is considered the most important for insurance supervisors worldwide.
This meeting, which will be organized by the CMF, will take place in November 2020 and be attended by representatives of the 217 IAIS members, bringing together the main insurance authorities from over 130 countries.
The assembly, part of the initiatives to strengthen Chile as an international financial center, lasts five days, during which the Annual Conference and the meetings of the different technical and political committees of the IAIS will take place. Over 350 international representatives are expected to attend.
The CMF hosting of the 2020 IAIS Annual Conference is of particular importance in the context of the upcoming legislative discussion of the Risk-Based Supervision Law for Insurance Companies. This reform, which will be the most important of the last 30 years for the insurance market, has as its main objectives to increase competition among insurance companies, promote further development of the local financial market, and strengthen its stability.
It also allows our country to continue actively contributing, through the CMF, to the debate and issues that the IAIS is addressing, which set international standards and best practices for insurance markets worldwide.
It should be noted that Chile is a founding member of IAIS and hosted the annual conference of this organization in 2002, so this will be the second time that such a meeting will be held in our country.