The International Association of Insurance Supervisors (IAIS) recently held its held biennial Executive Committee elections which saw the Commission’s Director General, William Mason, re-elected as a member.
In addition to Mr Mason’s election, the Commission’s Director of Risk and Operations, Katherine Jane, has been appointed as the next Chair of the IAIS’ Standards Assessment Working Group (SAWG). Previously a member of SAWG, Ms Jane takes over from Mr Mason who has chaired SAWG since its inception in August 2018.
Established in 1994 as a non-profit organisation, the IAIS represents insurance regulators and supervisors from more than 200 jurisdictions in nearly 140 countries, constituting 97% of the world’s insurance premiums. It is the international standard-setting body for the regulation of the insurance sector. The IAIS’ mission is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to the maintenance of global financial stability.
The SAWG develops, executes and oversees the assessment of members’ compliance with the IAIS standards. This is done through a combination of methods including providing a tool for self-assessments, conducting thematic peer reviews and undertaking comprehensive member assessments. It is also heavily engaged in assessing the IAIS’ new Holistic Framework, designed
to improve global financial stability.
Talking about his re-election, Mr Mason said “I look forward to continuing to serve on the IAIS Executive Committee and to ensuring the views and experiences of smaller jurisdictions are appropriately considered as well as working to ensure that IAIS delivers fair and proportionate insurance regulatory standards.”
In response to the news about her appointment, Ms Jane said: “I have spent the past two years as a member of the SAWG which has given me a very good appreciation of the important work that the Group undertakes which enables IAIS to support its members, particularly emerging markets members, in reaching common international standards.”
The Commission’s Chairman, Cees Schrauwers, said “These are significant appointments that reflect well upon the Bailiwick and its standing in the international community as well as enhancing the reputation of the Commission amongst its peers.”
This news item was originally published by the Guernsey Financial Services Commission (GFSC GG). For more information, see the Source Link.