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International bodies (The International Association of Insurance…
International bodies
The International Association of Insurance Supervisors
IAIS was established in 1994
Represents insurance regulators and supervisors from more than 200 jursidctions
Membership is voluntary
Jersey, Isle of Man, Mauritius and Gibraltar are members
Objectives
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
Contribute to global financial stability
Issues global insurance principles, standards and guidance papers
Sets out principles that it deems fundamental to effective insurance supervisions
Its Insurance Core Principles serve as a basic benchmark for insurances supervisors in all jurisdictions
Insurance Core Principles were revised on 19 October 2013
The International Organisation of Securities Commissions
The roots of IOSCO were first established in 1974 as an inter-American regional association
IOSCO claims that its membership regulates over 95% of the world's securities markets. It is the primary forum for securities market regulatory agencies with its members being drawn from over 100 jurisdictions
The FCA is the IOSCO member for the UK
IOSCO"s role
Recognised as the international standard setter for securities markets
Provides comprehensive technical assistance to its members, including those regulating emerging markets
IOSCO's objectives
Last revisited in June 2010 and consist of 38 principles f securities regulation which are based on 3 objectives
Protecting investors
Ensuring that markets are fair, efficient and transparent
Reducing systemic risk
ISOCO Principles
In 1998, IOSCO adopted a comprehensive set of objectives and principles of securities regulation. They are now recognised as the international benchmark for all securities markets and are grouped into 9 categories
Principles relating to the
regulator
Principles for
self-regulation
Principles for the
enforcement of securities regulation
Principles for
cooperation in regulation
Principles for
issuers
Principles for
auditor, credit rating agencies and other information service providers
Principles for
collective investment schemes
Principles for
market intermediaries
Principles for
secondary markets
Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMOU)
Developed following US terrorist attacks on 11 September 2001
Facilitates cross-border enforcement and exchange of information between international securities regulators
Sets out how signatories will cooperate and change information for securities regulation purposes, such as the investigation of insider dealing and market manipulation activities
IOSCO endorsed MMOU as the benchmark for international cooperation among securities regulators
In 2005, IOSCO decided that all members with primary responsibility for securities regulation in their jurisdiction should have applied for and been accepted as signatories under the MMOU or expressed a commitment to seek legal authority to enable them to become signatories before the target date
The regulators of offshore centres such as Bermuda, BVI, Guernsey, the Isle of Man and Jersey are all signatories to the MMOU
The Group of International Insurance Centre Supervisors
Founded in 1993 and changed its name in 2012 (Formerly The Offshore Group of Insurance Supervisors)
Consists of insurance business regulators from offshore jurisdictions
The group has strict criteria which must be met by members
The Bahamas, BVI, Cayman islands, Guernsey, the Isle of Man and Jersey are members of GIICS
Formal Objectives
Provide mechanisms and forums whereby insurance supervisors form jurisdictions concerned with offshore insurance business may discuss areas of mutual interest and concern and formulate appropriate policies
Provide assistance and encouragement to appropriate non member jurisdictions to establish regime for the supervision of offshore insurance business at least to standards equivalent to those of the group
Represent the interests of the group at international forums
Promote the proper supervision of offshore insurance business