Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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CONTEXT:
The International Financial Services Centres Authority (IFSCA) obtained membership of International Association of Insurance Supervisors (IAIS).
IMPORTANT POINTS:
- With this membership IFSCA would have access to IAIS’s global network and would be able to exchange ideas and information with other global regulators.
- This would help in developing a vibrant global Insurance hub in IFSC at GIFT City.
International Association of Insurance Supervisors (IAIS)
Established in: 1994
Headquarter: Switzerland.
It is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world’s insurance premiums.
Some of the leading members of IAIS are:
- United Kingdom- Financial Conduct Authority (FCA);
- USA- National Association of Insurance Commissioners(NIAC);
- India- Insurance Regulatory and Development Authority of India (IRDAI) etc.
It is the international standard-setting body responsible for developing and assisting in the implementation of principles, standards and other supporting material for the supervision of the insurance sector.
SOURCE: PIB
