The International Association of Insurance Supervisors (“IAIS”) recently held its Triannual Meeting, 17th Annual Conference and General Meeting in Dubai on 29 October 2010. The theme of this year’s conference was “The Gateway to Trust in the Insurance Industry” and it provided the opportunity for supervisors and insurance professionals to discuss “prevailing market conditions, emerging trends and regulatory developments in this challenging financial environment.”
The IAIS press release stated that the following important steps had been taken at the conference:
- the adoption of a new Strategic Plan and Financial Outlook 2011-2015 which sets out the high level goals, strategies and action plans for the IAIS’ key areas of work and aims to ensure that the IAIS has the necessary workplan and resources in place to address the challenges facing insurance supervisors;
- the approval of a two-year roadmap which is aimed at ensuring that the planned activities over the next two year period adequately meet the high level goals, strategies and action plans set out in the new Strategic Plan and Financial Outlook 2011-2015;
- the adoption of eight supervisory papers which are intended to be the first stage towards the revision of the insurance core principles and supporting standards and guidance material; and
- the signing of two further insurance supervisory authorities to the IAIS Multilateral Memorandum of Understanding which brings the total number of signatories to thirteen.
The press release also contains an annex summarising the panel discussions and keynote speeches which took place at the conference. To view the IAIS’ full press release, please click here.