The International Association of Insurance Supervisors (IAIS)
has elected Guernsey Financial Services Commission (GFSC) Director
General, William Mason, to its Executive Committee.
The biennial Executive Committee elections were held at the
IAIS's 21st Annual Conference and General Meeting in Amsterdam
at the end of October.
Established in 1994, the IAIS represents insurance regulators
and supervisors from more than 200 jurisdictions in nearly 140
countries, constituting 97% of the world's insurance
Mr Mason said: "I look forward to serving on the Executive
Committee, ensuring that the perspectives of smaller countries are
appropriately considered and working to ensure that IAIS delivers
fair and proportionate insurance regulatory standards."
The objectives of the IAIS are 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
global financial stability.
GFSC Chairman Cees Schrauwers added: "This is a significant
appointment which reflects well upon Guernsey and its standing in
the international community as well as enhancing the reputation of
the Commission amongst its peers. William's election also comes
at a time of intensive reform in global insurance regulation as
global capital standards are developed."
Since the PRIIPs Regulation was published on 9 December 2014, the concept of a multi-option product has been one of the most discussed topics among the manufacturers of insurance-based investment products.
Directors & Officers Insurance (D&O) is a relatively new
branch of insurance in the United Arab Emirates (UAE) market.
Accordingly, issues such as allocation of costs have not yet been
considered by UAE or Dubai International Financial Centre (DIFC)
The MFSA issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report.
From August 12 2016 when the UK's Insurance Act 2015 takes effect there will be differences affecting business (ie non-consumer) policies issued in Isle of Man and those issued in UK, including renewals.
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