ABOUT IAIS. Contact:

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1 ABOUT IAIS Established in 1994, the International Association of Insurance Supervisors (IAIS) represents insurance supervisory authorities of some 100 jurisdictions. It was formed to: Promote cooperation among insurance regulators Set international standards for insurance supervision Provide training to members Coordinate work with regulators in the other financial sectors and international financial institutions. Since 1999, the IAIS has welcomed insurance professionals as observer members. Currently there are more than 60 observers representing industry associations, professional associations, insurance and reinsurance companies, consultants and international financial institutions. The IAIS issues global insurance principles, standards and guidance papers provides training and support on issues related to insurance supervision, and organises meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard setting bodies and international organisations working to promote financial stability. It holds an Annual Conference where supervisors, industry representatives and other professionals discuss developments in the insurance sector and topics affecting insurance regulation. An Executive Committee, whose members represent different geographical regions, heads the IAIS. It is supported by three main committees - the Technical Committee, the Emerging Markets Committee and the Budget Committee. These committees organise subcommittees, subgroups, working groups and task forces, as needed, to accomplish their objectives. Overview of IAIS structure. Contact: iais@bis.org Address: International Association of Insurance Supervisors c/o Bank for International Settlements CH-4002 Basel, Switzerland Telephone: Fax: STRUCTURE Association in General Meeting The Executive Committee convenes and conducts the IAIS General Meeting during the Annual Conference to seek main IAIS directions Executive Committee Takes all decisions necessary to achieve the objectives of the IAIS in accordance with the decisions made at the General Meeting Secretariat Assists and coordinates major activities in the Committees. Hosted by the Bank for International Settlements, Basel, Switzerland

2 Task Force on the Assessment & Implementation of Insurance Core Principles Organises the self-assessments and analyses the results; collaborates with IMF and World Bank to monitor implementation of the core principles Working Group on Observer ship & Membership Issues Examines how cooperation and communication with members and observers can be organised and enhanced Dialogue Group Convenes meetings to discuss IAIS issues (generally non-technical) and priorities with observers Emerging Markets Committee Supports emerging markets in establishing sound insurance regulatory and supervisory systems. Education Subcommittee Together with the Emerging Markets Committee, prepares training materials and organises training seminars for insurance regulators and supervisors Budget Committee Prepares, monitors and reports on the IAIS budget Technical Committee Establishes global insurance regulatory and supervisory standards with its subcommittees Insurance Laws, Regulations, Practices and Standards Subcommittee Collects and analyses information through the insurance laws database; maintains database on insurance laws and regulations and reinsurers worldwide Financial Conglomerates Subcommittee Coordinates opinions of IAIS members for the Joint Forum; supports working groups of the Joint Forum; and drafts papers related to supervision of financial conglomerates Insurance Fraud Subcommittee Analyses fraudulent activities by or on insurance companies and drafts papers contributing to the prevention and detection of insurance fraud. Prepares guidance on anti-money laundering and combating the financing of terrorism, and works with other international bodies addressing these issues. Solvency and Actuarial Issues Subcommittee Researches and analyses issues related to the solvency requirements, solvency assessment and risk management of insurance companies; prepares principles, standards and guidance papers on these topics Accounting Subcommittee Provides input to the International Accounting Standards Board's work as it effects insurance accounting, in particular, the insurance project considering the accounting treatment of insurance contracts Asset Valuation Subgroup Deals with accounting issues not related to the IASC insurance project

3 Working Group on Electronic Commerce/Internet Drafts issues papers and supervisory principles and standards on insurance supervision with regard to electronic commerce and the internet; liaises with international supervisory forums addressing e-commerce issues Reinsurance Subcommittee Develops standards and principles on reinsurance - both from the perspective of evaluating the reinsurance cover of primary insurers and of supervising reinsurers Securitisation Subgroup Follows developments in insurance securitisation and other forms of alternative risk transfer products and prepares educational material and guidance for members and observers Investments Subcommittee Conducts surveys and drafts issues papers and standards on issues related to the supervision of insurance companies' investments, including market risk and credit derivatives Subcommittee on Enhanced Disclosure Drafts standards and guidance papers aimed at enhancing the standards of disclosure by insurance Task Force on Revisions to the Insurance Core Principles (ICP) & Methodology Updates the ICP and Methodology taking into account members' experiences, observers' comments, IMF& World Bank recommendations, and findings of the Joint Forum's working Group that compared the core principles Task Force on Enhancing Transparency and Disclosure in the Reinsurance Sector Recognising the important function that the global reinsurance has in maintaining financial stability, makes recommendations to improve transparency both through enhanced disclosure by major reinsurers to the market and to supervisors, and through regularly updated market analysis. ANNUAL CONFERENCES IAIS members meet every year at the Annual Conference to discuss important issues related to world insurance markets. Observer members also may attend. Registration forms for the Annual Conferences can be obtained from the IAIS web site: ANNUAL CONFERENCE OF IAIS First Annual Conference USA 1994 Second Annual Conference St. Louis, USA June, 1995 Third Annual Conference Paris France October, 1996 Fourth Annual Conference Sydney - Australia September, 1997 Fifth Annual Conference Cancun Mexico September, 1998 Sixth Annual Conference San Francisco USA December, 1999 Seventh Annual Conference Cape Town South Africa September, 2000 Eighth Annual Conference Bonn Germany September, 2001 Ninth Annual Conference Santiago Chile October, 2002 Tenth Annual Conference Singapore October, 2003

4 MEMBERS Albania / Anguilla / Argentina / Aruba Dutch Caribbean / Australia (APRA) / Australia (NSW) / Australia (PHIAC) / Austria Bahamas / Bahrain / Barbados / Belgium / Belize / Bermuda / Bolivia / Botswana / Brazil / British Virgin Islands / Bulgaria Canada, Ontario / Canada, OSFI / Canada, Quebec / Cayman Islands / Chile / China / Chinese Taipei / Croatia / Cyprus / Czech Republic Denmark Ecuador / Egypt / El Salvador / Estonia / European Commission Fiji / Finland (Authority) / Finland (Ministry) / France (CCA) France (Ministry) Georgia / Germany, Bonn / Germany (Ministry) / Ghana / Gibraltar / Greece / Guatemala / Guernsey / Guinea Honduras / Hong Kong / Hungary Iceland / India / Ireland / Isle of Man / Israel / Italy Jamaica / Japan / Jersey / Jordan Kazakhstan / Republic of Korea / Kuwait Labuan, Malaysia / Latvia / Lesotho / Liechtenstein / Lithuania / Luxembourg Macau / Macedonia / Malaysia / Malta / Mauritius / Mexico Nepal / Netherlands, Apeldoorn / Netherlands (Ministry) / Netherlands Antilles / New Zealand / Norway OECD Panama / Papua New Guinea / Peru / Philippines / Poland / Portugal Romania / Russia Samoa / Singapore / Slovak Republic / Slovenia / South Africa / Spain / Sri Lanka / Suriname / Sweden / Switzerland Tanzania / Thailand / Trinidad & Tobago / Turkey / Turks & Caicos Uganda / UK / Uruguay / USA Vanuatu

5 OBSERVER MEMBERS International Institutions Asian Development Bank Comité Européen des Assurances Federación Interamericana de Empresas de Seguros (FIDES) International Actuarial Association International Monetary Fund World Bank World Federation of Insurance Intermediaries Australia: Insurance Council of Australia Limited Brazil: Federação Nacional das Empresas de Seguros Privados e de Capitalizaçao (Fenaseg) Canada Canadian Life & Health Insurance Association Inc. / Insurance Bureau of Canada / Lawrie Savage & Associates Inc. / The Toronto International Leadership Centre for Financial Sector Supervision Chinese Taipei Insurance Institute of the Republic of China / The Life Insurance Association of the Republic of China / The Non-Life Insurance Association of the Republic of China Colombia Federacion de Aseguradores Colombianos, FASECOLDA Finland Federation of Finnish Insurance Companies France Deloitte Touche Tohmatsu / Fédération Française des Sociétés d'assurance / SCOR Germany Allianz AG / Gesamtverband der Deutschen Versicherungswirtschaft / KPMG Deutsche Treuhand-Gesellschaft AG / Münchener Rückversicherungs- Gesellschaft / Tillinghast - Towers Perrin Israel Association of Life Insurance Companies Ltd Italy Associazione Nazionale fra le Imprese Assicuratrici Japan Meiji Life Insurance Company / Nippon Life Insurance Company / Sumitomo Life Insurance Company / The Dai-Ichi Mutual Life Insurance Company / The Life Insurance Assocition of Japan / The Marine & Fire Insurance Association of Japan Inc. / The Toa Reinsurance Company Ltd / The Tokyo Marine and Fire Insurance Co. Ltd. Lebanon I.E. Muhanna & Co Netherlands Verbond van Verzekeraars Poland Polish Chamber of Insurance Singapore General Insurance Association of Singapore / Life Insurance Association (LIA) Switzerland Schweizerischer Versicherungsverband / Swiss Re / XL Winterthur International Turkey Association of the Insurance and Reinsurance Companies of Turkey United Kingdom Association of British Insurers / Barlow Lyde & Gilbert / Clifford Chance / Ernst & Young / Government Actuary's Department / International Underwriting Association of London / Lloyd's / PricewaterhouseCoopers / Royal & Sun Alliance Insurance Group Plc USA A.M. Best Company / ACE INA Holdings Inc. / American Council of Life Insurers / American Insurance Association / American International Group Inc. / Barnert Global Ltd. / Insurance Services Office, Inc. / International Insurance Council / International Insurance Foundation / Law Office of Carolyn Cobb / New York Life International / Principal Financial Group / Reinsurance Association of America / The Chubb Corporation

6 MEMBERSHIP FOR INSURANCE REGULATORS/SUPERVISORS Insurance regulators/supervisors can apply for IAIS membership and become active in its activities. To obtain further information on IAIS membership, please send the IAIS Secretariat a request (by , fax or post). To apply for IAIS membership, please send the IAIS application form and transfer the annual fee to the designated account. After the IAIS receives your application form and confirms receipt of the membership fee, your authority will be treated as a member. INTERNATIONAL COOPERATION The IAIS cooperates with other financial sector standard setting bodies, specifically: Basel Committee on Banking Supervision International Organisation of Securities Commissions (IOSCO) These three bodies are the constituting organisations for the Joint Forum The IAIS is also member of the Financial Stability Forum The IAIS coordinates implementation of standards and training for insurance supervisors with regional and national supervisory authorities, as well as Organisation for Economic Cooperation and Development (OECD) United Nations Conference on Trade And Development (UNCTAD) World Bank International Monetary Fund (IMF) International Insurance Foundation Toronto International Leadership Centre for Financial Sector Supervision (Toronto Centre) Financial Stability Institute (FSI) The IAIS contributes to the development of international insurance accounting and actuarial standards in collaboration with the International Accounting Standards Board (IASB) International Actuarial Association (IAA)