What is one of the main objectives of the International Association of Insurance Supervisors?

The primary objective of the International Association of Insurance Supervisors (IAIS) is to promote effective and globally-consistent supervision of the insurance industry. This goal is critical because it ensures that regulatory standards are harmonized across different jurisdictions, which helps to maintain the stability and integrity of the insurance sector worldwide. By fostering collaboration among insurance supervisors from various countries, the IAIS encourages the exchange of information, best practices, and the development of common supervisory approaches. This consistency supports the resilience of the global insurance market, protects policyholders, and enhances financial stability.

The focus on effective supervision is vital for addressing cross-border issues that may arise due to the global nature of the insurance industry. With varying regulations and practices, a unified approach aids in managing risks and safeguarding the interests of both insurers and consumers.

In contrast, promoting a favorable business environment, regulating global insurance companies, or intermediaries do not encapsulate the core regulatory focus of the IAIS. While these aspects may be important in their own right, they do not reflect the IAIS's primary mission of ensuring sound supervisory practices across the insurance landscape.