DFSA Joins International Association

The Dubai Financial Services Authority (DFSA) today announced that it has been accepted as a full Member of the International Association of Insurance Supervisors (IAIS), the world's leading international association of insurance supervisory authorities.

'The DFSA is proud to announce our new membership of the IAIS. The IAIS is by far the biggest and most eminent international association of its kind, and the DFSA's membership will ensure that we can be on the cutting edge of international insurance regulation', DFSA Chief Executive, Mr Phillip Thorpe said.

'Gaining membership with the IAIS is a tangible example of our commitment to Regulation to the highest global standards. The DFSA has stated that one of its objectives is to gain membership of internationally recognised bodies, and to put in place Memoranda of Understanding with other Regulators. Our acceptance into the IAIS is the first of what we are sure will be many such co-operative relationships', Mr Thorpe said.

'We anticipate that Insurance Business will form a significant part of new business within the DIFC, and we look forward to working with our regulatory colleagues in the IAIS to ensure that we apply the best global standards to the DIFC operations', Mr Thorpe said.

Background — the IAIS

Established in 1994, the IAIS represents insurance supervisory authorities of some 100 jurisdictions around the world. It works closely with other standard setting bodies and international organisations to promote financial stability.

It was formed to:

• promote co-operation among insurance supervisory authorities;
• set international standards for insurance supervision and regulation;
• provide training to members; and
• co-ordinate work with Regulators in the other financial sectors 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. Its Secretariat is co-located with the Bank for International Settlements in Basel, Switzerland.