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IFSCA Became Member of International Association of Insurance Supervisors

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IFSCA gets membership of International Association of Insurance SupervisorsOn Dec 2, 2020, International Financial Services Centre Authority (IFSCA) obtained membership of International Association of Insurance Supervisors (IAIS).

  • Now, IFSCA can access IAIS’s global network and would be able to exchange ideas and information relating to insurance with other global regulators.
  • This membership will aid in developing a global Insurance hub in International Financial Services Centre (IFSC), from current 17 entities, at Gujarat International Finance Tec-City (GIFT).

About International Association of Insurance Supervisors (IAIS):

Established in 1994, it is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world’s insurance premiums.

  • It is the international standard-setting body responsible for developing and assisting in the supervision of the insurance sector.
  • Insurance Regulatory and Development Authority of India (IRDAI) is also a member of IAIS.
  • Headquarters– Switzerland

Recent Related News:

i.On October 27, 2020, the International Financial Services Centres Authority (IFSCA) approved the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 and International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020 during a meeting chaired by Injeti Srinivas, Chairman of IFSCA.

ii.The cases of cyberattack and high-profile data breaches have increased amid COVID-19 pandemic. In order to curb this situation, on October 20, 2020, Insurance Regulatory and Development Authority of India (IRDAI) set up a 9- member panel under P Umesh, Consultant-Liability Insurance,

About International Financial Services Centre Authority (IFSCA):

On April 28, 2020, the Union government notified the setting up of the IFSCA as a unified authority to regulate all financial services in IFSCs across the country.

  • Injeti Srinivas was appointed as the first chairman of IFSCA.
  • Headquarter– Gandhinagar, Gujarat