IAIS Linkage is key and valuable
Recognizing that policymakers, regulators and supervisors give weight to following standards and precedents from international standard setters, the participation of the IAIS is particularly important. A close collaboration between international development agencies and insurance supervisors through the IAIS is both essential and valuable to ensure that the regulatory and supervisory frameworks are consistent with international standards. The IAIS is a founding sponsor of the Initiative.
Related documents
Governance and structure:
The Initiative operates as a partnership of the institutions that are signatories to its Charter.
The Access to Insurance Initiative operates under the guidance of a Governing Board that determines its strategy and provides oversight for all its activities, an Advisory Committee, that develops strategy and supports day to day implementation for the approval by the Governing Board; and an Executive Secretary responsible for day to day operations at the Secretariat hosted by German Technical Cooperation (GTZ).
What is the Initiative?
The Access to Insurance Initiative is
- A global programme designed to strengthen the capacity and understanding of insurance supervisors, to facilitate their role in expanding access to insurance markets, and to support the implementation of sound regulatory and supervisory frameworks consistent with international standards;
- An important strategy for reducing poverty: The inability to manage vulnerability can perpetuate poverty. Insurance services, in particular, can play an important role in mitigating welfare losses; more
- The key route to address the challenges of a conducive regulatory and supervisory approach: One of the possible causes for low levels of access to insurance services is policies and approaches that are, inadvertently or otherwise, not conducive to the supply of appropriate products and services, particularly in emerging markets.
Goal
To grow financial inclusion in the insurance sphere and to facilitate the enhanced capacity of policymakers, regulators, and supervisors on insurance market access.
Purpose
To contribute to sound, effective and proportionate policies, regulation and supervision of insurance markets that facilitate growth of insurance for the low income clients.
Activities
- To generate knowledge and learning on how regulation and supervision can facilitate access;
- to disseminate this knowledge and build awareness;
- to catalyze pilot projects for national implementation;
- to support regional training and capacity building initiatives,
- to contribute to the IAIS (International Association of Insurance Supervisors) processes of standard setting and guidance;
- to facilitate a stakeholder dialog with the insurance industry to spur the development of adequate products, delivery and consumer protection approaches for low income clients.
