The International Association of Insurance Supervisors (IAIS) has announced a number of changes designed to ensure representation from the major insurance markets, and the views of non-supervisory members of the IAIS.
The recent annual general meeting of the IAIS approved certain bylaw changes recommended by the executive committee, including the introduction of voting members of the executive committee that represent ‘standing jurisdictions’. The IAIS said the concept of having executive committee membership comprised of standing jurisdictions “is intended to ensure representation from the major insurance markets, while at the same time limiting the number of standing jurisdictions in order to maintain a balance with the number of voting members of the executive committee that are selected by the IAIS membership regions”.
The executive committee also agreed to increase the number of seats for some regions based on the market size and number of members in the region, in order to maintain geographic diversity through voting members in the executive committee selected by IAIS regions. This has meant adding two extra seats each for the North America, western Europe and Asia regions, and one extra seat each for Sub Saharan Africa and central and eastern Europe and Transcaucasia regions. This increases the total size of the executive committee from 24 to 32 members.
The executive committee also agreed to recommend that non-supervisory authority members meeting certain criteria be invited to select a representative to be elected as a non-voting member of the executive committee. All of these governance changes will be implemented during the first quarter of 2019.
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