- Research Handbooks in Financial Law series
Edited by Julian Burling and Kevin Lazarus
Chapter 12: International Organisations: Their Role and Interconnectivity in Insurance Regulation
Louise Steinberg1 1. INTRODUCTION Insurance regulation comprises rules and principles that apply to solvency (prudential) regulation, conduct of business and (albeit with less homogeneity) the insurance products themselves. Organisations and groups that shape the regulatory framework within which insurance and the wider ﬁnancial services industry operate take many legal forms and sizes. In the absence of a single international body able to set and enforce agreed rules that apply to the international ﬁnancial system, global governance of the ﬁnancial sector is achieved consensually by the collaboration of various bodies that share responsibility for ﬁnancial stability. The United Nations, the World Bank, the International Monetary Fund (‘the IMF’), the World Trade Organization (‘the WTO’), the Organisation for Economic Co-operation and Development (‘the OECD’) and the European Union (‘the EU’) are key centres of inﬂuence. Alongside the international organisations, other bodies are equally powerful. Government groupings (signiﬁcantly the G7 and G20 and the bodies that they have created, such as the Financial Stability Board) shape the regulatory agenda. As a consequence of the standard-setting responsibilities that they have assumed, also inﬂuential are a handful of private organisations, among them the Basel Committee for Banking Supervision (‘the Basel Committee’) and the International Association of Insurance Supervisors (‘IAIS’).2 The international rule-making agenda is largely set by the interplay of these organisations and groups. A testament to their inﬂuence is the striking homogeneity in the regulations that apply to the ﬁnancial services industry across the world. The rules determining who...
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