Research Handbook on International Insurance Law and Regulation
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Research Handbook on International Insurance Law and Regulation

Edited by Julian Burling and Kevin Lazarus

Given its economic importance, insurance is a field that has been underserved as an area of academic study. This detailed book provides much needed coverage of insurance law and regulation in its international context.
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Chapter 12: International Organisations: Their Role and Interconnectivity in Insurance Regulation

Louise Steinberg


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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