The European Union's Role in International Economic Fora - Paper 8: The IAIS

01-10-2015

This paper forms part of a series of nine studies on the role of the European Union (EU) in international economic fora prepared by Policy Department A at the request of the Committee on Economic and Monetary Affairs. It provides factual background information about the International Association of Insurance Supervisors (IAIS), the Union’s role and representation therein, its accountability as well as the coordination and impact thereof. A key conclusion is that the Union is well represented. As a result of both commitment and investment, the European issues are well captured. Key concepts of the EU-originated Solvency II framework found their way worldwide into IAIS standards and guidelines. IAIS stands at a cross-road and with it the EU participation. A similar outcome in the area of International Capital Standards must be cautiously crafted. Therefore, these developments should be carefully monitored.

This paper forms part of a series of nine studies on the role of the European Union (EU) in international economic fora prepared by Policy Department A at the request of the Committee on Economic and Monetary Affairs. It provides factual background information about the International Association of Insurance Supervisors (IAIS), the Union’s role and representation therein, its accountability as well as the coordination and impact thereof. A key conclusion is that the Union is well represented. As a result of both commitment and investment, the European issues are well captured. Key concepts of the EU-originated Solvency II framework found their way worldwide into IAIS standards and guidelines. IAIS stands at a cross-road and with it the EU participation. A similar outcome in the area of International Capital Standards must be cautiously crafted. Therefore, these developments should be carefully monitored.