The International Association of Insurance Supervisors (IAIS) has issued progress reports to the G20 and Financial Stability Forum (FSF). These reports outline the IAIS’ responses to G20 and FSF recommendations from 2008 to enhance sound regulation, strengthen transparency and reinforce institutional co-operation. They report that the IAIS has taken a variety of actions, including charting a new focus for the IAIS on the supervision of internationally active insurance groups, working with the International Organization of Securities Commissions and the Basel Committee on Banking Supervision to identify important regulatory gaps and areas for enhanced supervision, and providing guidance on the use of supervisory colleges in group-wide supervision.

In its work the IAIS has also highlighted that insures and insurance supervisors face the following key issues: unregulated entities within a group which pose risks and liquidity demands for the overall group, the complexities of supervising cross-border groups due to varying legal environments and coordination problems among supervisors, and challenges relating to regulatory arbitrage.