The International Association of Insurance Supervisors (IAIS) has used its new monitoring tools by issuing the first report to emerge from its thematic self-assessment and peer review process (report). Key objectives of the report were to examine members’ observance of the 2003 IAIS Insurance Core Principles, determine opportunities to improve implementation, and promote supervisory cooperation and information exchange. The peer review process was also designed to complement the Financial Stability Assistance Program and Reports on the Observance of Standards and Codes (conducted by the International Monetary Fund and World Bank), and Financial Stability Board peer reviews, and ultimately promote global observance of international cooperation and information sharing standards.

The report stated that most jurisdictions complied with most of the 2003 Insurance Core Principles, and emphasised that effective supervision of cross-border firms and groups depends heavily on meaningful cooperation and information exchange between supervisors. Future projects will focus upon members’ observance with the newly revised Insurance Core Principles as adopted by the IAIS in October 2011.