Guernsey Financial Services Commission Director General William Mason (pictured) has been re-elected as a member of the International Association of Insurance Supervisors (IAIS), which recently held its biennial executive committee elections.
In addition to his election, the Commission’s Director of Risk and Operations, Katherine Jane, has been appointed as the next Chair of the IAIS Standards Assessment Working Group (SAWG).
A previous member of SAWG, she takes over from William Mason, who has chaired the group since its inception in August 2018.
Established in 1994 as a non-profit organisation, the IAIS represents insurance regulators and supervisors from more than 200 jurisdictions in nearly 140 countries, constituting 97% of the world's insurance premiums. It is the international standard-setting body for the regulation of the insurance sector.
The IAIS’ aim is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to the maintenance of global financial stability.
The SAWG oversees the assessment of members’ compliance with the IAIS standards by providing a tool for self-assessments, conducting thematic peer reviews and undertaking comprehensive member assessments. It is also involved in assessing the IAIS’ new holistic framework, designed to improve global financial stability.
The Commission’s Chairman, Cees Schrauwers, said: “These are significant appointments that reflect well upon the bailiwick and its standing in the international community as well as enhancing the reputation of the Commission amongst its peers."