The Financial Services Regulatory Authority of Ontario (FSRA) announced that its CEO, Mark White, was appointed to be the chair of the market conduct working group of the International Association of Insurance Supervisors (IAIS).
FSRA’s CEO since 2018, White has also served as the association’s vice-chair of that working group since March. The working group operates under the association’s policy development committee. FSRA says the appointment “enhances FSRA’s active partnership with insurance supervisors and regulators from more than 200 jurisdictions to share best practices and develop appropriate regulatory policies.”
IAIS is a global standards body responsible for developing and assisting in the implementation of principles, standards and guidance when it comes to the supervision of insurers. The voluntary membership organization says its members regulate firms bringing in 97 per cent of the world’s insurance premiums.
Established in 1994, the association is also a forum for members to share their experiences and understanding of insurance supervision and insurance markets. Currently, it says technological innovation, cyber risk, climate risk, conduct and culture, financial inclusion and sustainable economic development and diversity, equity and inclusion are emerging issues that the associations’ committees are presently focused on.
