Financial Services Commission and Financial Supervisory Service Hold Meeting of the International Association of Insurance Supervisors (IAIS) Working Group
Held for 3 days until the 1st of next month at the Seoul Financial Supervisory Service Training Institute
[Asia Economy Reporter Sim Nayoung] The Financial Services Commission and the Financial Supervisory Service plan to hold a meeting of the Macroprudential Monitoring Working Group (MMWG), a working group of the International Association of Insurance Supervisors (IAIS), for three days from the 29th of this month to the 1st of next month at the Financial Supervisory Service Training Institute in Seoul.
More than 20 officials from major countries' insurance supervisory organizations, including Switzerland (chair country), the United States (vice-chair country), the EU, and Hong Kong, will attend this meeting to discuss next year's global insurance industry monitoring implementation plan and the revised methodology for assessing insurance company system risk.
Since joining as a full member at the founding of the IAIS in 1994, the Financial Services Commission and the Financial Supervisory Service have actively participated in IAIS activities through advancement to the Executive Committee (2008), hosting the Annual General Meeting (2011), holding working group meetings (2013, 2017), and signing a multilateral memorandum of understanding for supervisory information sharing (2019).
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The IAIS is the de facto highest executive body and consists of 32 members, including seven Asian countries. The Financial Services Commission stated, "The MMWG Seoul meeting is significant as it is held at the time when face-to-face meetings resume after COVID-19, marking the start of active international discussions for effective global insurance supervision." It added, "Going forward, the Financial Services Commission and the Financial Supervisory Service will continue to actively participate in international organizations' activities to solidify their global standing."
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