FRC delegation participate in IAIS annual conference

2022-11-14 12:22:18

Ulaanbaatar /MONTSAME/. A delegation led by Vice-Chairman of the Financial Regulatory Commission of Mongolia N. Khuderchuluun attended the International Association of Insurance Supervisors (IAIS) Annual Conference, held in Santiago, Chile.

At the IAIS Annual Conference which was organized on November 9-11, more than 300 participants from insurance regulatory authorities attended and exchanged their views under the theme of “Changing landscape: the role of the insurance sector in meeting emerging economic and social challenges.” In addition, the specific agenda includes Embedding diversity, equity, and inclusion, Changing consumer preferences, Macroeconomic risks to the global insurance sector and supervisory frameworks for monitoring and mitigating risks, Insurance sector responses to increasing climate change risks, and Global capital standards.

It was also highlighted by the regulatory authorities that digitalization in the insurance sector is becoming the main leverage to bring growth to the insurance industry. Furthermore, practices of improving a regulatory framework of inclusive insurance shared by regulatory authorities of Ghana, Kenya, Costa Rica, and Zimbabwe attracted the attention of the participants.

The IAIS was established in 1994, and includes insurance supervisors from more than 200 jurisdictions, constituting 97% of the global insurance premiums. The FRC became a member of the IAIS in 2007, and it participates in various IAIS seminars and conferences; designed to enhance cooperation with member organizations, and exchange experience and supervisory information.

Financial Regulatory Commission