IAIS announces new Executive Committee Chair
Vicky Saporta, Executive Director for Prudential Policy at the Bank of England, steps down as IAIS Executive Committee Chair after an eight-year tenure marked by considerable achievements.
Shigeru Ariizumi, Vice Minister for International Affairs at the Financial Services Agency of Japan, currently a Vice Chair of the IAIS Executive Committee, will become Chair following the IAIS Annual General Meeting on 9 November 2023.
Basel, Switzerland – The International Association of Insurance Supervisors (IAIS) today announces that Shigeru Ariizumi, Vice Minister for International Affairs at the Financial Services Agency (FSA) of Japan, has been elected IAIS Executive Committee Chair, succeeding Vicky Saporta, Executive Director, Prudential Policy at the Bank of England who has stepped down due to a change in the future direction of her work at the Bank of England.
Vicky Saporta – “After eight years, I have decided it is the right time for me to step down. I am proud of what IAIS members have achieved over my four successive terms. We have developed and implemented a comprehensive set of international standards for group-wide supervision and macroprudential supervision in the insurance sector, contributing to the maintenance of global financial stability. We have also embedded a robust approach to assessing the implementation of these standards. At the same time, we have implemented important governance changes to enhance the inclusion of our diverse membership and, with the support of our first-class Secretariat, strengthened our operations and stakeholder engagement. I will miss the wonderful diversity and camaraderie of the Association, and I am proud of how we have been able to move forward through forging consensus. I am convinced that in the hands of my experienced and impressive successor, there will be strong leadership and continued success.”
Jonathan Dixon, IAIS Secretary General – “Vicky will be greatly missed as Chair by both members and the Secretariat, having brought deep technical knowledge and impressive consensus-building skills to the role. She leaves behind a record of having finalised significant reform projects such as the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) and the Holistic Framework for assessing and mitigating systemic risk in the insurance sector. She was a strong driver of the development of a global Insurance Capital Standard (ICS), navigating complex issues and diverse voices to always find a way forward — seeing this through to the important milestone of public consultation. Finally, Vicky was also a Chair with foresight. Under her tenure, the IAIS was the first financial international standard-setting body to publish guidance on climate risk and the first to adopt issues of Diversity, Equity and Inclusion (DEI) as a strategic imperative. With Shigeru we have a senior leader with extensive international experience, and a strong champion of the ICS to navigate the important years ahead and ensure continuity.”
Shigeru Ariizumi – “I would like to thank Vicky for her strong and impactful contribution to both the leadership and effectiveness of the IAIS during her eight-year tenure. I am honoured to be elected IAIS Chair and look forward to building on this strong legacy and completing key projects, including the ICS next year. At a time when the insurance sector needs to be front and centre in responding to critical societal challenges like climate change and protection gaps, I look forward to advancing our efforts as a global community of insurance supervisors to be an effective part of a collective response.”
Further details on the IAIS Executive Committee Chair succession
Shigeru Ariizumi is currently a Vice Chair of the Executive Committee, a role he has held since November 2021. He will assume the Chair role following the IAIS Annual General Meeting on 9 November 2023.
The Chair is selected by the Executive Committee members for a two-year term. Shigeru Ariizumi’s term will run through to November 2025.
A new Vice Chair will be selected in November to fill the position left vacant by Shigeru Ariizumi.
The Bank of England will continue to be a member of the Executive Committee of the IAIS.