Partnering with organisations that share related objectives has been integral to advancing the IAIS’ capacity building objectives and has generated positive feedback from Members. Examples of these partnerships include the A2ii and the BIS Financial Stability Institute (FSI), on activities such as High-Level Meetings of senior insurance supervisors and regional training seminars, on-line training modules and webinar programmes (eg FSI Connect, FIRST ONE programme), supervisory capacity building in actuarial services (with the International Actuarial Association (IAA) and A2ii), and other potential targeted initiatives.
The A2ii is one of the key implementation partners of the IAIS. A2ii contributes to the IAIS strategic goals, cross-cutting themes, and to capacity building and financial inclusion activities. Furthermore, the A2ii contributes to the understanding and implementation of the IAIS supervisory material by fostering learning and dialogue, supporting implementation at the regional and national levels, and participating in global advocacy processes. IAIS Members have a majority position in the A2ii’s key decision-making bodies, which allows the IAIS to steer the A2ii’s strategy, activities and budget.
The BIS Financial Stability Institute (FSI) assists supervisors around the world in improving and strengthening their financial systems. The FSI supports the IAIS’ initiatives on capacity building and enhances its regional outreach, by providing online training modules and webinar programmes, such as the FSI Connect, FIRST One Program and the Specialised Insurance Online Course (SIOC).
The FSI, together with the IAIS has developed the pilot Specialised Insurance Online Course (SIOC). The six-week online course builds on key IAIS supervisory material, including ComFrame for the internationally active insurance groups, Global Insurance Capital Standard (ICS) and the Holistic Framework. It comprises of a set of self-paced FSI Connect tutorials and virtual sessions with experts, blending technical content with jurisdictional implementation examples.
The International Actuarial Association (IAA) is a worldwide association of actuarial professionals and plays a key role in supporting the IAIS efforts to facilitate supervisory capacity building. Through a tripartite partnership agreement, the IAIS, IAA and A2ii leverage their global positions and strengths to develop actuarial capacities amongst insurance supervisors.
The key outcome of this partnership is a week-long in-person training on Actuarial Skills, that aims to introduce insurance supervisors to the actuarial principles and concepts and equip them with tools to enhance their supervisory and regulatory activities. The IAA contributes to this by providing a team of experienced practitioners that lead the lectures and case studies.
More recently, the IAA, together with the A2ii and IAIS have launched the first fully virtual training on Actuarial skills with the aim to enhance its regional reach. The partners are stepping up its efforts to make the training available in more languages.
The Toronto Centre aims to promote financial stability and inclusion by providing practical training for financial sector regulators and supervisors, particularly in EMDE.
The Toronto Centre contributed to the development of the A2ii Inclusive Insurance Training Program for Insurance Supervisors, based on the IAIS Application paper on ‘Regulation and Supervision Supporting Inclusive Insurance Markets’.
Through lectures and case studies, the training seeks to equip supervisors with a set of skills and knowledge to enhance supervisory capacity and foster insurance market development.