The Dubai Financial Services Authority (DFSA) has been accepted as a full member of the International Association of Insurance Supervisors (IAIS).
“The DFSA is proud to announce our new membership of the IAIS. The IAIS is by far the biggest and most eminent international association of its kind, and the DFSA’s membership will ensure that we can be on the cutting edge of international insurance regulation,” said DFSA Chief Executive, Phillip Thorpe.
“Gaining membership with the IAIS is a tangible example of our commitment to regulation to the highest global standards. The DFSA has stated that one of its objectives is to gain membership of internationally recognised bodies, and to put in place Memoranda of Understanding with other regulators. Our acceptance into the IAIS is the first of what we are sure will be many such co-operative relationships,” he said.
“We anticipate that insurance business will form a significant part of new business within the DIFC, and we look forward to working with our regulatory colleagues in the IAIS to ensure that we apply the best global standards to the DIFC operations,” he concluded.