FSA Deputy Commissioner for International Affairs is elected to the position of Vice Chairman of the IAIS Executive Committee

On October 17 2008, Tatsuo Yamasaki, Deputy Commissioner for international Affairs of the Financial Services Agency (FSA), was elected Vice Chairman of the IAIS Executive Committee of the International Association of insurance Supervisors (IAIS) for a 2-year term. Peter Braumüller, Director Insurance and Pension Supervision of Austrian Financial Market Authority, was also elected Chairman.

The FSA has been strengthening cooperation with foreign authorities since its establishment. We recognize that we have the important challenges of enhancing the quality of the Japanese regulative framework though further strengthening cooperation with foreign regulators and enhancing the credibility of our financial markets through international harmonization. We will contribute further to enhancing the stability, credibility and efficiency of international financial markets through active contribution to the international organizations.

• Note) The International Association of Insurance Supervisors (IAIS) was established to:

  • i) encourage cooperation amongst insurance supervisors,

  • ii) set principles, standards and guidance for the supervision of insurance markets,

  • iii) encourage the implementation and practical application of its principles and standards especially in the emerging markets and regions,

  • iv) liaise and co-operate with other international organizations.

  • The members are insurance supervisors from 144 countries and regions and observers are 139 from insurance companies and trade associations, etc (as of October 2008). The IAIS is located in Basel, where Director General, Yoshihiro Kawai, and 17 staff are working for the organization.

  • The member of the Executive Committee consists of the representatives from 21 countries and regions following the addition of those from China and South Korea at the last meeting (Asia (China, India, Japan, Singapore, South Korea), Oceania (Australia), North America (Canada, Mexico, USA (Florida, Kansas, West Virginia)), South America (Chile), West Europe (Austria, Belgium, France, Switzerland, UK), East Europe (Hungary), Middle East and North Africa (Jordan), Sub-Sahara Africa (Ghana), Offshore (Guernsey).

• IAIS Website (http://iaisweb.org/)