IAIS elects new chair of executive committee

Shigeru Ariizumi, vice minister for international affairs at the Financial Services Agency of Japan, has been elected chair of the executive committee of the International Association of Insurance Supervisors (IAIS). He succeeds 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. Ariizumi is currently a vice-chair of the committee, and will become chair following the IAIS annual general meeting on 9 November 2023. Ariizumi said: “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.” The IAIS said the chair is selected by the executive committee members for a two-year term. 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 Ariizumi. The Bank of England will continue to be a member of the executive committee of the IAIS. Jonathan Dixon, IAIS secretary general, said: “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 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, navigating complex issues and diverse voices to always find a way forward, seeing this through to the important milestone of public consultation.” He added: “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 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.” Saporta said: “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.”

IAIS elects new chair of executive committee

Want to read this article?

Read Next

‘Pressure rising’ on developing Asian aging risk: ADB

European business confidence in China plummets

Strebel to replace Gonzalez as head of Swiss Re China

Premium increases continue to slow down in US commercial P&C market

Berkshire Hathaway discloses minority $6.72bn stake in Chubb

‘Pressure rising’ on developing Asian aging risk: ADB

European business confidence in China plummets

Strebel to replace Gonzalez as head of Swiss Re China

Premium increases continue to slow down in US commercial P&C market

Berkshire Hathaway discloses minority $6.72bn stake in Chubb

Want to read this article?

Read Next

‘Pressure rising’ on developing Asian aging risk: ADB

European business confidence in China plummets

Strebel to replace Gonzalez as head of Swiss Re China

Premium increases continue to slow down in US commercial P&C market

Berkshire Hathaway discloses minority $6.72bn stake in Chubb

Related Articles