OREANDA-NEWS. On September 08, 2008 In order to expand and boost international cooperation in the sphere of supervision and regulation of insurance activity, the President of Uzbekistan Islam Karimov signed a Resolution "On accession of the Ministry of Finance of the Republic of Uzbekistan to the International Association of Insurance Supervisors".

The government of Uzbekistan made this step in pursuance of the Presidential Resolution "On measures to further reform and develop the market of insurance services" dated 10 April 2007.

President of Uzbekistan resolved to cover the costs of the Finance Ministry on payment of yearly membership fees in the IAIS at the expense of budget assignments envisaged every year in the Ministry's estimate of expenditure.

Established in 1994, the International Association of Insurance Supervisors (IAIS) represents insurance regulators and supervisors of some 190 jurisdictions.

Since 1999, the IAIS has welcomed insurance professionals as Observers. Currently there are more than 120 Observers representing industry associations, professional associations, insurers and reinsurers, consultants and international financial institutions.

The IAIS issues global insurance principles, standards and guidance papers, provides training and support on issues related to insurance supervision, and organises meetings and seminars for insurance supervisors.

The IAIS works closely with other financial sector standard setting bodies and international organisations to promote financial stability. It holds an Annual Conference where supervisors, industry representatives and other professionals discuss developments in the insurance sector and topics affecting insurance regulation.

An Executive Committee, whose members represent different geographical regions, heads the IAIS. It is supported by three main committees - the Technical Committee, the Implementation Committee and the Budget Committee. These committees form subcommittees and working parties (working groups, task forces and groups) to accomplish their objectives.