The International Association of Insurance Regulators wound up its meeting under the auspices of the OECD in Kuala Lumpur late last month with a vow to increase the standardisation of insurance laws in emerging economies.

IAIR spokesman Knut Hohlfeld said the increasing integration of financial services, coupled with growing market liberalisation, will be met by development of principles, standards and guidelines. These are intended to “encourage emerging economies to improve regulation and supervision and promote greater liberalisation and transparency of insurance markets”.

Tom Karp, the Executive Director of the Australian Prudential Regulation Authority (APRA), was elected IAIS vice-chairman.