If one word could sum up the discussions at the InternationalAssociation of Insurance Supervisors (IAIS) Annual Conference inWashington, D.C. last month, it would be “Vision?”
In this instance, the question mark is important. Many of theIAIS members and observers participating in D.C. recognized thatthis year's conference occurred at a critical time for theinternational regulatory association. They also recognized that aclear vision of the direction of insurance supervision will benecessary to guide the activities and ambitions of the IAIS in theyears to come.
Developing this vision is not a straightforward challenge forthe IAIS, and over the course of the week the association grappledwith many difficult questions. While the IAIS is clearly unified asan organization, its various members and observers nonetheless havedifferent perspectives and approaches—or, in the words of NAIC CEOTerri Vaughan, “regulatory philosophies.”
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