The DFSA today announced it had been successful in its bid to host the 2010 International Association of Insurance Supervisors (IAIS) Annual Conference in Dubai. The announcement was made during the IAIS’s Annual General Meeting, following the 2006 Annual Conference in Beijing, China.
The Annual Conference in 2010 will be preceded by the October round of Triannual Meetings, also to be hosted by the DFSA in Dubai. The IAIS represents insurance regulators and supervisors of some 180 jurisdictions in more than 130 countries, constituting 97 per cent of the world's insurance premiums.
The Annual Conference is the most prestigious event in the IAIS calendar and provides a unique opportunity for participants to exchange views on global trends and regulatory challenges and initiatives.
The event will attract some 800 of the world’s leading supervisors and market practitioners to Dubai. The DFSA has already announced it will host the IAIS Triannual Meetings in Dubai in February 2007 and the Emerging Markets Committee of the International Organisation of Securities Commissions (IOSCO) in November 2007.
DFSA Chief Executive, Mr David Knott, said: “We are delighted that the DFSA has been invited to host the IAIS’s most prestigious event in Dubai and to add this to our calendar of events which includes the IAIS Triannual, and IOSCO Emerging Markets Committee meetings in 2007.
“These events provide an opportunity to showcase Dubai, and for the DFSA to fully brief these important policy makers on the progress of regulatory developments within the UAE and, in particular, the DFSA’s successful application of international standards within the DIFC”
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The Dubai Financial Services Authority (DFSA) is a central component of the DIFC, a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
Mr. David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
IOSCO is the primary forum for international cooperation among securities regulators from more than 100 jurisdictions and is recognised as the international standard-setter for the securities sector.
The DFSA was admitted as an associate member of IOSCO in April 2005 and became a signatory to the IOSCO Multilateral Memorandum of Understanding in June 2006.
The IAIS was established in 1994 and represents the insurance regulators and supervisors of some 180 jurisdictions in more than 130 countries, constituting 97% of the world's insurance premiums. It also has more than 100 observers.
The 2007, 2008, and 2009 IAIS Annual Conferences will be held in Fort Lauderdale, Budapest, and Rio de Janeiro respectively.
