The International Association of Insurance Supervisors (IAIS) is the international standard setter for the supervision of the insurance sector. It comprises insurance supervisors and regulators from more than 200 jurisdictions. The IAIS Insurance Core Principles (ICP) seek to encourage high standards in member jurisdictions:
- Supervisory principles
- Market principles
- Infrastructure principles
From an AML/CFT perspective, principle 22 is the most important, it requires the supervisor to take effective measures to combat money laundering and terrorist financing, and also requires insurers to have appropriate risk-based policies and procedures in place to prevent, detect, and report.
