Which international body adopted the Insurance Core Principles used as a global framework for insurance supervision?

The International Association of Insurance Supervisors adopted the Insurance Core Principles as a global framework for insurance supervision.

The IAIS is a membership organization of insurance regulators and supervisors from jurisdictions around the world. It was established in 1994 and works to promote effective supervision, financial stability, and cooperation across the insurance sector. Its members exchange information and develop internationally recognized supervisory standards.

The Insurance Core Principles address areas such as supervisory powers, governance, risk management, capital adequacy, conduct, and group-wide oversight. They are principles rather than a single worldwide insurance law, so each jurisdiction implements them through its own legal and regulatory system.

The IAIS is sometimes confused with the Basel Committee, which focuses on banking supervision, or the International Monetary Fund, which deals with international monetary and financial issues. Insurance supervision remains primarily national, making cross-border coordination especially important for large insurance groups.