China:CIRC Vice Chairman elected as vice chair of IAIS Exec Committee

Mr Chen Wenhui, Vice Chairman of the CIRC, has been elected as the first Vice Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), representing emerging markets.

The election took place when the IAIS met in Basel in Switzerland on 28 February.

The CIRC said that the election of Mr Chen represents recognition of achievements that have consolidated China's leading role in the reform and construction of the global governance system and will effectively enhance China's influence in the international arena.

The regulator said that it would make use of the platform of Vice Chairman of the Executive Committee to take an active leadership role in all IAIS work, strengthen cooperation among IAIS emerging market members, promote more consensus, and earnestly grasp the strategic direction of emerging markets and enhance emerging market positions and governance in the international financial system, further expand the influence of emerging market members in international insurance affairs, influence the formulation and implementation of international rules and safeguard the core interests of emerging market members.

Established in Switzerland in 1994, the IAIS is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world's insurance premiums. Its mission is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to global financial stability.