Summary:

On October 19, 2023, the International Association of Insurance Supervisors (IAIS) announced the election of Shigeru Ariizumi, Vice Minister for International Affairs at the Financial Services Agency (FSA) of Japan, as the new Executive Committee Chair. Ariizumi will succeed Vicky Saporta, Executive Director, Prudential Policy at the Bank of England, who will be stepping down. The change in leadership will take effect following the IAIS Annual General Meeting on November 9, 2023, and will run for a two-year term, concluding on November 2025.

The IAIS is a global standard-setting body that aims to promote effective and robust insurance supervision, and its Executive Committee Chair plays a crucial role in shaping the organization’s policies and strategies. Shigeru Ariizumi, a seasoned insurance and financial services expert, will bring his experience and expertise to the Chair role. The appointment is likely to have significant implications for the global insurance industry, and we can expect Ariizumi to play a key role in shaping the IAIS’s agenda in the coming years.

The successor, Shigeru Ariizumi, has already assumed the position of Vice Minister for International Affairs at the FSA of Japan, where he has been responsible for overseeing international relations and negotiations. His experience in insurance and financial services regulation, as well as his deep understanding of the global regulatory landscape, make him an excellent candidate for the IAIS Chair role.

Overall, the appointment of Shigeru Ariizumi as the new IAIS Executive Committee Chair is a significant development in the global insurance industry, and it will be interesting to see the direction he takes the organization in the coming years.