The National Bank of Moldova (NBM) became a member of the International Association of Insurance Supervisors (IAIS), which includes the International Monetary Fund, the World Bank, the European Commission, the Organization for Economic Cooperation and Development, as well as insurance sector supervisory authorities from other jurisdictions,  IPN reports.

The NBM said that this is a significant step in strengthening the supervisory capacities of the insurance sector in the process of developing a fair, safe and stable market in the Republic of Moldova. “The membership in the IAIS will allow the National Bank to benefit from international experience in the field of insurance supervision and to expand its supervisory expertise by borrowing the best practices,” reads a press release.

The IAIS is a voluntary membership organization of insurance supervisors and regulators. 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.

“By joining the Association, the National Bank expresses its commitment to modernize its financial sector supervision system and ensure a favorable environment for the insurance sector in the Republic of Moldova. The NBM will have access to the agenda of the Association, including conferences, training seminars and other activities aimed at improving supervisory standards and efficiently addressing the challenges in the insurance industry,” says the press release.

The IAIS brings together members from more than 200 jurisdictions, constituting over 97% of the world’s insurance premiums.