IAIS appoints new executive committee chair

Written by Michael Griffiths

19/10/2023

The International Association of Insurance Supervisors (IAIS) has announced that vice minister for international affairs at the Financial Services Agency (FSA) of Japan, Shigeru Ariizumi, has been elected as its new executive committee chair.

Ariizumi will succeed executive director, prudential policy at the Bank of England (BoE), Vicky Saporta.

Saporta has stepped down after an eight-year tenure as chair due to a change in the future direction of her work at the BoE. The BoE will continue to be a member of the executive committee of the IAIS.

She commented: “After eight years, I have decided it is the right time for me to step down. I am proud of what IAIS members have achieved over my four successive terms. We have developed and implemented a comprehensive set of international standards for group-wide supervision and macroprudential supervision in the insurance sector, contributing to the maintenance of global financial stability.

“We have also embedded a robust approach to assessing the implementation of these standards. At the same time, we have implemented important governance changes to enhance the inclusion of our diverse membership and, with the support of our first-class Secretariat, strengthened our operations and stakeholder engagement.

“I will miss the wonderful diversity and camaraderie of the association, and I am proud of how we have been able to move forward through forging consensus. I am convinced that in the hands of my experienced and impressive successor, there will be strong leadership and continued success.”

Ariizumi is currently a vice chair of the executive committee, a role he has held since November 2021. He will assume the chair role following the IAIS annual general meeting on 9 November.

The chair is selected by the executive committee members for a two-year term, with Ariizumi’s term set to run through to November 2025. A new vice chair will be selected in November to fill the position left vacant by Ariizumi.

He added: “I would like to thank Vicky for her strong and impactful contribution to both the leadership and effectiveness of the IAIS during her eight-year tenure. I am honoured to be elected IAIS chair and look forward to building on this strong legacy and completing key projects, including the ICS next year.

“At a time when the insurance sector needs to be front and centre in responding to critical societal challenges like climate change and protection gaps, I look forward to advancing our efforts as a global community of insurance supervisors to be an effective part of a collective response.”

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