Establishment of a Supervisory College by the FSC

The IAIS defines a supervisory college as “a forum for cooperation and communication between the involved supervisors established for the fundamental purpose of facilitating the effectiveness of supervision of entities which belong to an insurance group; facilitating both the supervision of the group as a whole on a group-wide basis and improving the legal entity supervision of the entities within the insurance group.”

Supervisory colleges provide a permanent platform for enhancing the mutual trust and exchange of information amongst international regulators regarding entities within a group. Supervisory colleges allow regulators to better assess risks that are emerging beyond their borders and outside their respective authorities.