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The Asian Forum of Insurance Supervisors (AFIR) is a regional insurance regulatory cooperation mechanism which was advocated to be established by China Insurance Regulatory Commission(CIRC) in 2006.
After sound growth for nearly a decade, AFIR has become a significant regional cooperation platform for Asian insurance regulators to strengthen cross-border supervision. Meanwhile, it has also attracted attention from the International Association of Insurance Supervisors(IAIS), the Asian Development Bank(ADB), the World Bank(WB) and other international or regional organizations.
Presently, the global finance and insurance industry is confronting a critical phase of regulatory reform. Both the increasingly complex market environment and the shifting regulatory landscape will have profound impact on the global insurance industry. The Asian insurance market, distinguished by its highly uneven maturity levels and tremendous potentials, will be a significant component of the global network in the future. As the key insurance regulatory cooperation mechanism in Asia, AFIR is entering a crucial stage of its development.
In order to facilitate insurance regulation in Asia under the new situation, AFIR is expected to further reinforce the role of itself and be shaped into a key platform for promoting the exchange of regulatory information and technologies, the sharing of regulatory experiences, and the exchange of industry professionals; promoting regulatory cooperation, strengthening regulatory coordination, and improving capability to prevent and respond to risks across geopolitical borders; enhancing regulatory systems and capacities, so that AFIR may participate in the global regulatory reforms for the insurance industry in a more effective manner.
The annual meetings of AFIR are alternately hosted by members, and some important and concerned topics would be discussed in annual meetings. On this annual meeting, members will conduct in-depth exchanges focusing on the development of insurance and regulatory reform, solvency regulation, regulatory capacity building, and other issues.
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