The OGBS Group itself then makes an evaluation, based on the factual analysis. This, too, is clearly a promising step in the direction of international accreditation, though the process has been slow in getting off the ground. The central banks and supervisors of the major countries have been hesitant to take part directly in the reviews for reasons of moral hazard. The search has therefore switched to retired supervisors. The International Association of Insurance Supervisors, IAIS, likewise accepts smaller jurisdictions as members.
All countries are eligible to join.
All the Islands are members. They were, indeed, founder members. Established in 1993, the IAIS is the youngest of the triumvirate of international financial supervisory bodies. The secretariat is situated in the Bank for International Settlements in Basle and uses the same facilities as the Basle Committee on Banking Supervision. The IAIS has sought to bring all members to at least a minimum standard of legislation, regulation and supervision.