randal k quarles : brief remarks - 26th annual conference of the international association of insurance supervisors brief remarks ( via pre - recorded video ) by mr randal k quarles, vice chair for supervision of the board of governors of the federal reserve system, at " supervision in a digital era ", the 26th annual conference of the international association of insurance supervisors, abu dhabi, 14 november 2019. * * * i greatly regret i couldn ’ t be with you today in abu dhabi. you are in a region of the world that ’ s a fitting place to discuss the future of insurance supervision because of its ties to the very origins of insurance. the first written system of laws, the hammurabic code, in fact, included the first rules on loss liability. the ancient arab tribal practice of takaful, a system of guarantees, gave rise to one of the earliest forms of mutual insurance, which was used to protect ship owners and cargo. the middle east is the cradle of civilization, and civilization itself has always depended on the rules and guarantees that are the basis of insurance. and while i couldn ’ t be part of the your discussions, i am grateful for this opportunity to reach you with a message about how the international association of insurance supervisors ( iais ) is supporting the financial stability board ’ s ( fsb ) goal of promoting a strong and stable global financial system. the fsb was created to gather national and regional authorities together in a forum that considers and addresses financial stability risks. the iais ’ s mission, to promote effective supervision of the insurance industry, is in full alignment with the goals of the fsb. the new global financial architecture built in the aftermath of the crisis requires continued cooperation among authorities, standard - setting bodies, and all stakeholders. such cooperation is the basis of the fsb, and the basis for what the iais has achieved in the past quarter century, and what you are striving to achieve in the future. since becoming chair of the fsb last december, i have had some time to observe the important work of the iais as one of the standard - setting bodies that are essential to the fsb. the iais has been an active contributor to the fsb ’ s work through the plenary and steering committees. it ’ s also a valuable part of the work of the fsb standing committees on supervision and regulatory cooperation and standards implementation. fsb members tell me they appreciate the regular updates by iais executive committee chair

first, building effective partnerships. overcoming the climate challenge will require not just individual stakeholders chipping away at the problem, but effective partnerships across domains and across borders. to achieve a credible yet just transition, we need partnerships across domains. governments, to put in place the necessary policies – imposing a price on carbon and setting emissions standards and regulations. banks, to direct financing to green and transition projects. scientists and technologists, to improve the economics and scalability of clean energy solutions. industry, to deploy cleaner technologies and work processes and prepare their workers for the green transition. people, to adjust their consumption choices to support a less carbon - intensive or energy - intensive lifestyle. take for example, singapore's approach to preparing the workforce for a lowcarbon future. a critical aspect of ensuring a just transition is to manage the impact on livelihoods and workers in a decarbonising world. in singapore, we are forging partnerships to help prepare our workforce for a lowcarbon future. the green skills committee brings together representatives from trade unions, businesses, trade associations and industry chambers, institutes of higher learning, professional bodies, and government agencies. the committee will identify the green skills that will be in demand in the future and support workers develop these skills so that they can take on new and transformed jobs in a very different type of economy : less carbon - intensive, more energy - efficient, more sustainable. partnerships also need to straddle across borders. singapore feels this acutely, both as a beneficiary of such cross - border collaborations and as a contributor to regional and global efforts. as a small city - state with very little access to renewable energy, singapore relies on regional and international co - operation. 2 / 4 bis - central bankers'speeches we have one of the highest urban densities in the world. we have very limited land and sea spaces, low wind speeds, and a lack of hydrothermal resources. even if we maximised solar energy deployment, it would cover less than 10 % of our electricity needs. we rely on international cooperation in areas like the import of low - carbon energy through regional power grids ; enabling supply chains for low - carbon fuels such as hydrogen and ammonia to meet our climate goals. as a global maritime and aviation hub, singapore plays a larger role to advance climate action beyond its borders. as a maritime hub, we are promoting decarbonisation partnerships through green and digital shipping corridors that support the transition to low - and zero - carbon fuels.