Dubai, UAE, 3 November 2010:  At the concluding meeting of the Executive Committee of the International Association of Insurance Supervisors (IAIS) held in Dubai last week, the Chairman of that committee, Mr Peter Braumüller, announced that the Dubai Financial Services Authority (DFSA) had been accepted as a signatory to the IAIS Multi-lateral Memorandum of Understanding (MMoU).

The MMoU is a framework for co-operation and the exchange of information between insurance supervisors to facilitate effective oversight of insurance and reinsurance companies which are active in more than one jurisdiction. It sets minimum standards to which signatories must adhere and these include the purposes for which information provided by another insurance supervisor can be used and the confidentiality of information received. The growing number of internationally active insurance companies, the increasing integration of financial markets and the global financial crisis highlight the importance of a MMoU to further support supervisory liaison and co-operation. It allows a supervisor receiving a request for information to provide that information quickly and effectively.

The MMoU was signed on behalf of the DFSA by its Chief Executive, Mr Paul Koster. Mr Koster said, "I am particularly delighted to see that the DFSA has  satisfied the highest level of co-operation standards that exist between international insurance supervisors. Acceptance as an IAIS multi-lateral MoU signatory is only permitted after rigorous assessment of the authority's legislative and regulatory regime. In the DFSA's case, this was conducted by a specialist team from four countries, confirmed by a group from another eight jurisdictions and finalised with an endorsement from the Chairs of IAIS's three senior committees."

"The DFSA has established best practice utilising a modern legal framework and a risk-based approach to its supervisory measures. In signing this multi-lateral MoU, the DFSA further affirms its commitment to international co-operation, which is an essential requirement in today's changing business environment.  Since 2005, the DFSA has placed a high priority on building its co-operative channels, which also now includes a bi-lateral MoU network with around fifty supervisors and regulators regionally and across the globe."

The DFSA is the only regulator in the GCC, and the first in the Arab World, to be admitted as a signatory. The DFSA joins existing signatories representing the world's major insurance markets, including France, Germany, Australia and Singapore.

-Ends- 

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange. 

Paul M Koster is the Chief Executive of the Dubai Financial Services Authority (DFSA). Mr Koster's priorities as Chief Executive include enhancing the DFSA's standing as an internationally respected regulator; building capability, particularly in relation to developing regulatory skills in the UAE; and further developing the DFSA's approach to risk-based regulation 

Prior to becoming Chief Executive, he was Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (Netherlands Authority for the Financial Markets), the national, integrated conduct of business financial services regulator for the Netherlands where he was identified as one of the four leaders shaping the conscience of Dutch business. Mr Koster joined the AFM in March 2001 and in addition to his duties as a Commissioner he chaired, from May 2006 until December 2007,  CESR-Fin, the permanent working party of the Committee of European Securities Regulators that co-ordinates the endorsement and enforcement of financial reporting standards in Europe. For the previous two years he had chaired CESR's Subcommittee on International Standards Endorsement. During his time with the AFM, he was also a member of the International Organisation of Securities Commissions (IOSCO) Chairs' Committee and, as Chief Executive of the DFSA, he remains actively involved in the work of IOSCO.

Mr Koster previously served as Executive Vice President (Corporate Internal Audit) at Royal Philips Electronics (1998-2001); as Managing Partner Corporate Finance, Coopers & Lybrand (1988-1998); and as Chief Compliance Officer and Acting Commissioner of Quotations, Amsterdam Stock Exchange (1986-1988); and carried out a number of senior finance functions in his earlier career, having trained as an accountant with Arthur Andersen.

Mr Koster is a licensed Register (Chartered) Accountant having qualified through the Royal Dutch Institute of Chartered Accountants in 1977 and been certified RA in 1983. 

In May 2009, Mr Koster joined the Advisory Board of Emirates Securities and Commodities Authority (SCA), the UAE's federal securities regulator, and in July 2009 he also became a Member of the Consultative Advisory Groups of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA). In September 2010, Mr Koster won the 'CEO of the Year for Financial Services' award and was voted one of the most influential expatriates living and working in the region today.

Paul Koster is a Dutch national, married and has two adult children.

For further information please contact:
Ms. Angharad Irving - Jones     
Manager, Communications      
Dubai Financial Services Authority
Level 13, The Gate
Dubai, U.A.E.
Tel: +971 (0)4 362 1661         
Email: airvingjones@dfsa.ae
www.dfsa.ae

© Press Release 2010