Central Bank director Gerry Cross to head global insurance body

Central Bank of Ireland director Gerry Cross has been appointed as the next secretary general of the International Association of Insurance Supervisors (IAIS), a global standard-setting body for the insurance industry.

Cross, who is currently director of capital markets and funds with the Central Bank, will take on his new position in Basel, Switzerland on June 15^th, the IAIS said in a statement. He will succeed Jonathan Dixon, who has led the organisation since 2017.

“Gerry Cross has served as a financial regulator for many years and has held several roles within the broader financial sector during his career. He brings a strong record of leadership, addressing challenging issues and working collaboratively,” said Toshiyuki Miyoshi, chair of the IAIS executive committee. “With Gerry’s demonstrated experience and commitment to international co-operation, the IAIS is well-positioned to continue delivering on its strategic priorities.”

Cross has been with the Central Bank since 2015. Prior to his current role, he was director of financial regulation policy and risk. Before joining the authority, he worked for industry lobby groups, as managing director of advocacy for the Association for Financial Markets in Europe in Brussels, and deputy director of the Institute of International Finance in Washington DC.

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The European Banking Authority (EBA) nominated Cross in 2020 to become an executive director of the organisation. However, members of the European Parliament’s Committee on Economic and Monetary Affairs on Thursday voted down his nomination by a narrow majority due to his former work as a lobbyist.

The IAIS’s stated objectives are “to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to the maintenance of global financial stability”.

Its membership includes insurance supervisors from more than 200 jurisdictions. The IAIS is hosted by the Bank for International Settlements in Basel.