While the Bank readies itself to take on more regulatory responsibilities on the insurance side, South Africa, through its current supervisor, the Financial Services Board, is already a respected partner in the International Association of Insurance Supervisors, having been one of the seven co-founders in 1994.
Financial regulatory standard-setting bodies such as the Financial Stability Board and the Basel Committee on Banking Supervision have expanded their governance structures to be more representative and to reflect the globalised nature of the financial system. This includes considering the particular role of central banks as direct financial supervisory authorities, or where they act in an advisory role to their governments.