(Yicai Global) March 2 -- Chen Wenhui, a principal at China's top insurance watchdog, has made global waves by becoming the first official hailing from an emerging market to become a vice chairman on the Executive Committee of the International Association of Insurance Supervisors.

The IAIS voted Chen in during a meeting at its headquarters in Basel, Switzerland, the China Insurance Regulatory Commission said online. The Chinese executive will lead the introduction of international measures for emerging markets to give them a greater say in worldwide affairs.

Founded in 1994, the IAIS formulates guidelines and standards for global insurance supervision, to safeguard stability in the international market in tandem with the Financial Stability Board and G20. It has over 200 members from 140 countries and regions and its executive committee is its core decision-making party.

Chen holds a doctorate in economics from the Chinese Academy of Social Sciences, and has served at the China Insurance Regulatory Commission for almost two decades, becoming vice chairman in 2011.