IAIS represents the lowest level of elaboration achieved by a financial regulatory network to date, though it has recently made an effort to develop Basel Committee-style rules for capital requirements on internationally active insurers. There has been no iterated capital adequacy a la Basel, however. The IAIS also offers a paler replica of IOSCO’s great achievement, the memorandum of enforcement cooperation. For much of its existence, IAIS has focused on best practices and rough principles of financial regulation, the standard foundation for the elaboration of network cooperation.