A key strategic objective of the IAIS is the implementation of the Insurance Core Principles (ICPs) by insurance supervisors around the world. In support of this objective, the IAIS has developed a programme of thematic self-assessment and peer review.
The Self-Assessment and Peer Review (SAPR) Process assesses current levels of observance of regulatory frameworks and supervisory practices and contributes to strengthening the observance and understanding of the ICPs.
The SAPR provides participating authorities with a confidential assessment of their observance of the ICPs being assessed. This report can assist participating authorities to identify steps which can be taken to improve their observance and understanding of the ICPs. Further, the SAPR provides valuable feedback to the IAIS by identifying areas where IAIS Members may benefit from targeted training support and where standards may require additional clarity or guidance.
The SAPR is conducted on a thematic basis. The themes covered in this report are “Mandate and Supervisory Powers” (ICPs 1 & 2) and “Group-wide Supervision” (ICP 23). The objectives for the thematic self-assessment and peer review on ICPs 1 & 2 and ICP 23 are to:
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identify the observance of the standards relating to the assessed themes;
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assess the effectiveness of implementation of the standards in a consistent and coherent manner by independent peers;
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identify findings that should be communicated to the Technical Committee (TC) providing feedback into the successes and gaps in developing strong IAIS standards and securing their effective implementation into supervisory practices;
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complement the FSAP process of the International Monetary Fund (IMF) and the World Bank and Financial Stability Board (FSB) peer reviews; and
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identify target areas for technical assistance and educational support.
This report outlines the aggregate findings of the SAPR relating to ICPs 1, 2, and 23.
Full report
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