IAIS supervisory standards on fit and proper requirements and assessment for insurers

21 October 2005

The International Association of Insurance Supervisors (IAIS) issued supervisory standard on fit and proper requirements and assessment for insurers, consisting of a revision and upgrade of an existing guidance paper to take account of experience, and consider its practical application to supervisory practice. The requirements set out in the standard apply to significant owners and key functionaries, such as board members, directors and senior management.

The standard should address the risk of mismanagement of and inadequate or inappropriate control or influence over insurers, and ensure that supervisors exercise their responsibilities to assess whether insurers are soundly and prudently managed and directed (fit and proper testing).It should also help to facilitate consultation between supervisors and the exchange of information on individuals and insurers.

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