IAIS issues guidance paper on combating the misuse of insurers

21 October 2005

The International Association of Insurance Supervisors (IAIS) issued a guidance paper on combating the misuse of insurers for illicit purposes, which provides supervisors with indicators of higher risk situations and assessment elements for combating the misuse of insurers for illicit purposes.

The involvement of insurers in illegal activities poses a risk to the integrity and stability of the insurance industry and the financial system as a whole. At corporate level this involvement forms a risk to the reputation of the insurer concerned and creates a risk of inadequate or inappropriate direction, control or influence. Also the illegal activities could lead to supervisory action and/or criminal prosecution.

Document

© IAIS - International Association of Insurance Supervisors