Details

  • Service: Advisory, Risk Consulting
  • Industry: Insurance
  • Type: Publication series
  • Date: 10/1/2012

Anchoring regulatory change 

The International Association of Insurance Supervisors (IAIS) has recently concluded its wholesale review of insurance core principles (ICPs), which provides standards and guidance to regulators on matters such as authorization, solvency, Enterprise Risk Management (ERM), valuation, governance, conduct, and group supervisory requirements.

Based in Basel, Switzerland, and established in 1994, the IAIS is made up of insurance regulators and supervisors of approximately 190 members (the United States has 50 members) representing 140 countries.

 

Its primary goals are to contribute to global financial stability and to promote globally consistent supervisory standards. Individual jurisdictions are then expected to implement the ICPs developed by the IAIS for the protection of policyholders in their home markets.