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INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS

INSURANCE CORE PRINCIPLES, STANDARDS, GUIDANCE AND ASSESSMENT METHODOLOGY 1 OCTOBER 2011 AS AMENDED 12 OCTOBER 2012 (WITH NEW ICP 9)
This publication is available on the IAIS website (www.iaisweb.org).

© International Association of Insurance Supervisors 2012. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated.

Insurance Core Principles, Standards, Guidance and Assessment Methodology A) B) ICP 1 ICP 2 ICP 3 ICP 4 ICP 5 ICP 6 ICP 7 ICP 8 ICP 9 Introduction................................................................................................................ 3 Assessment Methodology.......................................................................................... 9 Objectives, Powers and Responsibilities of the Supervisor ...................................... 14 Supervisor ............................................................................................................... 16 Information Exchange and Confidentiality Requirements ......................................... 21 Licensing ................................................................................................................. 27 Suitability of Persons ............................................................................................... 34 Changes in Control and Portfolio Transfers ............................................................. 42 Corporate Governance ............................................................................................ 45 Risk Management and Internal Controls .................................................................. 67 Supervisory Review and Reporting ......................................................................... 88

ICP 10 Preventive and Corrective Measures ..................................................................... 100 ICP 11 Enforcement .......................................................................................................... 102 ICP 12 Winding-up and Exit from the Market ..................................................................... 104 ICP 13 Reinsurance and Other Forms of Risk Transfer ..................................................... 106 ICP 14 Valuation ............................................................................................................... 121 ICP 15 Investment ............................................................................................................. 140 ICP 16 Enterprise Risk Management for Solvency Purposes ............................................ 155 ICP 17 Capital Adequacy .................................................................................................. 188 ICP 18 Intermediaries........................................................................................................ 258 ICP 19 Conduct of Business.............................................................................................. 278 ICP 20 Public Disclosure ................................................................................................... 300 ICP 21 Countering Fraud in Insurance .............................................................................. 324 ICP 22 Anti-Money Laundering and Combating the Financing of Terrorism ...................... 331 ICP 23 Group-wide Supervision ........................................................................................ 340 ICP 24 Macroprudential Surveillance and Insurance Supervision ...................................... 359 ICP 25 Supervisory Cooperation and Coordination ........................................................... 363 ICP 26 Cross-border Cooperation and Coordination on Crisis Management ..................... 399

A)

Introduction

1. A sound regulatory and supervisory system is necessary for maintaining a fair, safe and stable insurance 1 sector for the benefit and...
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