The International Association of Insurance Supervisors (IAIS), the voluntary membership organisation of insurance supervisors and regulators, has published revisions to the Insurance Core Principles (ICPs). The ICPs set out a globally accepted framework of essential elements for a financially sound system of regulatory supervision to ensure policyholder protection. There are 26 ICPs in total. The revisions relate to ICP 4 (Licensing), ICP 5 (Suitability of Persons), ICP 7 (Corporate Governance), ICP 8 (Risk Management and Internal Controls), ICP 23 (Group-wide Supervision) and ICP 25 (Supervisory Cooperation and Coordination).
The revisions are the result of a combination of Self-Assessments and Peer Reviews carried out by the IAIS and recent developments in group supervision, corporate governance and risk management.
A link to the updated ICPs is here.