The International Association of Insurance Supervisors (IAIS) has published its August 2016 newsletter, which provides an update on the IAIS’s self-assessment and peer review programme (SAPR). These assessments, which are conducted on a thematic basis, provide members with an overview of their compliance with each standard of the assessed insurance core principles (ICPs) and result in an aggregate report.
The SAPR was originally envisaged as a tool for enhancing understanding and observance of the ICPs, to complement other assessments completed by the World Bank and the International Monetary Fund (IMF). However, as matters have developed, the IAIS’s assessments have taken on more significance, as financial sector assessments under the auspices of the IMF and the World Bank become less frequent for many supervisory authorities.
The IAIS plans to review the SAPR against the backdrop of this changing environment. As part of this process, the Implementation Committee is identifying options for presentation and Executive Committee discussion in January 2017.
A copy of the August 2016 IAIS newsletter can be found at: http://www. iaisweb.org/page/news/newsletter/ file/62073/iais-newsletter-august-2016