On 12 October 2012, the IAIS updated its Insurance Core Principles, Standards, Guidance and Assessment Methodology. Insurance Core Principles (ICPs) set out essential elements of the (re)insurance supervisory regime which must be in place, and ICP 9 (on supervisory review and reporting) has now been revised by the IAIS to provide for ‘a more holistic approach’ in that respect, according to an IAIS press release. On 18 October 2012, the IAIS also published an application paper on regulation and supervision supporting inclusive insurance markets. This provides practical information on how ICPs may be applied by supervisors, with a view to improving access to insurance for customers.