Standards

Standards focus on particular issues. They describe best or most prudent practices. In some cases, standards set out best practices for a supervisory authority; in others, they describe the practices a well managed insurer would be expected to follow and thereby assist supervisors in assessing the practices that companies in their jurisdictions have in place.
     
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File size: 126 kB
Modified: 7 March 2007
Description: Licensing plays an important role in ensuring efficiency and stability in the insurance market. This standard deals with the prudential aspects of licensing and contains requirements that should be met by an insurer seeking a licence, and the principles that apply to the licensing procedure itself, including the review of changes in the control of a licensed company.
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File size: 59 kB
Modified: 7 March 2007
Description: On-site inspection is an important part of the supervisory process, closely related to the ongoing monitoring process. This standard lays down the objectives of on-site inspection, the on-site inspection procedure and organisation of the on-site inspection process.
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File size: 110 kB
Modified: 7 March 2007
Description: This standard provides guidance to supervisors in assessing how insurers control risks in derivatives. It sets out risk management controls for insurers active in derivatives and a reporting framework, applicable across the full range of potential activities.
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File size: 101 kB
Modified: 7 March 2007
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File size: 82 kB
Modified: 7 March 2007
Description: Based on the Coordinator paper issued by the Joint Forum in 1999, which sets the general principles for the role of a coordinator regarding the supervision of financial conglomerates, this standard presents the principles covering the insurance sector in more concrete form.
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File size: 80 kB
Modified: 7 March 2007
Description: This paper sets out a standard for efficient and regular exchange of information between supervisory bodies, both within the insurance sector and between different financial services sectors. Information exchange is crucial for the effective supervision of internationally active insurers, insurance groups and financial conglomerates.
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File size: 88 kB
Modified: 7 March 2007
Description: This standard covers the indirect supervision of reinsurance. Ist main purpose is to ensure that the reinsurance arrangements that primary insurers conclude are fully assessed, and consequently that a judgment can be made on the levels of security provided by the reinsurance programme.
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File size: 105 kB
Modified: 7 March 2007
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File size: 185 kB
Modified: 7 March 2007
Description: This standard deals with public disclosures that non-life insurers and reinsurers should make in respect of technical performance. Key areas covered by this standard include the disclosure of pricing adequacy, provision adequacy, claims experience, risk concentrations, reinsurance arrangements, capital, key assumptions used in valuation, and sensitivity testing.
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File size: 117 kB
Modified: 7 March 2007
Description: This standard extends the scope of the Joint Forum paper Fit and Proper Principles, to single insurance entities and to insurance groups. The objective is to ensure that significant owners and key functionaries do not pose a risk to the interests of present and future policyholders and beneficiaries of these entities.
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File size: 122 kB
Modified: 7 March 2007
Description: This standard explains minimum requirements on the insurers and reinsurers to disclose the information concerning investment risks and performance. The standard emphasis on qualitative information, such as investment policies, risk tolerance and risk mitigation, asset-liability matching, and sensitivity analysis or scenario tests. As a complementary measure, they should also disclose quantitative information on the status of each class of assets and the results of investment performance.
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File size: 146 kB
Modified: 7 March 2007
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File size: 104 kB
Modified: 7 March 2007
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File size: 23 kB
Modified: 17 October 2008
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File size: 24 kB
Modified: 17 October 2008
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File size: 27 kB
Modified: 17 October 2008
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File size: 19 kB
Modified: 2 November 2009