Peer Review Process
An important part of the IAIS’ assessment programme is the Peer Review Process (PRP), which builds on and enhances the previous Self-Assessment and Peer Review (SAPR) process.
The PRP is conducted on a thematic and periodic basis for different Insurance Core Principles (ICPs). The PRP builds on the previous SAPR approach, whereby the most significant enhancement is to identify general recommendations and useful practices that a jurisdiction could implement to enhance their observance level and encourage reporting, while the previous SAPR focused on the impediments to observance. These general recommendations and useful practices are published within the aggregate report.
In continuing with this strengthened assessment programme, Expert Teams comprised of IAIS members are responsible for conducting various thematic peer reviews, covering requirements for insurance supervision in relation to the ICPs. So far, the IAIS has finalised four PRPs, related to:
- Conduct of Business,
- Corporate and Risk-Governance,
- Mandates and Supervisory Powers and
- Supervisory Processes.