Peer Review Process

The Peer Review Process (PRP) builds on the previous Self Assessment and Peer Review (SAPR) approach by not only identifying impediments to observance but also providing general recommendations and useful practices that jurisdictions can implement to enhance their level of observance. These recommendations and practices are included in the aggregate report published by the IAIS.

To conduct PRPs and to continue a strengthened assessment programme, Expert Teams comprised of IAIS members are responsible for conducting various thematic areas related to insurance supervision and the ICPs. So far, the IAIS has finalised four PRPs covering the following topics:

• Conduct of Business,
• Corporate and Risk-Governance,
• Mandates and Supervisory Powers and
• Supervisory Processes.

The PRP aims to deepen awareness of the nature and extent of any gaps in a jurisdiction’s supervisory and regulatory frameworks. It promotes the general understanding and observance of the IAIS’ supervisory material while fostering peer exchange. Conducted thematically, PRPs cover a defined set of ICPs and all IAIS members are invited to participate. Individual jurisdictional reports and a public aggregate report are prepared. The aggregate report includes illustrative examples of supervisory practices, offering valuable insights into the effective implementation of the assessed standards for jurisdictions to enhance their own implementation.

Key documents