Glossary

The IAIS Glossary provides definitions of terms used by the IAIS and is aimed to facilitate the reading of IAIS supervisory material. 

The Glossary generally includes terms which are used in more than one ICP and/or have a specific meaning in insurance or in IAIS supervisory material. General finance terms and commonly understood terms have generally not been included.

You may browse through the Glossary below, or download it here

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Alternative risk transferAsset concentration riskAsset-liability management (ALM)Back-testingBasis riskBoard of Directors (Board)Calibration testCapitalCapital add-onCapital adequacyCapital resourcesCaptive insurerClaims incurredClaims provisionCollateralCombined ratioConcentration riskConduct riskConsumersContagion riskContingency planContinuum-based approachControl FunctionControl levelCorporate CultureCorporate GovernanceCorporate Governance frameworkCounterparty riskCredit default riskCredit ratingCredit rating agencyCredit riskCurrency riskCurrent estimateCustomerDerivativeDeterministic scenarioDirect powersDouble gearingDurationEconomic capitalEffect horizonEnterprise Risk Management (ERM)Expense ratioFacultative reinsuranceFinancial conglomerateFinite reinsuranceGeneral purpose financial reportsGoing-concern basisGoing-concern capitalGroup riskGroup-wide supervisorHead of the financial conglomerateHead of the group (or parent)Head of the IAIGHead of the insurance groupHedgingHome jurisdictionHome supervisorHost jurisdictionHost supervisorHybrid approachIAIG BoardIAIS Memorandum of Understanding (MMoU)Indirect powersInsurance groupInsurance intermediaryInsurance intermediationInsurance legal entityInsurance riskInsurance-led financial conglomerateInsurerInterest rate riskInternal controlsInternal modelInvestment riskInvolved supervisorsKey Persons in Control FunctionsLegal riskLeverageLicenceLiquidationLiquidity riskLoss ratio (claims ratio)Macroeconomic exposureMargin over current estimate (MOCE)Market riskMarket-consistent valuationMinimum Capital Requirement (MCR)Mismatching riskMultiple gearingNon-regulated legal entityOperating ratioOperational riskOptionOutsourcingPolitical riskPortfolio transferRecovery planRegulatory capitalRegulatory capital requirementsReinsurerReputational riskResolutionResolution authorityResolution planRetrocessionRisk appetiteRisk capacityRisk cultureRisk limitRisk limits StructureRisk managementRisk profileRisk ToleranceRun-offScenario analysisSenior managementShock periodSignificant ownerSolvencySolvency assessmentSolvency marginSolvency testSpecial purpose entity (SPE)Statistical quality testStochastic modellingStrategic riskStress testingSubordinated loansSupervisory collegeSurplus capitalSwapTail Value at Risk (TVaR or Tail VaR)Technical provisionsTotal balance sheet approachUnderwriting riskUse testValue at risk (VaR)Wrong way risk

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