The National Association of Insurance Commissioners, Kansas City, Mo., has completed a self-assessment to evaluate “the extent to which U.S. insurance regulatory practices “observe” international principles established by the International Association of Insurance Supervisors, Basel, Switzerland.
The self-assessment demonstrates the “many ways insurance regulation in the U.S. is absolutely consistent with international standards,” said Roger Sevigny, NAIC President and New Hampshire Insurance Commissioner.
The self-assessment was undertaken along with self-assessments undertaken by other U.S. financial regulators under the Financial Sector Assessment Program, which is coordinated principally by the U.S. Treasury Department. The NAIC says that “conducted worldwide, the FSAP is a joint project of the World Bank and the International Monetary Fund (IMF).” The exercise “further highlights the importance of our extensive contributions to the development of international standards at the IAIS,” said Dr. Therese (Terri) M. Vaughan, Chief Executive Officer of the NAIC.”
The self assessment is based on the following insurance core principles issued by the IAIS in October 2003:
ICP 1 Conditions for effective insurance supervision
ICP 2 Supervisory objectives
ICP 3 Supervisory authority
ICP 4 Supervisory process
ICP 5 Supervisory cooperation and information sharing
ICP 6 Licensing
ICP 7 Suitability of persons
ICP 8 Changes in control and portfolio transfers
ICP 9 Corporate governance
ICP 10 Internal control
ICP 11 Market analysis
ICP 12 Reporting to supervisors and off-site monitoring
ICP 13 On-site inspection
ICP 14 Preventive and corrective measures
ICP 15 Enforcement or sanctions
ICP 16 Winding-up & exit from the market
ICP 17 Group-wide supervision
ICP 18 Risk assessment and management
ICP 19 Insurance activity
ICP 20 Liabilities
ICP 21 Investments
ICP 22 Derivatives and similar commitments
ICP 23 Capital adequacy and solvency
ICP 24 Intermediaries
ICP 25 Consumer protection
ICP 26 Information, disclosure & transparency towards the market
ICP 27 Fraud
ICP 28 Anti-money laundering/ Combating the Financing of Terrorism.
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