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International Regulatory Framework For Insurance Business

International Regulatory Framework For Insurance Business

• The International Association of Insurance Supervisors (IAIS), was established in 1994.

• It is a voluntary membership organisation of insurance supervisors and regulators from more than 200 jurisdictions in nearly 140 countries.

• The IAIS issues global insurance principles, standards and guidance, including application and issues papers, provides training and support on issues related to insurance supervision, and organises meetings and seminars for insurance supervisors.

• Insurance Core Principles (ICPs) framed by IAIS provide the globally accepted framework for Insurance Sector.

Insurance
[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

• The Insurance Core Principles (ICPs) provide a globally accepted framework for the regulation of the insurance sector.

• The ICPs apply to the regulation of all insurers whether private or government-controlled insurers that compete with private enterprises, wherever their business is conducted, including through e-commerce.

• The application of individual ICPs and standards to insurance groups may vary and where appropriate, further guidance is provided under individual ICPs and standards.

• When implementing the ICPs and standards in a jurisdiction, it is important to take into account the domestic context, industry structure and developmental stage of the financial system and overall macroeconomic conditions.

• In India, the Insaurance Act, 1938 and IRDA Act, 1999, gives powers to Insurance Regulatory and Development Authority to regulate the insurance sector.

Insurance Law And Practice - ICSI

About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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