IAIS publishes aggregate report on the peer review process on ICP 16 (Enterprise Risk Management for Solvency Purposes)

The IAIS has published the aggregate assessment results and observations on the topic of “Enterprise Risk Management for Solvency Purposes”, covering standards set out in Insurance Core Principle (ICP) 16.

The peer review process (PRP) assesses the standards which apply to insurance supervision in all jurisdictions regardless of the level of development or sophistication of insurance sectors, or the type of insurance products or services being supervised. A total of 67 jurisdictions participated in the PRP, with every IAIS region represented. The majority of participating members are assessed as “largely observed” for ICP 16, which – according to the ICP assessment methodology – means that only minor shortcomings exist which do not raise any concerns about the supervisor’s ability to achieve full observance with the ICP.

About PRPs

PRPs aim to improve awareness on the nature and extent of any gaps in a jurisdiction’s supervisory and regulatory framework. 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. 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.

Read the assessment report here.

To learn more about the IAIS’ comprehensive assessment activities visit our dedicated webpage.