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International Association of Insurance Supervisors
The insurance industry took its position in support and development programmes adopted by international authorities and organizations such as the World Bank, United Nations, and the International Association of Insurance Supervisors (IAIS). These entities combined and stepped up their efforts in this field and IAIS developed model standards for supervision and regulation worldwide.

International standards for supervision and regulation:

The organization adopted a set of principles totaling 28 for regulating the insurance markets of member states. These standards are used to measure how far the legislation of a member state meet the supervision and regulation requirements:
• 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- Cooperation governance.
• ICP 10- Internal control.
• ICP 11- Market Analysis.
• ICP 12- Reporting to supervisors.
• ICP 13- On-site inspection.
• ICP 14- Preventive and corrective measures.
• ICP 15- Enforcement or sanction.
• ICP 16- Winding-up or 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 and transparency.
• ICP 27- Fraud.
• ICP 28- Anti-money laundering, combating the financing of terrorism. 
 


Standards of the International Union for Insurance Regulators (IAIS)
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