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INSURANCE CORE PRINCIPLES AND METHODOLOGY

The five instances of insurance fraud reflected in Table 10 resulted from individu- als who supplied fraudulent information on applications for term life policies. As set forth in FinCEN regulations, 22 an insurance company is not required to report in- stances of suspected insurance fraud unless the company has reason to believe that the false or fraudulent submission of information relates to money laundering or terrorist financing. One narrative characterized potential terrorist financing when a subject questioned if his term life and accidental death and dismemberment policies would pay if he were killed in a suicide bombing. This was one. | Principles No. 1 International Association of Insurance Supervisors Insurance Core Principles and Methodology October 2003 This document was prepared by the Task Force on the Revisions to the Insurance Core Principles in consultation with members and observers. Insurance core principles and methodology The Insurance core principles and methodology consist of - essential principles that need to be in place for a supervisory system to be effective - explanatory notes that set out the rationale underlying each principle - criteria to facilitate comprehensive and consistent assessments. This document should serve as a basic benchmark for insurance supervisors in all jurisdictions. It can be used when establishing a supervisory regime or for identifying areas in existing regimes that need to be improved. Public authorities concerned with issues of financial stability are urged to provide the necessary support to the supervisory authority so that it can meet the principles and the criteria set out herein. Contents 1. Introduction.4 2. Conditions for effective insurance supervision.6 ICP 1 Conditions for effective insurance supervision.6 3. The supervisory system.8 ICP 2 Supervisory objectives.8 ICP 3 Supervisory authority.9 ICP 4 Supervisory process.12 ICP 5 Supervisory cooperation and information sharing.13 4. The supervised entity.14 ICP 6 Licensing.14 ICP 7 Suitability of persons.16 ICP 8 Changes in control and portfolio transfers.17 ICP 9 Corporate governance.19 ICP 10 Internal control.21 5. On-going supervision.23 ICP 11 Market analysis.23 ICP 12 Reporting to supervisors and off-site monitoring.24 ICP 13 On-site inspection.25 ICP 14 Preventive and corrective measures.27 ICP 15 Enforcement or sanctions.28 ICP 16 Winding-up and exit from the market.30 ICP 17 Group-wide supervision.30 6. Prudential requirements.32 ICP 18 Risk assessment and management.32 ICP 19 Insurance activity.33 ICP 20 Liabilities.34 ICP 21 Investments . 35 ICP 22 Derivatives and similar .