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Key Standards and Self Assessments-Code 12

12. Insurance Core Principles
(International Association of Insurance Supervisors)

Description | Standard | Self-Assessment PDF icon

The Insurance Core Principles were developed to foster prudent insurance supervisory practices globally and to provide a framework with which to develop more detailed insurance standards. The framework comprises essential principles that need to be in place for an insurance supervisory system to be effective. The Core Principles are supported by best practices set out in approved IAS principles and standards.

The principles identify key issues for insurance supervisors in areas such as organization of an insurance supervisory authority; licensing and changes in control; corporate governance and internal controls; prudential rules; and market conduct.

With the business of insurance regulated at a state level in the U.S., the NAIC prepared a response to the IAIS Insurance Core Principles Self-Assessment Questionnaire. The NAIC is the organization of insurance regulators from the 50 states, the District of Columbia, and the four U.S. territories.

Last Updated: 12/1/2010 8:47 AM