Risk Based Supervision
The role of supervisory authorities undertaking prudential supervision is to promote the maintenance of efficient, fair, safe and stable insurance markets for the benefit and protection of policyholders. An effective supervisory authority is able t...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/807661468177834997/Risk-based-supervision http://hdl.handle.net/10986/27499 |
| id |
okr-10986-27499 |
|---|---|
| recordtype |
oai_dc |
| spelling |
okr-10986-274992021-04-23T14:04:43Z Risk Based Supervision Randle, Tony INSURANCE ACCIDENT ACCIDENT INSURANCE ACCRUAL ACCOUNTING AGRICULTURAL INSURANCE AUDITORS BANKS CAPITAL MARKETS CAPITAL REQUIREMENT CATASTROPHIC EVENTS CONSUMER PROTECTION CONTINGENCY PLANS CREDIT RATINGS CREDIT RISK DISASTER DISASTER RECOVERY EARLY WARNING EXCHANGE RATES EXTERNAL AUDITORS FINANCIAL ASSETS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL SERVICES FIRE FOREIGN EXCHANGE FRAUD HOUSING HOUSING FINANCE HUMAN RESOURCE MANAGEMENT INCOME INSPECTIONS INSURANCE COMPANY INSURANCE INDUSTRY INSURANCE MARKETS INSURANCE RISK INSURANCE SUPERVISORS INSURER INTEGRITY INTEREST RATES LAWS LEGAL FRAMEWORK LEGISLATION LIFE INSURERS MARKET RISK MICROINSURANCE NBFI NEGOTIATIONS NON-BANK OPERATIONAL RISK PENALTIES PENSION FUNDS PENSION SUPERVISION PENSIONS POLICYHOLDERS PREMIUMS PRESENT VALUE PRIVATE REINSURANCE PROFITABILITY PROGRAMS RATES RATING AGENCIES REINSURANCE REINSURER REINSURERS RESERVES RESIDUAL RISK RISK ASSESSMENT RISK MANAGEMENT RISK MANAGEMENT PROCESS RISK OF DEFAULT RISK PROFILES SAVINGS SOLVENCY STORM SUBORDINATED DEBT SUPERVISORY AGENCIES SUPERVISORY AUTHORITIES TAXATION TECHNICAL ASSISTANCE UNDERWRITING The role of supervisory authorities undertaking prudential supervision is to promote the maintenance of efficient, fair, safe and stable insurance markets for the benefit and protection of policyholders. An effective supervisory authority is able to require an insurer to take timely preventive and corrective measures if the insurer fails to operate in a manner that is consistent with sound business practices or regulatory requirements. Traditionally, authorities have performed this role by way of compliance based supervision. Under this style of supervision, insurers must comply with a set of prudential rules generally written into the law or the subordinate legislation. The role of the supervisory authority is to ensure that insurers do, in fact, comply with these rules. In recent years, supervision has been evolving and moving from a style that is compliance based to one that is risk based. This progression has also been a feature of the activities of bank supervision and pension supervision. 2017-06-30T15:52:53Z 2017-06-30T15:52:53Z 2009-12 Report http://documents.worldbank.org/curated/en/807661468177834997/Risk-based-supervision http://hdl.handle.net/10986/27499 English en_US Primer Series on Insurance;14 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
INSURANCE ACCIDENT ACCIDENT INSURANCE ACCRUAL ACCOUNTING AGRICULTURAL INSURANCE AUDITORS BANKS CAPITAL MARKETS CAPITAL REQUIREMENT CATASTROPHIC EVENTS CONSUMER PROTECTION CONTINGENCY PLANS CREDIT RATINGS CREDIT RISK DISASTER DISASTER RECOVERY EARLY WARNING EXCHANGE RATES EXTERNAL AUDITORS FINANCIAL ASSETS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL SERVICES FIRE FOREIGN EXCHANGE FRAUD HOUSING HOUSING FINANCE HUMAN RESOURCE MANAGEMENT INCOME INSPECTIONS INSURANCE COMPANY INSURANCE INDUSTRY INSURANCE MARKETS INSURANCE RISK INSURANCE SUPERVISORS INSURER INTEGRITY INTEREST RATES LAWS LEGAL FRAMEWORK LEGISLATION LIFE INSURERS MARKET RISK MICROINSURANCE NBFI NEGOTIATIONS NON-BANK OPERATIONAL RISK PENALTIES PENSION FUNDS PENSION SUPERVISION PENSIONS POLICYHOLDERS PREMIUMS PRESENT VALUE PRIVATE REINSURANCE PROFITABILITY PROGRAMS RATES RATING AGENCIES REINSURANCE REINSURER REINSURERS RESERVES RESIDUAL RISK RISK ASSESSMENT RISK MANAGEMENT RISK MANAGEMENT PROCESS RISK OF DEFAULT RISK PROFILES SAVINGS SOLVENCY STORM SUBORDINATED DEBT SUPERVISORY AGENCIES SUPERVISORY AUTHORITIES TAXATION TECHNICAL ASSISTANCE UNDERWRITING |
| spellingShingle |
INSURANCE ACCIDENT ACCIDENT INSURANCE ACCRUAL ACCOUNTING AGRICULTURAL INSURANCE AUDITORS BANKS CAPITAL MARKETS CAPITAL REQUIREMENT CATASTROPHIC EVENTS CONSUMER PROTECTION CONTINGENCY PLANS CREDIT RATINGS CREDIT RISK DISASTER DISASTER RECOVERY EARLY WARNING EXCHANGE RATES EXTERNAL AUDITORS FINANCIAL ASSETS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL SERVICES FIRE FOREIGN EXCHANGE FRAUD HOUSING HOUSING FINANCE HUMAN RESOURCE MANAGEMENT INCOME INSPECTIONS INSURANCE COMPANY INSURANCE INDUSTRY INSURANCE MARKETS INSURANCE RISK INSURANCE SUPERVISORS INSURER INTEGRITY INTEREST RATES LAWS LEGAL FRAMEWORK LEGISLATION LIFE INSURERS MARKET RISK MICROINSURANCE NBFI NEGOTIATIONS NON-BANK OPERATIONAL RISK PENALTIES PENSION FUNDS PENSION SUPERVISION PENSIONS POLICYHOLDERS PREMIUMS PRESENT VALUE PRIVATE REINSURANCE PROFITABILITY PROGRAMS RATES RATING AGENCIES REINSURANCE REINSURER REINSURERS RESERVES RESIDUAL RISK RISK ASSESSMENT RISK MANAGEMENT RISK MANAGEMENT PROCESS RISK OF DEFAULT RISK PROFILES SAVINGS SOLVENCY STORM SUBORDINATED DEBT SUPERVISORY AGENCIES SUPERVISORY AUTHORITIES TAXATION TECHNICAL ASSISTANCE UNDERWRITING Randle, Tony Risk Based Supervision |
| relation |
Primer Series on Insurance;14 |
| description |
The role of supervisory authorities
undertaking prudential supervision is to promote the
maintenance of efficient, fair, safe and stable insurance
markets for the benefit and protection of policyholders. An
effective supervisory authority is able to require an
insurer to take timely preventive and corrective measures if
the insurer fails to operate in a manner that is consistent
with sound business practices or regulatory requirements.
Traditionally, authorities have performed this role by way
of compliance based supervision. Under this style of
supervision, insurers must comply with a set of prudential
rules generally written into the law or the subordinate
legislation. The role of the supervisory authority is to
ensure that insurers do, in fact, comply with these rules.
In recent years, supervision has been evolving and moving
from a style that is compliance based to one that is risk
based. This progression has also been a feature of the
activities of bank supervision and pension supervision. |
| format |
Report |
| author |
Randle, Tony |
| author_facet |
Randle, Tony |
| author_sort |
Randle, Tony |
| title |
Risk Based Supervision |
| title_short |
Risk Based Supervision |
| title_full |
Risk Based Supervision |
| title_fullStr |
Risk Based Supervision |
| title_full_unstemmed |
Risk Based Supervision |
| title_sort |
risk based supervision |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/807661468177834997/Risk-based-supervision http://hdl.handle.net/10986/27499 |
| _version_ |
1764464571792228352 |