On and Offsite Inspections
An inspection is an official examination or review. The term 'onsite' means that the inspection takes place wherever the subject of the inspection happens to be located. In the insurance sector, supervisory authorities perform onsite insp...
| Main Authors: | , |
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/110531468162291987/On-and-offsite-inspections http://hdl.handle.net/10986/27500 |
| Summary: | An inspection is an official examination
or review. The term 'onsite' means that the
inspection takes place wherever the subject of the
inspection happens to be located. In the insurance sector,
supervisory authorities perform onsite inspections of
insurers and intermediaries. Inspections sometimes extend to
other entities that can affect the operations of insurers
and intermediaries, such as affiliated companies and
providers of outsourced services. A full-scale onsite
inspection is a wide-ranging look at the finances and
operations of an insurer. It can greatly assist the
supervisory authority in arriving at a comprehensive
assessment of the insurer's risk profile, viability,
and compliance with requirements. Full-scale inspections can
consume a lot of supervisory resources. A focused inspection
looks at selected aspects of an insurer's finances or
operations. They can often be performed more quickly and
with fewer resources than a full-scale inspection, which is
particular important if a specific supervisory concern has
arisen and needs to be investigated. The flexibility to use
both full-scale and focused inspections, as the situation
may require, enables a supervisory authority to use
available resources effectively and efficiently. |
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