ICP-1 | Objectives, Powers and Responsibilities of the Supervisor | 138 |
ICP-10 | Preventive Measures, Corrective Measures and Sanctions | 11 |
ICP-12 | Exit from the Market and Resolution | 0 |
ICP-13 | Reinsurance and Other Forms of Risk Transfer | 4 |
ICP-14 | Valuation | 0 |
ICP-15 | Investment | 4 |
ICP-16 | Enterprise Risk Management for Solvency Purposes | 80 |
ICP-17 | Capital Adequacy | 0 |
ICP-18 | Intermediaries | 0 |
ICP-19 | Conduct of Business | 0 |
ICP-2 | Supervisor | 0 |
ICP-20 | Public Disclosure | 13 |
ICP-21 | Countering Fraud in Insurance | 0 |
ICP-22 | Anti-Money Laundering and Combating the Financing of Terrorism | 0 |
ICP-23 | Group-wide Supervision | 0 |
ICP-24 | Macroprudential Surveillance and Insurance Supervision | 41 |
ICP-25 | Supervisory Cooperation and Coordination | 51 |
ICP-3 | Information Sharing and Confidentiality Requirements | 0 |
ICP-4 | Licensing | 0 |
ICP-5 | Suitability of Persons | 0 |
ICP-6 | Changes in Control and Portfolio Transfers | 0 |
ICP-7 | Corporate Governance | 0 |
ICP-8 | Risk Management and Internal Controls | 79 |
ICP-9 | Supervisory Review and Reporting | 0 |
ICP1 | Objectives, Powers and Responsibilities of the Supervisor | 0 |
ICP10 | Preventive Measures, Corrective Measures and Sanctions | 0 |
ICP12 | Exit from the Market and Resolution | 0 |
ICP13 | Reinsurance and Other Forms of Risk Transfer | 0 |
ICP14 | Valuation | 0 |
ICP15 | Investments | 0 |
ICP16 | Enterprise Risk Management and ORSA | 0 |
ICP17 | Capital Adequacy | 0 |
ICP18 | Intermediaries | 0 |
ICP19 | Conduct of Business | 0 |
ICP2 | Supervisor Independence and Resources | 0 |
ICP20 | Public Disclosure | 0 |
ICP21 | Countering Fraud in Insurance | 0 |
ICP22 | Anti Money Laundering and Combating the Financing of Terrorism | 0 |
ICP23 | Group Wide Supervision | 0 |
ICP24 | Macroprudential Supervision | 0 |
ICP3 | Information Exchange and Confidentiality | 0 |
ICP4 | Licensing | 0 |
ICP5 | Suitability of Persons | 0 |
ICP6 | Changes in Control and Portfolio Transfers | 0 |
ICP7 | Corporate Governance | 0 |
ICP8 | Risk Management and Internal Controls | 0 |
ICP9 | Supervisory Review and Reporting | 0 |
1.1 | 1.1 Primary legislation names the authority responsible for insurance supervision | 0 |
1.2 | 1.2 Primary legislation sets the objectives of supervision: policyholder protection, a fair, safe and stable market, financial stability | 0 |
1.3 | 1.3 Primary legislation gives the supervisor adequate powers | 0 |
1.4 | 1.4 The supervisor seeks legislative change when its powers fall short | 0 |
10.1 | 10.1 Action against unlicensed insurance activity | 0 |
10.2 | 10.2 Preventive measures where an insurer looks likely to breach requirements | 0 |
10.3 | 10.3 Corrective measures where an insurer fails to comply | 0 |
10.4 | 10.4 Required actions, periodic checks that they are taken, and assessment of their effect | 0 |
10.5 | 10.5 Escalation and enforcement where concerns remain unaddressed | 0 |
10.6 | 10.6 Proportionate sanctions on insurers and individuals | 0 |
12.1 | 12.1 A legislated framework for voluntary exit that protects policyholders | 0 |
12.10 | 12.10 High legal priority for policyholders' claims in liquidation | 0 |
12.11 | 12.11 Resolution powers respect the claims hierarchy and no creditor worse off than in liquidation; departures from equal treatment substantiated | 0 |
12.12 | 12.12 Legislation states whether insurance liabilities may be restructured and whether policyholders may absorb losses | 0 |
12.13 | 12.13 Mechanisms to resolve the head of a domestic insurance group | 0 |
12.14 | 12.14 Authority to resolve a foreign insurer's branch, coordinated with the home authorities | 0 |
12.2 | 12.2 A legislated resolution framework that protects policyholders and absorbs losses in the claims hierarchy | 0 |
12.3 | 12.3 Processes and procedures to prepare for and conduct resolution | 0 |
12.4 | 12.4 Regular assessment of which insurers need a resolution plan; plans and resolvability assessments for systemic or critical insurers | 0 |
12.5 | 12.5 Clearly defined roles of the authorities involved in exit and resolution | 0 |
12.6 | 12.6 Information sharing, cooperation and coordination with other authorities on exit and resolution | 0 |
12.7 | 12.7 Legislated criteria for initiating resolution | 0 |
12.8 | 12.8 A range of resolution powers proportionate to the sector, exercised flexibly and under safeguards | 0 |
12.9 | 12.9 Supervisor involvement in initiating liquidation | 0 |
13.1 | 13.1 A reinsurance programme appropriate to the business and integrated with risk and capital management | 0 |
13.2 | 13.2 Internal controls over implementing the reinsurance programme | 0 |
13.3 | 13.3 Demonstrating the economic impact of the risk transfer | 0 |
13.4 | 13.4 Cross-border reinsurance: account taken of the reinsurer's home supervision | 0 |
13.5 | 13.5 The reinsurance programme considered in liquidity management | 0 |
13.6 | 13.6 Capital-market risk transfer understood, assessed and its issues addressed | 0 |
14.1 | 14.1 Valuation covers recognition, derecognition and measurement | 0 |
14.10 | 14.10 Appropriate allowance for embedded options and guarantees | 0 |
14.2 | 14.2 Assets and liabilities valued on consistent bases | 0 |
14.3 | 14.3 Reliable, decision-useful and transparent valuation | 0 |
14.4 | 14.4 Economic valuation at risk-adjusted present value of cash flows | 0 |
14.5 | 14.5 No credit for the insurer's own credit standing in liabilities | 0 |
14.6 | 14.6 The current estimate: present value of all relevant projected cash flows on unbiased current assumptions | 0 |
14.7 | 14.7 Technical provisions equal the current estimate plus a margin over current estimate | 0 |
14.8 | 14.8 The MOCE reflects the uncertainty in the current estimate | 0 |
14.9 | 14.9 Time value of money with supervisor-set criteria for discount rates | 0 |
15.1 | 15.1 Regulatory investment requirements on the insurer's investment activities | 0 |
15.2 | 15.2 Portfolio as a whole: secure assets in the right location, payments met as due, adequate diversification | 0 |
15.3 | 15.3 Investment appropriate to the nature and duration of the liabilities | 0 |
15.4 | 15.4 Invest only where the risks can be properly assessed and managed | 0 |
15.5 | 15.5 Quantitative and qualitative limits on complex, less transparent or less regulated assets and markets | 0 |
16.1 | 16.1 ERM identifies all reasonably foreseeable material risks and their interdependencies | 0 |
16.10 | 16.10 A regular own risk and solvency assessment (ORSA) | 0 |
16.11 | 16.11 Board and Senior Management responsible for the ORSA | 0 |
16.12 | 16.12 ORSA scope: all material risks, the link between risk and financial resources, and where necessary macroeconomic and counterparty stress | 0 |
16.13 | 16.13 ORSA determines needed financial resources; risk actions consider economic and regulatory capital; capital quality and adequacy assessed | 0 |
16.14 | 16.14 Continuity analysis over a longer horizon with projections of future financial position and capital compliance | 0 |
16.15 | 16.15 Recovery planning: options evaluated in advance; regular assessment of who needs a plan; plans for systemic or critical insurers kept current | 0 |
16.16 | 16.16 Supervisory review of the ERM framework and ORSA, with strengthening required where necessary | 0 |
16.2 | 16.2 Quantification under a wide range of techniques and, as necessary, total-balance-sheet stress testing | 0 |
16.3 | 16.3 ERM links risk appetite, risk limits, regulatory capital, economic capital and risk monitoring | 0 |
16.4 | 16.4 A risk appetite statement covering aggregate risk, all material risk categories and operationalised through risk limits | 0 |
16.5 | 16.5 An explicit asset-liability management policy | 0 |
16.6 | 16.6 An explicit investment policy: risk within appetite and limits, compliance with investment rules, procedures for complex assets, counterparty appetite | 0 |
16.7 | 16.7 An underwriting policy: risk within appetite, nature of risks including macroeconomic links, interaction with reinsurance and pricing | 0 |
16.8 | 16.8 Liquidity risk addressed with strategies to meet liabilities in normal and stressed conditions | 0 |
16.9 | 16.9 As necessary: liquidity stress testing, a portfolio of unencumbered liquid assets, a contingency funding plan and a liquidity report to the supervisor | 0 |
17.1 | 17.1 A total balance sheet approach to solvency assessment | 0 |
17.10 | 17.10 An approach to identifying and valuing capital resources consistent with the total balance sheet | 0 |
17.11 | 17.11 Capital quality criteria based on loss absorbency on going concern, solvent run-off and liquidation or resolution bases | 0 |
17.12 | 17.12 Internal models: modelling criteria for broad consistency and the control levels they may be used for | 0 |
17.13 | 17.13 Prior approval of an internal model: appropriateness shown, statistical quality, calibration and use tests passed, documentation met | 0 |
17.14 | 17.14 Statistical quality test: techniques fit the risks, methodology, inputs and assumptions justified, overall risk position covered, data accurate and complete | 0 |
17.15 | 17.15 Calibration test against the modelling criteria | 0 |
17.16 | 17.16 Model governance and the use test: Board and management control, understanding and embedding in risk strategy and operations | 0 |
17.17 | 17.17 Documentation of the model's design, construction, governance and validation | 0 |
17.18 | 17.18 Ongoing monitoring, validation, notification of material changes and regular reporting on the model | 0 |
17.2 | 17.2 Capital requirements set so obligations are met in adversity, and capital resources maintained to meet them | 0 |
17.3 | 17.3 Solvency control levels that trigger graded, timely supervisory measures | 0 |
17.4 | 17.4 At least two control levels: the Prescribed Capital Requirement and the Minimum Capital Requirement | 0 |
17.5 | 17.5 Group-wide solvency control levels fitted to the group capital approach | 0 |
17.6 | 17.6 Standardised approaches, with tailored approaches and internal models allowed on approval | 0 |
17.7 | 17.7 All material risks addressed in valuation and/or capital, with the split made clear and aggregation defined | 0 |
17.8 | 17.8 Target criteria calibrating the standardised approach, and tailored approaches no less prudent | 0 |
17.9 | 17.9 Variations to capital requirements only in limited circumstances | 0 |
18.1 | 18.1 Intermediaries must be licensed | 0 |
18.2 | 18.2 Ongoing supervisory review of licensed intermediaries | 0 |
18.3 | 18.3 Professional knowledge, experience, integrity and competence | 0 |
18.4 | 18.4 Appropriate governance in intermediaries | 0 |
18.5 | 18.5 Disclosure of terms of business, insurer relationships and remuneration where a conflict may exist | 0 |
18.6 | 18.6 Safeguards over client monies | 0 |
18.7 | 18.7 Supervisory measures against licensed intermediaries where appropriate | 0 |
18.8 | 18.8 Checking that measures are taken and escalating where concerns persist | 0 |
18.9 | 18.9 Action against unlicensed intermediation | 0 |
19.1 | 19.1 Due skill, care and diligence with customers | 0 |
19.10 | 19.10 Claims handled in a timely, fair and transparent manner | 0 |
19.11 | 19.11 Complaints handled in a timely and fair manner | 0 |
19.12 | 19.12 Policies and processes for protecting and using customer information | 0 |
19.13 | 19.13 Public disclosure by the supervisor that supports fair treatment | 0 |
19.2 | 19.2 Fair treatment of customers as policy, process and culture | 0 |
19.3 | 19.3 Conflicts of interest avoided or properly managed | 0 |
19.4 | 19.4 Arrangements between insurers and intermediaries that secure fair treatment | 0 |
19.5 | 19.5 Interests of different consumer types considered in product development and distribution | 0 |
19.6 | 19.6 Promotion that is clear, fair and not misleading | 0 |
19.7 | 19.7 Timely, clear and adequate pre-contractual and contractual information | 0 |
19.8 | 19.8 Advice that takes account of the customer's disclosed circumstances | 0 |
19.9 | 19.9 Policy servicing to the end of all obligations, with disclosure of contractual changes and product-relevant information | 0 |
2.1 | 2.1 Operational independence from government and industry | 0 |
2.10 | 2.10 Sufficient human, technological and financial resources | 0 |
2.11 | 2.11 Outsourced supervisory work: expectations set, performance monitored, independence and confidentiality assured | 0 |
2.2 | 2.2 Legal protection for the supervisor and its staff acting in good faith | 0 |
2.3 | 2.3 Transparent appointment and dismissal of the supervisor's head and governing body | 0 |
2.4 | 2.4 Internal governance that preserves integrity and enables accountability | 0 |
2.5 | 2.5 Consistent and equitable application of requirements | 0 |
2.6 | 2.6 Appeal processes that do not impede timely intervention | 0 |
2.7 | 2.7 Statutory duty to protect confidential information | 0 |
2.8 | 2.8 Transparency about how the supervisor exercises its responsibilities | 0 |
2.9 | 2.9 Publication of requirements and public consultation on significant changes | 0 |
20.1 | 20.1 Audited financial statements available at least annually | 0 |
20.10 | 20.10 Capital adequacy: objectives, policies and processes, the solvency requirements applying, capital available, and internal model information | 0 |
20.11 | 20.11 Liquidity risk disclosures sufficient for market participants to assess material exposures | 0 |
20.12 | 20.12 Financial performance in total and by segment: earnings, claims development, pricing adequacy, investment performance | 0 |
20.13 | 20.13 Specified practices for any non-GAAP financial measures disclosed | 0 |
20.2 | 20.2 Annual public disclosure across ten areas from company profile to financial performance | 0 |
20.3 | 20.3 Company profile: nature of business, structure, segments, environment, objectives and strategies | 0 |
20.4 | 20.4 Governance disclosures: key features of the framework, internal controls and risk management, and how they are implemented | 0 |
20.5 | 20.5 Technical provisions by segment: cash flow assumptions, discount rate rationale, risk adjustment method, description of the method | 0 |
20.6 | 20.6 Insurance risk exposure: nature of risks, objectives and policies, models and underwriting, reinsurance, concentrations | 0 |
20.7 | 20.7 Financial instruments and investments by class, with objectives, policies, values, assumptions and differences between reporting bases | 0 |
20.8 | 20.8 Material investment risk exposures and their management | 0 |
20.9 | 20.9 Asset-liability management: in total and by segment, methodology and assumptions, capital or provisions held for mismatch | 0 |
21.1 | 21.1 Legislation sanctions insurance fraud and prejudicing a fraud investigation | 0 |
21.2 | 21.2 Understanding of fraud risk types, regular sector assessment and required countermeasures | 0 |
21.3 | 21.3 A supervisory framework to monitor and enforce anti-fraud compliance | 0 |
21.4 | 21.4 Regular review of the effectiveness of anti-fraud measures, with action to improve them | 0 |
21.5 | 21.5 Cooperation and information exchange with law enforcement and other supervisors on fraud | 0 |
22.1 | 22.1 Understanding of ML/TF risks, regular sector risk assessment and a risk-based approach consistent with FATF | 0 |
22.2 | 22.2 Enforceable AML/CFT means beyond primary legislation, guidance, and feedback to the sector | 0 |
22.3 | 22.3 A framework to monitor and enforce AML/CFT compliance | 0 |
22.4 | 22.4 Regular review of the effectiveness of AML/CFT measures, with action to improve them | 0 |
22.5 | 22.5 Domestic and cross-border cooperation and information exchange for AML/CFT | 0 |
22.6 | 22.6 Where another authority is designated: awareness of ML/TF risks and liaison with that authority | 0 |
22.7 | 22.7 Where another authority is designated: cooperation and information exchange for AML/CFT purposes | 0 |
23.1 | 23.1 Identification of every legal entity in the insurance group | 0 |
23.2 | 23.2 Determination of the scope of group-wide supervision | 0 |
23.3 | 23.3 No narrowing of the group or the scope for want of legal authority over particular entities | 0 |
24.1 | 24.1 Data collected for macroprudential supervision | 0 |
24.2 | 24.2 Quantitative and qualitative analysis of markets and the sector, covering trends, the current environment and inward and outward risks | 0 |
24.3 | 24.3 An established process to assess systemic importance of insurers and the sector | 0 |
24.4 | 24.4 Macroprudential results and systemic importance feed supervisory requirements | 0 |
24.5 | 24.5 Publication of sector data and statistics | 0 |
25.1 | 25.1 Agreement among involved supervisors on who is the group-wide supervisor | 0 |
25.2 | 25.2 The group-wide supervisor understands the group and leads group-wide supervision | 0 |
25.3 | 25.3 An other involved supervisor understands the group's local entities and their effect on the rest of the group | 0 |
25.4 | 25.4 Coordination arrangements agreed for cross-border groups | 0 |
25.5 | 25.5 A written coordination agreement, put in place | 0 |
25.6 | 25.6 Agreement on whether to establish a supervisory college and how it operates | 0 |
25.7 | 25.7 Crisis management preparations coordinated across supervisors and authorities | 0 |
25.8 | 25.8 In a crisis: prompt notification, joint assessment, and coordinated timely solutions | 0 |
25.9 | 25.9 Coordinated public and group communication during a crisis | 0 |
3.1 | 3.1 Requesting information, including non-public information, from other supervisors and authorities | 0 |
3.2 | 3.2 Sharing information at the supervisor's discretion under safeguards | 0 |
3.3 | 3.3 A legitimate interest and valid supervisory purpose behind every request | 0 |
3.4 | 3.4 Case-by-case assessment and timely, comprehensive responses to requests | 0 |
3.5 | 3.5 Use only for the stated purpose; agreement before any other use or onward passing | 0 |
3.6 | 3.6 Notification and resistance when compelled to disclose received information | 0 |
4.1 | 4.1 Legislation defines insurance activities, prohibits unauthorised activity, sets legal forms, allocates licensing and provides for foreign insurers | 0 |
4.2 | 4.2 Licensing as the control over who may conduct insurance | 0 |
4.3 | 4.3 Clear, objective, public and consistently applied licensing requirements: plans, structure, suitability, governance, capital | 0 |
4.4 | 4.4 Decisions within a clearly specified reasonable time | 0 |
4.5 | 4.5 Refusal where requirements are unmet, conditions where appropriate, and reasons given | 0 |
4.6 | 4.6 A licence states its scope | 0 |
4.7 | 4.7 A published list of licensed insurers and licence scopes | 0 |
4.8 | 4.8 Consultation with the relevant supervisor on foreign branches and subsidiaries | 0 |
4.9 | 4.9 Host consults home before allowing cross-border activity without physical presence | 0 |
5.1 | 5.1 Legislation names who must meet suitability requirements | 0 |
5.2 | 5.2 Competence and integrity for Board, management and control functions; financial soundness and integrity for owners | 0 |
5.3 | 5.3 The insurer demonstrates suitability initially and on an ongoing basis, scaled to the role | 0 |
5.4 | 5.4 Notification of changes in key persons and of circumstances affecting suitability | 0 |
5.5 | 5.5 Rectifying action when a person no longer meets suitability requirements | 0 |
5.6 | 5.6 Information exchange with other authorities to check suitability | 0 |
6.1 | 6.1 Legislation defines control and provides oversight and enforcement of change-of-control requirements | 0 |
6.2 | 6.2 Notification of a proposed change of control; supervisory assessment and decision | 0 |
6.3 | 6.3 Supervisory approval for demutualisation or mutualisation | 0 |
6.4 | 6.4 Portfolio transfers assessed on the financial condition of both parties and the protection of both sets of policyholders | 0 |
7.1 | 7.1 Clear allocation of roles between Board, Senior Management and control functions; Board oversight of management | 0 |
7.10 | 7.10 Senior Management runs operations within the culture and strategy, promotes risk management, compliance and fair treatment, informs the Board and keeps orderly records | 0 |
7.11 | 7.11 The insurer demonstrates the adequacy and effectiveness of its governance framework | 0 |
7.2 | 7.2 The Board sets and oversees culture, objectives and strategy in the insurer's long-term interest | 0 |
7.3 | 7.3 Board composition, internal practices and powers adequate on an ongoing basis | 0 |
7.4 | 7.4 Individual Board Members' duties: good faith, care and diligence, the insurer's and policyholders' interests first, independent judgement, no undue advantage | 0 |
7.5 | 7.5 Board oversight of the design and implementation of risk management and internal controls | 0 |
7.6 | 7.6 A written remuneration policy that does not induce excessive risk-taking, covering the Board, management, control functions and major risk-takers | 0 |
7.7 | 7.7 A reliable financial reporting process with defined roles for Board, management and external auditor | 0 |
7.8 | 7.8 Governance and oversight of the external audit | 0 |
7.9 | 7.9 Systems for timely and effective communication with the supervisor on governance | 0 |
8.1 | 8.1 A documented risk management system: risk appetite strategy, risk policy for every material risk, timely response to profile changes | 0 |
8.2 | 8.2 A documented system of internal controls | 0 |
8.3 | 8.3 Control functions with authority, independence and resources | 0 |
8.4 | 8.4 A risk management function that identifies, assesses, monitors, mitigates and reports key risks and sustains a risk culture | 0 |
8.5 | 8.5 A compliance function that supports legal, regulatory and supervisory obligations and a compliance culture | 0 |
8.6 | 8.6 An actuarial function advising on technical provisions, pricing, capital adequacy, reinsurance and related compliance | 0 |
8.7 | 8.7 An internal audit function giving the Board independent assurance on the governance framework | 0 |
8.8 | 8.8 Undiminished oversight of and accountability for outsourced material activities | 0 |
9.1 | 9.1 A documented supervisory review and reporting framework, periodically reviewed | 0 |
9.2 | 9.2 Supervisory plans setting priorities and the depth of off-site monitoring and on-site inspection | 0 |
9.3 | 9.3 Outsourced material activities reviewed to the same level as in-house ones | 0 |
9.4 | 9.4 Documented regular reporting requirements: scope, frequency, accounting and audit standards, audited annual statements, material changes and incidents, corrections, additional | 0 |
9.5 | 9.5 Ongoing monitoring from communication, supervisory reporting and market information | 0 |
9.6 | 9.6 On-site inspections with a set objective, scope, timing and work programme | 0 |
9.7 | 9.7 Findings and needed measures discussed with the insurer as soon as practical | 0 |
ASSESS | Introduction and Assessment Methodology: how observance of the ICPs is assessed | 0 |
COMFRAME | ComFrame: the Common Framework for the Supervision of Internationally Active Insurance Groups | 0 |
HIST | Edition history and the status of each ICP | 0 |
ICP 1 | ICP 1 Objectives, powers and responsibilities of the supervisor | 0 |
ICP 10 | ICP 10 Preventive measures, corrective measures and sanctions | 0 |
ICP 12 | ICP 12 Exit from the market and resolution | 0 |
ICP 13 | ICP 13 Reinsurance and other forms of risk transfer | 0 |
ICP 14 | ICP 14 Valuation | 0 |
ICP 15 | ICP 15 Investments | 0 |
ICP 16 | ICP 16 Enterprise risk management for solvency purposes | 0 |
ICP 17 | ICP 17 Capital adequacy | 0 |
ICP 18 | ICP 18 Intermediaries | 0 |
ICP 19 | ICP 19 Conduct of business | 0 |
ICP 2 | ICP 2 Supervisor | 0 |
ICP 20 | ICP 20 Public disclosure | 0 |
ICP 21 | ICP 21 Countering fraud in insurance | 0 |
ICP 22 | ICP 22 Anti-money laundering and combating the financing of terrorism | 0 |
ICP 23 | ICP 23 Group-wide supervision | 0 |
ICP 24 | ICP 24 Macroprudential supervision | 0 |
ICP 25 | ICP 25 Supervisory cooperation and coordination | 0 |
ICP 3 | ICP 3 Information sharing and confidentiality requirements | 0 |
ICP 4 | ICP 4 Licensing | 0 |
ICP 5 | ICP 5 Suitability of persons | 0 |
ICP 6 | ICP 6 Changes in control and portfolio transfers | 0 |
ICP 7 | ICP 7 Corporate governance | 0 |
ICP 8 | ICP 8 Risk management and internal controls | 0 |
ICP 9 | ICP 9 Supervisory review and reporting | 0 |
ICPS | The Insurance Core Principles and ComFrame, updated December 2024: what they are and what is held | 0 |