Insurance Core Principles, Standards, Guidance and Assessment Methodology

This publication sets out the Insurance Core Principles (ICPs) that provide a globally accepted framework for the supervision of the insurance sector. They apply to insurance supervision in all jurisdictions regardless of the level of development of the insurance markets and the type of insurance products or services being supervised.The publication highlights the importance of a sound regulatory and supervisory system in maintaining a fair, safe and stable insurance sector. The principles are presented according to a hierarchy of supervisory material as follows:

• ICP statements are the highest level in the hierarchy;
• They prescribe the essential elements that must be present in the supervisory regime in order to promote a financially sound insurance sector and provide an adequate level of policyholder protection;
• Standards are the next level in the hierarchy and are linked to specific ICP statements;
• Standards set out key high level requirements that are fundamental to the implementation of the ICP statement;
• Guidance material is the lowest level in the hierarchy and typically supports the ICP statement and/or standards;
• Guidance material provides detail on how to implement an ICP statement or standard.