ICP 1: Conditions for Effective Insurance Supervision

Size: px
Start display at page:

Download "ICP 1: Conditions for Effective Insurance Supervision"

Transcription

1 A Core Curriculum for Insurance Supervisors ICP 1: Conditions for Effective Insurance Supervision Teaching Note

2 Copyright 2006 International Association of Insurance Supervisors (IAIS). All rights reserved. The material in this module is copyrighted. It may be used for training by competent organizations with permission. Please contact the IAIS to seek permission. This teaching note was prepared by Donald McIsaac. Mr. McIsaac joined the World Bank in 1993 as senior insurance specialist, working with client countries on reform of their social security systems, promotion of private pension and insurance sectors, and development of regulation and supervision. He has been involved in the Financial Sector Assessment Program, developing practices for assessments and conducting more than 20 assessments of the insurance and pension sectors. Prior to joining the World Bank, he served as director general in charge of supervision of life insurance companies in Canada for 15 years and, for part of that time, as acting deputy superintendent of financial institutions for Canada, with responsibility for supervising all types of private pension and insurance activities. His professional activities include extensive participation in the work of the Canadian Institute of Actuaries, including three years on the Executive Committee. He participated in international discussions organized by the Bank for International Settlements to review issues related to the supervision of financial conglomerates. His private sector experience as an actuary was with life insurance companies in Canada and the United States.

3 ICP 1: Conditions for Effective Insurance Supervision Teaching Note Introduction In many matters, the insurance supervisor will be obliged to take the lead in promoting the development and adoption of best practices in the areas that are identified as preconditions. While many of the factors are outside the control of the supervisor, the supervisor may nevertheless take an active role in their development and evolution. When a shortcoming is identified, the supervisor can use the authority of the office of supervision to begin a dialogue with affected parties and with those persons who are in a position to make changes. External experts can be invited to provide advice and training. Seminars can be held to sensitize key parties to any problems or shortcomings and their potential impact on consumers and the economy, as well as to the steps that will have to be taken to remedy those problems. The process will likely involve persuading industry players, independent professionals, and public officials (such as the minister of finance) as to the proper course of action. Context The following notes are written to help you to deliver a seminar on this module. The module may be covered in a half-day seminar (a short version providing an overview) or a full-day seminar (covering all the learning objectives and providing more hands-on activities).

4 Insurance Supervision Core Curriculum Participants If the seminar involves financial supervisors from different jurisdictions, participants would be ideally from the top three levels of management in the supervisory office that is, those persons who would normally be intimately involved in setting supervisory objectives and policies. Staff of the ministry of finance who are involved with financial regulation or legislation could also attend. Other potential participants include supervisors in the insurance, securities, banking, pensions, and associated financial service sectors. Advance preparation Participants should be strongly encouraged to read the module in advance of the seminar. The questions included in the text should assist the participants as they review the material independently. Proposed solutions at the end of the module will provide the serious participant with ample food for thought when dealing with the types of problems raised by the sample questions. Participants should be asked to write down three to five points that they want to discuss, clarify, or with which they differ. Points to make in a presentation The existence of appropriate legislation is essential, and the supervisor will have no authority until basic legislation is in place. However, it often happens that the legislation that initially emerges does not embody all the best practices of insurance regulation and supervision. The supervisor will then be obliged to take the initiative to identify gaps and shortcomings in the regulatory system and even in the legislation. These gaps will be apparent after a comparison with international best practices and with the operating practices of insurance companies already active in the country. The supervisor will then have to begin a campaign of training and sensitization, through the use of seminars and the drafting of materials, in order to convince all the players legislators, insurance company executives, and the general public to endorse the modifications to the legal system that the supervisor considers necessary. Unfortunately, this is not a straightforward process. Legislators in all countries have a very full agenda, and it will always be challenging to focus their attention on matters relating to insurance. Supervisors in some countries have found that external forces can be helpful. For example, when a country has been the subject of a Financial Sector Assessment, the recommendations concerning insurance can be very helpful in prompting policymakers and legislators to adopt necessary changes to the laws and regulations. Countries considering accession to the European Union have reported similar

5 ICP 1: Conditions for Effective Insurance Supervision (Teaching Note) consequences from the pre-accession reviews. Fortunately, many useful changes can be implemented by supervisors who enjoy the full support of their cabinet ministers. This support will facilitate many changes that can be made through the adoption of regulations and guidelines, without having to seek amendments to basic legislation. Approach and resource materials The seminar should provide a combination of presentation, small group interaction, feedback, and plenary discussion. Participants lose concentration without regular changes in mode of presentation and activity. You should encourage participants to ask questions and to give examples of cases in which shortcomings in the conditions for effective supervision gave rise to problems. You should offer similar examples throughout the presentation as well. Group discussion The following exercise is offered for group discussion in a seminar setting. This exercise is written in very broad language, in order to allow the group to identify many issues that this exercise raises. You have just been appointed insurance supervisor. Your office is housed in the Ministry of Finance but is not part of a consolidated supervisory authority. Your only responsibility is insurance. The newly elected government has stated its intention to terminate the state monopoly on insurance and to allow foreign companies to operate within your borders. Several well-known established companies have expressed interest. Although there are no professional organizations for either actuaries or accountants in your country, the national university has a highly regarded faculty of mathematics, and you have heard talk of proposals to begin offering a degree in business or commerce. List some actions you might take and recommendations you will present to the minister. The following are some of the points that should emerge in a discussion: An office needs to be established, with sufficient numbers of competent staff. The commerce program in the university perhaps could produce good candidates. The supervisor could be pro-active and encourage the university to develop key professionals. A licensing program should be established for new companies. Policy decisions are required regarding the role of foreigners and domestic companies.

6 Insurance Supervision Core Curriculum It is important to submit recommendations to the minister concerning the state monopoly. For example, you could recommend splitting the monopoly into several companies and selling them to private investors. There are other options. A program is needed for monitoring and supervising new companies that will be licensed, including minimum capital rules, financial reporting standards, and so forth.

ICP 8: Changes in Control and Portfolio Transfers

ICP 8: Changes in Control and Portfolio Transfers A Core Curriculum for Insurance Supervisors ICP 8: Changes in Control and Portfolio Transfers Teaching Note Copyright 06 International Association of Insurance Supervisors (IAIS). All rights reserved.

More information

Numbered 2010/11 Prime Ministry Circular about Istanbul International Finance Center Administrative Structure was published in the Official Gazette

Numbered 2010/11 Prime Ministry Circular about Istanbul International Finance Center Administrative Structure was published in the Official Gazette Numbered 2010/11 Prime Ministry Circular about Istanbul International Finance Center Administrative Structure was published in the Official Gazette dated May 1, 2010 and numbered 27568. UNOFFICIAL TRANSLATION

More information

Discours de. Madame Danielle Boulet. Surintendante de l encadrement de la solvabilité. Autorité des marchés financiers

Discours de. Madame Danielle Boulet. Surintendante de l encadrement de la solvabilité. Autorité des marchés financiers Discours de Madame Danielle Boulet Surintendante de l encadrement de la solvabilité Autorité des marchés financiers At the Canadian association of Financial Institutions in Insurance ( CAFII ) BOARD OF

More information

APRA S FIT AND PROPER REQUIREMENTS

APRA S FIT AND PROPER REQUIREMENTS APRA S FIT AND PROPER REQUIREMENTS Consultation Paper Australian Prudential Regulation Authority PREAMBLE APRA was created out of the Government s financial sector reforms that were implemented as a result

More information

Affecting The Availability of

Affecting The Availability of Financial Regulatory Factors Affecting The Availability of Long-Term Investment t Finance Eric Parrado H. Chairman Banking and Financial Institutions Regulation Authority of Chile Sixth Meeting of the

More information

INSURANCE CORE PRINCIPLES, STANDARDS, GUIDANCE AND ASSESSMENT METHODOLOGY

INSURANCE CORE PRINCIPLES, STANDARDS, GUIDANCE AND ASSESSMENT METHODOLOGY INSURANCE CORE PRINCIPLES, STANDARDS, GUIDANCE AND ASSESSMENT METHODOLOGY ICP 4 Draft revisions for consultation June 2015 (Clean version) ICP 4 Licensing A legal entity which intends to engage in insurance

More information

Statement by. Mark E. Van Der Weide. Deputy Director. Division of Banking Supervision and Regulation. Board of Governors of the Federal Reserve System

Statement by. Mark E. Van Der Weide. Deputy Director. Division of Banking Supervision and Regulation. Board of Governors of the Federal Reserve System For release on delivery 10:00 a.m. EDT April 28, 2015 Statement by Mark E. Van Der Weide Deputy Director Division of Banking Supervision and Regulation Board of Governors of the Federal Reserve System

More information

Audrey E Anderson: Effective conglomerate and consolidated supervision in the Caribbean

Audrey E Anderson: Effective conglomerate and consolidated supervision in the Caribbean Audrey E Anderson: Effective conglomerate and consolidated supervision in the Caribbean Opening remarks by Mrs Audrey E Anderson, Senior Deputy Governor of Bank of Jamaica, at the Caribbean Group of Banking

More information

Framework for Cooperative Market Conduct Supervision in Canada

Framework for Cooperative Market Conduct Supervision in Canada Framework for Cooperative Market Conduct Supervision in Canada November 2015 1 Purpose The Framework for Cooperative Market Conduct Supervision in Canada ( Cooperative Framework ) is intended to provide

More information

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: El Salvador

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: El Salvador IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: El Salvador Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not act on the

More information

(Translation) hereinafter referred to individually as the 'Authority' and collectively as the 'Authorities',

(Translation) hereinafter referred to individually as the 'Authority' and collectively as the 'Authorities', (Translation) General Memorandum of Understanding for collaboration between the National Bank of Belgium and the Financial Services and Markets Authority to ensure the coordination of the supervision of

More information

ICP 9: Corporate Governance

ICP 9: Corporate Governance A Core Curriculum for Insurance Supervisors ICP 9: Corporate Governance Basic-level Module Copyright 2006 International Association of Insurance Supervisors (IAIS). All rights reserved. The material in

More information

ICP 16: Winding-up and Exit from the Market

ICP 16: Winding-up and Exit from the Market A Core Curriculum for Insurance Supervisors ICP 16: Winding-up and Exit from the Market Basic-level Module Copyright 2006 International Association of Insurance Supervisors (IAIS). All rights reserved.

More information

CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS

CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS 2 PROPOSAL 1.1 It is now widely recognised that one of the causes of the international financial

More information

Credit Rating Agencies Reducing reliance and strengthening oversight

Credit Rating Agencies Reducing reliance and strengthening oversight 29 August 2013 Credit Rating Agencies Reducing reliance and strengthening oversight Progress report to the St Petersburg G20 Summit Authorities need to accelerate work to end the mechanistic reliance of

More information

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Saudi Arabia

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Saudi Arabia IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Saudi Arabia Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not act on the

More information

Post-Crisis Regulatory Reform Agenda: What it means for Developing Countries. George Brady IAIS Deputy Secretary General 9 June 2015

Post-Crisis Regulatory Reform Agenda: What it means for Developing Countries. George Brady IAIS Deputy Secretary General 9 June 2015 Post-Crisis Regulatory Reform Agenda: What it means for Developing Countries George Brady IAIS Deputy Secretary General 9 June 2015 Overview IAIS Post-Crisis Regulatory Reform Agenda: What it means for

More information

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: People s Republic of China

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: People s Republic of China IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: People s Republic of China Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should

More information

FEDERAL RESERVE REFORM

FEDERAL RESERVE REFORM FEDERAL RESERVE REFORM SECURING REGULATORY TRANSPARENCY AND ACCOUNTABILITY SUMMER 2016 FEDERAL RESERVE REGULATORY REFORM The Board of Governors of the Federal Reserve System (Federal Reserve) has four

More information

Toronto, Ontario Tuesday, June 9, 2009 CHECK AGAINST DELIVERY. For additional information contact:

Toronto, Ontario Tuesday, June 9, 2009 CHECK AGAINST DELIVERY. For additional information contact: Remarks by Superintendent Julie Dickson Office of the Superintendent of Financial Institutions Canada (OSFI) to the 2009 OSFI Risk Management Seminar for Life Insurance Companies Toronto, Ontario Tuesday,

More information

COMMISSION DELEGATED DECISION (EU) / of 5.6.2015

COMMISSION DELEGATED DECISION (EU) / of 5.6.2015 EUROPEAN COMMISSION Brussels, 5.6.2015 C(2015) 3740 final COMMISSION DELEGATED DECISION (EU) / of 5.6.2015 on the provisional equivalence of the solvency regimes in force in Australia, Bermuda, Brazil,

More information

STATUTES OF CURRICULUM

STATUTES OF CURRICULUM ADOPTED by the Senate of the University of Tartu Regulation no. 11 of 27 April 2012 (effective as of 27.04.2012) AMENDED by the Senate of the University of Tartu Regulation no 22 of 21 December 2013 (effective

More information

Securities markets regulators in transition

Securities markets regulators in transition Securities markets regulators in transition Below is a list of the securities regulators, in the EBRD region with summaries of their objectives and competencies (plus links to the website): [Note: If you

More information

Regulated Outsourcing

Regulated Outsourcing Regulated Outsourcing Contents 3 The Luxembourg financial centre 4 Outsourcing in the financial industry 5 The statute of Support PSF 7 Services 9 Benefits of working with a Support PSF The Luxembourg

More information

Basel Committee on Banking Supervision. Charter

Basel Committee on Banking Supervision. Charter Basel Committee on Banking Supervision Charter January 2013 This publication is available on the BIS website (www.bis.org). Bank for International Settlements 2013. All rights reserved. Brief excerpts

More information

IMPROVING CORPORATE GOVERNANCE OF UNLISTED COMPANIES JANUARY 2006

IMPROVING CORPORATE GOVERNANCE OF UNLISTED COMPANIES JANUARY 2006 IMPROVING CORPORATE GOVERNANCE OF UNLISTED COMPANIES JANUARY 2006 Introduction The Board of Directors of the Central Chamber of Commerce of Finland established on 18 October 2004 a working group for the

More information

2011 China International Financial Leasing Convention. Invitation Letter. May 18, 2011. Tianjin, China

2011 China International Financial Leasing Convention. Invitation Letter. May 18, 2011. Tianjin, China Invitation Letter May 18, 2011 Tianjin, China Peace, Cooperation and Development are still the key words in our new century. The global financial crisis has attacked the economic systems of all kinds and

More information

Political Contributions by RIAs, VCs and Private Equity Firms Post-TL Ventures: Lesson Learned and Unanswered Questions

Political Contributions by RIAs, VCs and Private Equity Firms Post-TL Ventures: Lesson Learned and Unanswered Questions June 23, 2014 Lowe&Associates COUNSELLORS AND ADVISORS LEGAL ALERT Political Contributions by RIAs, VCs and Private Equity Firms Post-TL Ventures: Lesson Learned and Unanswered Questions On June 20, 2014,

More information

LAW OF INSURANCE AGENCY OF BOSNIA AND HERZEGOVINA. Article 1 General Provisions. Article 2 Purpose. Article 3 Creation, Status, Location and Structure

LAW OF INSURANCE AGENCY OF BOSNIA AND HERZEGOVINA. Article 1 General Provisions. Article 2 Purpose. Article 3 Creation, Status, Location and Structure LAW OF INSURANCE AGENCY OF BOSNIA AND HERZEGOVINA Article 1 General Provisions The Law regulates the insurance industry in Bosnia and Herzegovina by ensuring the necessary coordination of the insurance

More information

Government Decree No. 29/2008. (II. 19.) on the Powers and Competences of the Minister Heading the Prime Minister s Office

Government Decree No. 29/2008. (II. 19.) on the Powers and Competences of the Minister Heading the Prime Minister s Office Government Decree No. 29/2008. (II. 19.) on the Powers and Competences of the Minister Heading the Prime Minister s Office Acting pursuant to Paragraph 3 Article 28 of Act LVII of 2006 on the Central Administration

More information

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Singapore

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Singapore IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Singapore Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not act on the

More information

Financial Sector Assessment Program 2002 and 2006 (Slovak Experience)

Financial Sector Assessment Program 2002 and 2006 (Slovak Experience) Financial Sector Assessment Program 2002 and 2006 (Slovak Experience) Roman Turok-Heteš National Bank of Slovakia World Bank Groups 2007 Finance and Private Sector Development Forum Making Changes: Reasons,

More information

Regulatory challenges in the Levant and GCC insurance markets

Regulatory challenges in the Levant and GCC insurance markets Regulatory challenges in the Levant and GCC insurance markets by Fadi B. Nader, Levant Law Practice The insurance regulatory environment in the Levant and Gulf Cooperation Council (GCC) region has significantly

More information

/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/

/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/ / Insurance Regional Highlights * /March 2015/ The insurance sector in South Eastern Europe has undergone considerable change in recent years, marked by Croatia s accession to the EU, amendments to legislation

More information

Regulations of the Graduate School of Communication Science of the Department 06 of the Westfälische Wilhelms University Muenster

Regulations of the Graduate School of Communication Science of the Department 06 of the Westfälische Wilhelms University Muenster Regulations of the Graduate School of Communication Science of the Department 06 of the Westfälische Wilhelms University Muenster 1 Tasks and objectives 2 About the regulations 3 Structure of the Graduate

More information

Existing Scenario of Nepalese Insurance Industry

Existing Scenario of Nepalese Insurance Industry Existing Scenario of Nepalese Insurance Industry 2012 1 1. BRIEF HISTORICAL BACKGROUND The History of financial system in Nepal began in 1881 with the establishment of Tejarath Adda (The National Treasury

More information

COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document

COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document EUROPEAN COMMISSION Brussels, 7.3.2012 SWD(2012) 23 final COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a Regulation of the European Parliament

More information

Solvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3)

Solvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3) Solvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3) Governance, Risk Management, and Internal Controls INTERIM REQUIREMENTS CONTENTS 1. INTRODUCTION

More information

GUIDANCE FOR NATIONAL HUMAN RIGHTS INSTITUTIONS TO SUPPORT IMPLEMENTATION OF JUDGMENTS FROM THE EUROPEAN COURT OF HUMAN RIGHTS

GUIDANCE FOR NATIONAL HUMAN RIGHTS INSTITUTIONS TO SUPPORT IMPLEMENTATION OF JUDGMENTS FROM THE EUROPEAN COURT OF HUMAN RIGHTS GUIDANCE FOR NATIONAL HUMAN RIGHTS INSTITUTIONS TO SUPPORT IMPLEMENTATION OF JUDGMENTS FROM THE EUROPEAN COURT OF HUMAN RIGHTS LEGAL WORKING GROUP ENNHRI Introduction This guidance sets out how National

More information

COMMISSIE VOOR HET BANK-, FINANCIE- EN ASSURANTIEWEZEN COMMISSION BANCAIRE, FINANCIÈRE ET DES ASSURANCES BANKING, FINANCE AND INSURANCE COMMISSION

COMMISSIE VOOR HET BANK-, FINANCIE- EN ASSURANTIEWEZEN COMMISSION BANCAIRE, FINANCIÈRE ET DES ASSURANCES BANKING, FINANCE AND INSURANCE COMMISSION COMMISSIE VOOR HET BANK-, FINANCIE- EN ASSURANTIEWEZEN BANKING, FINANCE AND INSURANCE COMMISSION The financial architecture and control measures of the financial institutions CONFERENCE OF THE FINANCE

More information

I. Need for Federal Privacy Legislation

I. Need for Federal Privacy Legislation Intel Corporation is pleased to file comments on the Department of Commerce National Telecommunications and Information Administration s Notice of Inquiry, Information Privacy and Innovation in the Internet

More information

CONSULTATION PAPER. Insurance (Fees) Regulations 2013 Registered Schemes Administrators (Fees) Order 2013

CONSULTATION PAPER. Insurance (Fees) Regulations 2013 Registered Schemes Administrators (Fees) Order 2013 CONSULTATION PAPER Insurance (Fees) Regulations 2013 Registered Schemes Administrators (Fees) Order 2013 This document is relevant to all entities regulated by the Insurance and Pensions Authority under

More information

Regulatory. Connection. Welcome. Irish Financial Services Regulatory Authority. January 2005 Issue 2

Regulatory. Connection. Welcome. Irish Financial Services Regulatory Authority. January 2005 Issue 2 Regulatory Connection Irish Financial Services Regulatory Authority January 2005 Issue 2 Welcome H appy New Year. 2005 will be a busy year for the Financial Regulator as we continue to adapt to the new

More information

BOARD OF DIRECTORS MANDATE

BOARD OF DIRECTORS MANDATE BOARD OF DIRECTORS MANDATE Board approved: May 7, 2014 This mandate provides the terms of reference for the Boards of Directors (each a Board ) of each of Economical Mutual Insurance Company ( Economical

More information

AUDITING AND ITS ROLE IN CORPORATE GOVERNANCE

AUDITING AND ITS ROLE IN CORPORATE GOVERNANCE AUDITING AND ITS ROLE IN CORPORATE GOVERNANCE Bank for International Settlements FSI Seminar on Corporate Governance for Banks 20 June 2006 Derek Broadley Deloitte Touche Tohmatsu, Hong Kong 1 Corporate

More information

TERMS OF REFERENCE Electronic Communications Resilience and Response Group (EC RRG)

TERMS OF REFERENCE Electronic Communications Resilience and Response Group (EC RRG) TERMS OF REFERENCE Electronic Communications Resilience and Response Group (EC RRG) Goal Aims To ensure the availability of Electronic Communications infrastructure for the UK and provide an industry emergency

More information

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: New Zealand

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: New Zealand IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: New Zealand Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not act on the

More information

OSFI Updates Guidance on Regulatory Compliance Management. By Carol Lyons and Jared Grossman

OSFI Updates Guidance on Regulatory Compliance Management. By Carol Lyons and Jared Grossman Introduction OSFI Updates Guidance on Regulatory Compliance Management By Carol Lyons and Jared Grossman More than 10 years have passed since OSFI 1 first issued Guideline E-13 entitled Legislative Compliance

More information

ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES

ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES by Gerry Dickinson Professor and Director, Centre for Insurance & Investment Studies, City University Business School,

More information

code of Business Conduct and ethics

code of Business Conduct and ethics code of Business Conduct and ethics Introduction This document provides information about our Code of Business Conduct and Ethics. All directors, officers and employees are individually and collectively

More information

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Zimbabwe

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Zimbabwe IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: Zimbabwe Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not act on the information

More information

Common Standard of Quality for PhD education at NTNU A. Recruitment Role/Responsibility Task Activity Measures

Common Standard of Quality for PhD education at NTNU A. Recruitment Role/Responsibility Task Activity Measures Appendix 2: NTNU s system for quality assurance of education Common Standard of Quality for PhD education at NTNU A. Recruitment Rector Information and recruitment Information about PhD education Information

More information

Frequently Asked Questions about the revision of APA s Model Act for State Licensure of Psychologists

Frequently Asked Questions about the revision of APA s Model Act for State Licensure of Psychologists Frequently Asked Questions about the revision of APA s Model Act for State Licensure of Psychologists Why does APA have a Model Act? APA s Model Act consolidates APA s policies relevant to the licensed

More information

Internal Audit Report Assessment of the Design of the Office of the Auditor General s Quality Management System

Internal Audit Report Assessment of the Design of the Office of the Auditor General s Quality Management System Internal Audit Report Assessment of the Design of the Office of the Auditor General s Quality Management System Office of the Auditor General of Canada Bureau du vérificateur général du Canada 16 October

More information

JOB PROFILE CONTACT CENTRE QUALITY ASSURANCE SPECIALIST

JOB PROFILE CONTACT CENTRE QUALITY ASSURANCE SPECIALIST JOB PROFILE CONTACT CENTRE QUALITY ASSURANCE SPECIALIST OVERVIEW It s about you Do you enjoy working in a highly structured environment where it is critical that appropriate procedures are followed? Are

More information

Understanding Financial Consolidation

Understanding Financial Consolidation Keynote Address Roger W. Ferguson, Jr. Understanding Financial Consolidation I t is my pleasure to speak with you today, and I thank Bill McDonough and the Federal Reserve Bank of New York for inviting

More information

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: South Africa

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: South Africa IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: South Africa Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not act on the

More information

3 ESTABLISHING A LEGAL PRESENCE

3 ESTABLISHING A LEGAL PRESENCE organizations funded by the state budget, other units of state importance, and certain public facilities. The main authority responsible for the implementation of the Second Privatization Program and coordination

More information

The Role of Actuaries in Poland

The Role of Actuaries in Poland The Role of Actuaries in Poland Krzysztof J. Stroiński, Polish Society of Actuaries 1. Introduction The history of the actuarial profession in Poland has been an interesting reflection of the modern history

More information

ELI PROJECT GUIDELINES

ELI PROJECT GUIDELINES ELI PROJECT GUIDELINES These Guidelines for the selection, management and approval of projects carried out under the auspices of the European Law Institute (the Guidelines) are issued as a Byelaw of the

More information

SUMMARY OF THE FORUM Vietnam: Readiness for WTO Accession Hanoi, June 3-4, 2003 and Ho Chi Minh City, June 6-7, 2003

SUMMARY OF THE FORUM Vietnam: Readiness for WTO Accession Hanoi, June 3-4, 2003 and Ho Chi Minh City, June 6-7, 2003 SUMMARY OF THE FORUM Vietnam: Readiness for WTO Accession Hanoi, June 3-4, 2003 and Ho Chi Minh City, June 6-7, 2003 Forum as the most comprehensive event on WTO accession to date. The international forum

More information

TRINIDAD AND TOBBAGO:

TRINIDAD AND TOBBAGO: SECOND ANNUAL MEETING of the LATIN AMERICAN COMPETITION FORUM June 14-15, 2004 Inter-American Development Bank Andrés Bello Auditorium Washington, D.C., United States TRINIDAD AND TOBBAGO: Institutional

More information

OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING. Agency for Housing Mortgage Lending OJSC INFORMATION POLICY GUIDELINES.

OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING. Agency for Housing Mortgage Lending OJSC INFORMATION POLICY GUIDELINES. OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING APPROVED: by decision of the Supervisory Council (minutes No 09 of 21 December 2007) Agency for Housing Mortgage Lending OJSC INFORMATION POLICY

More information

Keywords Certified Pension Actuary (CPA), Enrolled Actuary (EA), Scheme Actuary, Continuing Professional Development (CPD)

Keywords Certified Pension Actuary (CPA), Enrolled Actuary (EA), Scheme Actuary, Continuing Professional Development (CPD) Comparisons of the systems of pension actuaries in Japan, US, and UK Yoshihiro Oyama Japanese Society of Certified Pension Actuaries 8F, Daiya Shinbashi Bldg. 1-10-7, Shinbashi, Minato-ku, Tokyo 105-0004,

More information

E-Commerce as a focus on the Digital Market: Turkey's Place in the World, Present Status and Steps for the Future 1

E-Commerce as a focus on the Digital Market: Turkey's Place in the World, Present Status and Steps for the Future 1 June 2014 E-Commerce as a focus on the Digital Market: Turkey's Place in the World, Present Status and Steps for the Future 1 written by Sina Afra Executive Summary This report consists of two main parts

More information

Doctorate Framework Regulations - Biomedical Sciences Group Final version. New Doctorate Framework Regulations

Doctorate Framework Regulations - Biomedical Sciences Group Final version. New Doctorate Framework Regulations New Doctorate Framework Regulations Article 1. These regulations describe the general procedures for the doctoral programmes within the Biomedical Sciences Group which lead to the following degrees: -

More information

provisions specified by the Preventive Law, the Cabinet of Ministers of Azerbaijan Republic has adopted the following decisions:

provisions specified by the Preventive Law, the Cabinet of Ministers of Azerbaijan Republic has adopted the following decisions: REPORT of the Financial Monitoring Service under the Central Bank of the Republic of Azerbaijan on execution of The 2007-2011 Action Plan for implementation of the National Strategy for Combatting Corruption

More information

Basic Law on Intellectual Property (Law No.122 of 2002) (Provisional Translation)

Basic Law on Intellectual Property (Law No.122 of 2002) (Provisional Translation) Basic Law on Intellectual Property (Law No.122 of 2002) (Provisional Translation) Table of Contents Chapter I General Provisions (Articles 1 to 11) Chapter II Basic Measures (Articles 12 to 22) Chapter

More information

Guide to Intervention for Federally Regulated Life Insurance Companies

Guide to Intervention for Federally Regulated Life Insurance Companies The Intervention Process Guide to Intervention for Federally Regulated Life Insurance Companies The objective of the intervention process is to enable OSFI to identify areas of concern at an early stage

More information

Basel Committee on Banking Supervision. Sharing of financial records between jurisdictions in connection with the fight against terrorist financing

Basel Committee on Banking Supervision. Sharing of financial records between jurisdictions in connection with the fight against terrorist financing Basel Committee on Banking Supervision Sharing of financial records between jurisdictions in connection with the fight against terrorist financing April 2002 Sharing of financial records between jurisdictions

More information

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: United Arab Emirates

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: United Arab Emirates IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: United Arab Emirates Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not

More information

Securities Market in Cambodia. Mr. Polen SO, Director of Securities Market Supervision Department SEC Cambodia

Securities Market in Cambodia. Mr. Polen SO, Director of Securities Market Supervision Department SEC Cambodia Securities Market in Cambodia 1 Mr. Polen SO, Director of Securities Market Supervision Department SEC Cambodia Contents 2 1. Regulatory Framework 2. Market Infrastructure Securities and Exchange Commission

More information

The Bratislava Stock Exchange IPO Overview

The Bratislava Stock Exchange IPO Overview The Bratislava Stock Exchange IPO Overview Bratislava Stock Exchange (hereinafter referred to as BSSE ) was founded in 1991, in conformity with a decree of the Ministry of Finance of the Slovak Republic

More information

Diploma of Business Administration BSB50415

Diploma of Business Administration BSB50415 Diploma of Business Administration BSB50415 Unit Descriptions & Evidence Required to Demonstrate Competency 8 Units 8 Elective Units Agenda Course Description... 3 Job roles... 3 Pathways Information...

More information

The Role of Compliance and Supervision. Rules Notice Guidance Note Dealer Member Rules. Introduction

The Role of Compliance and Supervision. Rules Notice Guidance Note Dealer Member Rules. Introduction Rules Notice Guidance Note Dealer Member Rules Please distribute internally to: Corporate Finance Credit Institutional Internal Audit Legal and Compliance Operations Registration Regulatory Accounting

More information

STATUTE OF THE POLISH ACCREDITATION COMMITTEE

STATUTE OF THE POLISH ACCREDITATION COMMITTEE Annex to Resolution No. 1/2015 of the Polish Accreditation Committee of 23 February 2015 STATUTE OF THE POLISH ACCREDITATION COMMITTEE 1. 1. The Polish Accreditation Committee, hereafter referred to as

More information

Luxembourg Life Assurance for International Investors

Luxembourg Life Assurance for International Investors Luxembourg Life Assurance for International Investors 2 3 CONTENTS 4 Luxembourg Life Assurance for International Investors 4 A truly international focus 6 Maximum protection 8 Solutions designed for sophisticated

More information

Oak Park School District. Counselor Evaluation Program

Oak Park School District. Counselor Evaluation Program Oak Park School District Counselor Evaluation Program Table of Contents Foreword... 1 Purpose of Evaluation... 3 Timelines for Implementation... 3 Overview of Counselor Evaluation... 4 Plan I Individual

More information

Regulation on the implementation of the Norwegian Financial Mechanism 2009-2014

Regulation on the implementation of the Norwegian Financial Mechanism 2009-2014 Regulation on the implementation of the Norwegian Financial Mechanism 2009-2014 adopted by the Norwegian Ministry of Foreign Affairs pursuant to Article 8.8 of the Agreement between the Kingdom of Norway

More information

Status Report for Finnish IPO Task Force Economic Growth through IPOs Jan 21, 2015

Status Report for Finnish IPO Task Force Economic Growth through IPOs Jan 21, 2015 Status Report for Finnish IPO Task Force Economic Growth through IPOs Jan 21, 2015 Nasdaq Helsinki gathered circa 60 market participants to discuss measures how to improve the Finnish IPO climate in January

More information

Sustainable Construction and the Regulatory Framework Summary Report

Sustainable Construction and the Regulatory Framework Summary Report Sustainable Construction and the Regulatory Framework Summary Report Presented to The Scottish Executive Central Research Unit Gaia Research Edinburgh in association with Ecological Design Group School

More information

Framework for Pooled Registered Pension Plans

Framework for Pooled Registered Pension Plans Framework for Pooled Registered Pension Plans CBA Submission to the Ontario Ministry of Finance January 23, 2014 EXPERTISE CANADA BANKS ON LA RÉFÉRENCE BANCAIRE AU CANADA Framework for Pooled Registered

More information

The World Bank Reports on the Observance of Standards and Codes (ROSC) Overview of the ROSC Accounting and Auditing Program

The World Bank Reports on the Observance of Standards and Codes (ROSC) Overview of the ROSC Accounting and Auditing Program The World Bank Reports on the Observance of Standards and Codes (ROSC) Overview of the ROSC Accounting and Auditing Program January 2004 OVERVIEW OF THE ROSC ACCOUNTING AND AUDITING PROGRAM CONTENTS I.

More information

EBA FINAL draft Regulatory Technical Standards

EBA FINAL draft Regulatory Technical Standards EBA/RTS/2015/03 03 July 2015 EBA FINAL draft Regulatory Technical Standards on resolution colleges under Article 88(7) of Directive 2014/59/EU Contents 1. Executive summary 3 2. Background and rationale

More information

Revision Number: 2. BSB51207 Diploma of Marketing

Revision Number: 2. BSB51207 Diploma of Marketing Revision Number: 2 BSB51207 Diploma of Marketing BSB51207 Diploma of Marketing Modification History Release Release 2 Comments New release of this Qualification released with version 6 of BSB07 Business

More information

TESTIMONY ALLAN E. O BRYANT EXECUTIVE VICE PRESIDENT HEAD OF INTERNATIONAL MARKETS AND OPERATIONS REINSURANCE GROUP OF AMERICA, INCORPORATED

TESTIMONY ALLAN E. O BRYANT EXECUTIVE VICE PRESIDENT HEAD OF INTERNATIONAL MARKETS AND OPERATIONS REINSURANCE GROUP OF AMERICA, INCORPORATED TESTIMONY OF ALLAN E. O BRYANT EXECUTIVE VICE PRESIDENT HEAD OF INTERNATIONAL MARKETS AND OPERATIONS REINSURANCE GROUP OF AMERICA, INCORPORATED HEARING ON U.S. INSURANCE SECTOR: INTERNATIONAL COMPETITIVENESS

More information

RGB International Bhd. (603831-K) (Incorporated in Malaysia) BOARD CHARTER

RGB International Bhd. (603831-K) (Incorporated in Malaysia) BOARD CHARTER (Incorporated in Malaysia) BOARD CHARTER No. Contents Page 1. Overview 2 2. Board Structure 2 3. Role and Responsibilities of Board 4 4. Board Processes 6 5. Review of Board Charter 7 Page 1 of 7 1. OVERVIEW

More information

Law On Supervision of Cooperative Insurance Companies

Law On Supervision of Cooperative Insurance Companies Law On Supervision of Cooperative Insurance Companies Article 1 Insurance in the Kingdom shall be undertaken through registered insurance companies operating in a cooperative manner as it is provided within

More information