Risk Based Supervision
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World Bank, Washington, DC
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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.
Palabras clave
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