On and Offsite Inspections
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World Bank, Washington, DC
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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.
Palabras clave
INSURANCE, ACCESS TO INFORMATION, ACCOUNTING, ACCRUAL ACCOUNTING, ACTION PLANS, ACTUARIES, AGRICULTURAL INSURANCE, ANNUAL FINANCIAL STATEMENTS, AUDITORS, BANK DEPOSIT, BANKS, BEST-PRACTICE, BUSINESS MODELS, CAPABILITY, CAPITAL MARKETS DEVELOPMENT, CATASTROPHIC EVENTS, CENTRAL BANK, CLAIM PAYMENT, COMPUTERS, CONFIDENTIALITY, CONSUMER PROTECTION, CONSUMERS, CONTROL SYSTEM, CORPORATE GOVERNANCE, DEPOSIT, DEPOSIT TAKING INSTITUTIONS, DERIVATIVE, DERIVATIVE PRODUCTS, DERIVATIVES, E-MAIL, EARNED PREMIUM, ELECTRONIC DOCUMENTS, FINANCES, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL REPORTING, FINANCIAL REPORTS, FINANCIAL SECTOR, FINANCIAL SERVICES, GLOBAL CAPITAL, GLOBAL CAPITAL MARKETS, HOUSING FINANCE, INSPECTION, INSURANCE COMPANIES, INSURANCE INDUSTRY, INSURANCE MARKET, INSURANCE SUPERVISION, INSURANCE SUPERVISORS, INSURER, INTEGRITY, INTERNAL AUDIT, INTERNAL CONTROL, INTERNATIONAL BANK, INVESTMENT ACTIVITIES, INVESTMENT MANAGEMENT, INVESTMENT POLICY, INVESTMENT PROCESS, ISSUANCE, JURISDICTIONS, LEGAL OBLIGATIONS, LEGAL RISK, LICENSE, LIFE INSURERS, MARKET CONDITIONS, MARKETING, MATERIAL, MICROINSURANCE, MONETARY FUND, NECESSARY SKILLS, OPERATIONAL RISK, OUTSOURCING, PAYMENT DATA, PENSION, PENSION FUNDS, POLICYHOLDERS, PRIVATE REINSURANCE, PRIVATE SECTOR, PRIVATE SECTOR DEVELOPMENT, PROGRAMS, PROTECTION INSURANCE, PROTECTION OF POLICYHOLDERS, PRUDENTIAL REGULATION, PRUDENTIAL SUPERVISION, RAW DATA, REGULATOR, REGULATORY REQUIREMENTS, REINSURANCE, RELIABILITY, RENEWALS, RESULT, RETURN, RISK ASSESSMENT, RISK MANAGEMENT, RISK PROFILE, SANCTIONS, SAVINGS, SHAREHOLDERS, SUPERVISION, SUPERVISORY AGENCY, SUPERVISORY AUTHORITIES, SUPERVISORY AUTHORITY, SUPERVISORY FRAMEWORK, TECHNICAL ASSISTANCE, TECHNOLOGY RISK, TELEPHONE, TIME PERIOD, UNDERWRITER, UNDERWRITING, VALUATION, VERIFICATION