India: Financial Sector Assessment Program—Detailed Assessments Report on IAIS Insurance Core Principles

August 29, 2013

Preview Citation

Format: Chicago

India: Financial Sector Assessment Program—Detailed Assessments Report on IAIS Insurance Core Principles, (USA: International Monetary Fund, 2013) accessed November 21, 2024

Summary

This paper discusses key findings of the assessment of India’s compliance with the International Association of Insurance Supervisors Insurance Core Principles (ICP). Indian Regulatory and Development Authority (IRDA) has so far decided that India is not yet ready for a full transition to cutting-edge international approaches owing to informational and skills shortages and a continuing lack of international consensus. Certain prudential ICPs come under this heading, and IRDA will need to augment its resources in its core supervisory departments if it is to introduce a rigorous corrective action and enforcement regime built on a risk-based approach to the capital and operational management of insurers.

Subject: Auditing, Financial institutions, Financial sector policy and analysis, Insurance, Insurance companies, Internal audit, Public financial management (PFM), Solvency

Keywords: Auditing, Central government, Corporate governance, CR, East Asia, Global, Insurance, Insurance companies, Insurance sector, Internal audit, Internal audit, ISCR, Life insurance, Life insurer, Line of business, Northern Europe, Risk management, Solvency, South Asia

Publication Details

Pages:

89
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/265
Stock No:

1INDEA2013003
ISBN:

9781484363188
ISSN:

1934-7685

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