IAIS Publishes Application Paper on Regulation and Supervision of MCCO
IAIS published an application paper on the regulation and supervision of mutuals, cooperatives, and community-based organizations (MCCOs) in increasing access to insurance markets. IAIS, through the Insurance Core Principles (ICPs), provides a globally accepted framework for the supervision of the insurance sector. This paper offers guidance on proportionate application of ICPs, which should contribute to removing unnecessary barriers by disproportionate regulation and supervision while ensuring appropriate policyholder protection.
The primary focus of this paper is for insurance supervisors that are seeking to enhance financial inclusion in developing markets. The paper describes the key features and background of the MCCO sector, thus offering an adequate understanding of the context in which the ICPs could be applied proportionately. The paper deals with relevant ICPs and contains the application guidance. The ICPs are, for this purpose, clustered into formalization and licensing; corporate governance; capital requirements and capital resources; portfolio-transfers, mergers, demutualization and winding-up; supervision general, and supervision and supervisory review.
Keywords: International, Insurance, Regulation, Supervision, MCCO, ICP, IAIS
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