The International Association of Insurance Supervisors (IAIS) is the international standard setter for the supervision of the insurance sector. It comprises insurance supervisors and regulators from more than 200 jurisdictions. The IAIS Insurance Core Principles (ICP) seek to encourage high standards in member jurisdictions:
- Supervisory principles. Licensing and supervisory process, and the prudential requirements for insurers.
- Market principles. Market structure, market conduct, and consumer protection.
- Infrastructure principles. Accounting, actuarial practice, risk management, and supervision of group-wide activities.
From an AML/CFT perspective, ICP 22 is the most important, it requires the supervisor to take effective measures to combat money laundering and terrorist financing, and also requires insurers to have appropriate risk-based policies and procedures in place to prevent, detect, and report.
