1 / 6

Supervision of Virtual Insurance

IAIS Annual Conference Santiago, Chile. Supervision of Virtual Insurance. Wil Dullemond Advisor of the Board of the Dutch Pensions and Insurance Supervisory Authority. 10 October 2002. Supervisor’s role. Unlicensed company: protective & punitive action

declan-mckenzie
Download Presentation

Supervision of Virtual Insurance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. IAIS Annual Conference Santiago, Chile Supervision of Virtual Insurance Wil Dullemond Advisor of the Board of the Dutch Pensions and Insurance Supervisory Authority 10 October 2002

  2. Supervisor’s role • Unlicensed company: protective & punitive action • Licensed company: on going supervision • New company: preventive supervision

  3. Supervisor’s Principles • Insurer responsible for internal control risks(see also IAIS Issues Paper “Risks to Insurers posed by Electronic Commerce”) • Outsourcing not to prevent supervision • Accessibility supervisor • Effectiveness of interventions

  4. Supervision developments • From companies to aspects: • System & Prudence: DNB/PVK • Market conduct: Authority Fin. Markets • (Self-)Regulation to inform policyholders: • Financial attachment, code of conducts • Supervision of intermediaries

  5. Supervisor’s draft e-rules • Insurer and supervisor to be identified • Criteria for servicespending • Also written policyforms • Policyconditions available on the internet

  6. Supervisor’s experiences to date • Small number of unlicensed activities • New companies need long time & much funding • Licensed companies face problems with distribution policy • Supervisors need to act together to be effective

More Related