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Implementation of Insurance Core Principles and FSAP Evaluations The Portuguese FSAP experience

Implementation of Insurance Core Principles and FSAP Evaluations The Portuguese FSAP experience Gabriel Bernardino Instituto de Seguros de Portugal. Portuguese FSAP experience. Strategic issues

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Implementation of Insurance Core Principles and FSAP Evaluations The Portuguese FSAP experience

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  1. Implementation of Insurance Core Principles and FSAP Evaluations The Portuguese FSAP experience Gabriel Bernardino Instituto de Seguros de Portugal

  2. Portuguese FSAP experience • Strategic issues • FSAP was integrated in the ISP strategy to converge with international best practice in the regulation and supervision of insurance business • Clear ISP board message on the need to perform a detailed and rigorous self-assessment • Perform a ICP self-assessment well ahead of the FSAP (time consuming exercise) • Establishment of an action plan with specific measures designed to improve the level of compliance with ICP’s and implement international best practices

  3. Portuguese FSAP experience • Self-assessment of the compliance with the ICP’s • Carried out in accordance with the guidelines set out in the ICP Methodology issued in October 2003 • Focus on the overall regulatory and supervisory framework of the insurance sector • institutional conditions for effective insurance supervision, relevant legal and regulatory framework, supervisory philosophy, policies and practices implemented • Complete and detailed inventory of laws and regulations, Protocols, MoU’s and supervisory processes and practices in force

  4. Portuguese FSAP experience • Action Plan • Reinforcement of ISP governance mechanisms and transparency (internal code of conduct, public consultation of regulations, disclosure of board decisions) • Reinforcement of insurance market governance structures (responsibilities of insurer’s board and senior management, role and independence of auditors and responsible actuaries) • Reinforcement of insurance market governance mechanisms (internal control, risk management and market disclosure) • Continuous improvement of the supervisory process (towards a risk-based supervisory process)

  5. Portuguese FSAP experience • Operational issues • Set up of an internal structure responsible for the coordination of all FSAP matters • Involvement of all relevant internal operational areas in the self assessment process • Involvement of staff with high experience and technical knowledge • Coordination with the supervisory authorities responsible for banking and securities supervision (financial conglomerates supervision, transversal issues)

  6. Portuguese FSAP experience • Operational issues • Raise the insurance market awareness of ICP’s • Early involvement of market participants (insurer’s association, auditors, actuaries) • Preparation of English translations of the main laws and regulations • Preparation of summary presentations of the main regulatory and supervisory tools for each ICP

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