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This article discusses the objectives and essential criteria of ICP 11, 12, 13, 17, and 26 for insurance market analysis, reporting to supervisors, on-site inspection, group-wide supervision, and information disclosure. It explores the role of the supervisory authority in monitoring insurers and ensuring transparency towards the market in Hyderabad.
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ICP:11-13, 17, 26 At Hyderabad December 29, 2010 A.V.RAO, R.K.Sharma, B. Padmaja
ICP-11: Market Analysis Objective: Making use of all available sources, the supervisory authority monitors and analyses all factors that may have an impact on insurers and insurance markets. It draws conclusions and takes action as appropriate No. of Essential Criteria: 5; No. of Advance Criteria: 2
ICP 12: Reporting to Supervisors and Off-site Monitoring Objective: The Supervisory Authority receives necessary information to conduct effective off-site monitoring and to evaluate the condition of each insurer as well as the insurance market No. of Essential Criteria: 3; No. of Advanced Criteria: 2
ICP 13: On-Site Inspection Objective: The supervisory authority carries out on-site inspections to examine the business of an insurer and its compliance with legislation and supervisory requirements No. of Essential Criteria: 6
ICP 17:Group Wide Supervision Objective: The supervisory authority supervises its insurers on a sole and a group–wide basis. No. of Essential Criteria : 7; In addition there are 6 Prudential requirements
ICP 26: Information, disclosure & transparency towards the market Objective: The supervisory authority requires insurers to disclose relevant information on a timely basis in order to give stakeholders a clear view of their business activities and financial position and to facilitate the understanding of the risks to which they are exposed. No. of Essential Criteria : 4 No. of Advanced Criteria : 1
