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Good
and yet not excessive supervision and a minimum regulation are
beneficial to both the public and to the image of an efficient, stable
insurance market. Some of the important areas of supervision are the
licensing of insurance companies, on-site inspections, investment
control and derivatives handling, establishing and maintaining solvency
standards, e-commerce regulations…. An effective system of supervision
will include many elements as good legislation, and a competent
supervisory authority empowered to get information and to have a
decisive and timely intervention to avoid the deterioration of the
situation. Supervision nowadays is not at all in contradiction with the spirit of openness and the readiness to be of assistance to companies. The staff of such an authority has to include qualified professionals such as actuaries, accountants, economists, lawyers and insurance experts who are capable of working independently from any political or financial constraint according to professional international standards, in order to safeguard the integrity of markets. The role of the actuary is essential to both the supervising authority and the supervised company when self-regulation is implemented through disclosure requirements or the delegation of certain responsibilities to an industry-backed body under broad statutory powers. Sharing responsibility with the auditor and the actuary will be in the scope of giving them a front-line monitoring role, coupled with a requirement to alert the supervisor in defined circumstances. The
services we offer are:
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