Peer Review Process

The peer review process (PRP) builds on the previous self assessment and peer review (SAPR) approach by not only identifying impediments to observance but also providing general recommendations and useful practices that jurisdictions can implement to enhance their level of observance. These recommendations and practices are included in the aggregate report published by the IAIS.

To conduct PRPs and to continue a strengthened assessment programme, expert teams comprised of IAIS members are responsible for conducting various thematic areas related to insurance supervision and the ICPs. So far, the IAIS has finalised five PRPs covering the following topics:

• Conduct of Business
• Corporate and Risk-Governance
• Mandates and Supervisory Powers
• Supervisory Processes
• Enterprise Risk Management for Solvency Purposes

The PRP aims to deepen awareness of the nature and extent of any gaps in a jurisdiction’s supervisory and regulatory frameworks. It promotes the general understanding and observance of the IAIS’ supervisory material while fostering peer exchange. Conducted thematically, PRPs cover a defined set of ICPs and all IAIS members are invited to participate. Individual jurisdictional reports and a public aggregate report are prepared. The aggregate report includes illustrative examples of supervisory practices, offering valuable insights into the effective implementation of the assessed standards for jurisdictions to enhance their own implementation.

Key documents

Aggregate Report of Peer Review of Enterprise Risk Management for Solvency Purposes relative to ICP 16 24 Oct 2024

This report provides the aggregate assessment results and observations from the IAIS peer review process (PRP) on the topic of “Enterprise Risk Management for Solvency Purposes” covering standards set out in Insurance Core Principle (ICP) 16 as adopted in November 2019.

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PRP Questionnaire – ICP 16 24 Oct 2024

The assessment questionnaire was developed by the PRP expert team and consisted of 65 questions in total, covering the sixteen standards applicable to ICP 16.

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Aggregate Report of Peer Review of Supervisory Review and Measures relative to ICPs 9 and 10 14 Mar 2023

This report provides the aggregate assessments results and observations from the IAIS Peer Review Process (PRP) on the thematic topic of “Supervisory Review and Measures”, which relates to Insurance Core Principles (ICPs) on Supervisory Review and Reporting (ICP 9) and Preventive Measures, Corrective Measures and Sanctions (ICP 10) as adopted in November 2019.

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PRP Questionnaire-ICPs 9 and 10 14 Mar 2023

The assessment questionnaire was developed by the PRP Expert Team and consisted of 44 questions in total, covering the seven standards applicable to Supervisory Review and Reporting (ICP 9) and the six standards applicable to Preventive Measures, Corrective Measures and Sanctions (ICP 10)

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Aggregate Report of Peer Review of Conduct of Business Supervision relative to ICP 19 24 Jun 2021

This report provides the aggregate assessments results and observations from the IAIS Peer Review Process (PRP) on the thematic topic of Conduct of Business, which relates to Insurance Core Principle (ICP) 19 as adopted in November 2017

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PRP Questionnaire-ICP 19 11 Mar 2020

The assessment questionnaire was developed by the PRP Expert Team and divided into two sections, Section 1 (Insurers) and Section 2 (Intermediaries). The ICP 19 (Conduct of Business) PRP questionnaire consisted of 109 questions in total, covering in Section 1 the 13 standards applicable to the supervision of insurers and in Section 2 the 10 standards applicable to the supervision of intermediaries

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Aggregate report of Peer Review of Corporate and Risk-Governance relative to the ICPs 4, 5, 7 and 8 24 Jun 2020

This report provides the aggregate assessments results and observations from the IAIS Peer Review Process (PRP) on the thematic topic of Corporate and Risk-Governance, which included Insurance Core Principles (ICP) 4 (Licensing), 5 (Suitability of Persons), 7 (Corporate Governance) and 8 (Risk Management and Internal Controls) as adopted in November 2015.

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Questionnaire for PRP on ICPs 4, 5, 7, 8 final 8 Mar 2019

The assessment questionnaire was developed by the PRP Expert Team and consisted of 117 questions covering the 9 standards of ICP 4, 6 standards of ICP 5, 11 standards of ICP 7 and 8 standards of ICP 8.

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Aggregate report of PRP on ICPs 1 and 2 20 Nov 2019

This report provides the aggregate assessment results and observations from the IAIS Peer Review Process (PRP) on the thematic topic: Mandate for Supervisors and Supervisory Powers. The PRP covered the IAIS Insurance Core Principles (ICP) 1 (Objectives, Powers and Responsibilities of the Supervisor) and ICP 2 (Supervisor) adopted in October 2011.

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PRP Questionnaire-ICPs 1 and 2 20 Nov 2019

The assessment questionnaire was developed by the PRP Expert Team and consisted of 51 questions covering the 4 standards of ICP 1, 13 standards of ICP 2.

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