Glossary

The IAIS Glossary provides definitions of terms used by the IAIS and is aimed to facilitate the reading of IAIS supervisory material.

The Glossary generally includes terms which are used in more than one ICP and/or have a specific meaning in insurance or in IAIS supervisory material. General finance terms and commonly understood terms have generally not been included.

You may browse through the Glossary below, or download it here.

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Alternative risk transfer Asset concentration risk Asset-liability management (ALM)Back-testing Basis risk Board of Directors (Board)Calibration test Capital Capital adequacy Capital requirements add-on Capital resources Captive insurer Claims incurred Claims provision Collateral Combined ratio Concentration risk Conduct risk Consumers Contagion risk Contingency plan Continuum-based approach Control Function Control level Corporate Culture Corporate Governance Corporate Governance framework Counterparty risk Credit default risk Credit rating Credit rating agency Credit risk Currency risk Current estimate Customer Derivative Direct powers Double gearing Duration Economic capital Enterprise Risk Management (ERM)Expense ratio Facultative reinsurance Financial conglomerate Finite reinsurance General purpose financial reports Going-concern basis Group risk Group-wide supervisor Head of the financial conglomerate Head of the group (or parent)Head of the IAIG Head of the insurance group Hedging Home jurisdiction Home supervisor Host jurisdiction Host supervisor IAIG Board IAIS Memorandum of Understanding (MMoU)Indirect powers Insurance group Insurance intermediary Insurance intermediation Insurance legal entity Insurance risk Insurance-led financial conglomerate Insurer Internal controls Internal model Investment risk Involved supervisors Key Persons in Control Functions Legal risk Licence Liquidation Liquidity risk Loss ratio (claims ratio)Macroeconomic exposure Margin over current estimate (MOCE)Market risk Market-consistent valuation Mismatching risk Multiple gearing Non-regulated legal entity Operating ratio Operational risk Option Outsourcing Political risk Portfolio transfer Recovery plan Regulatory capital Regulatory capital requirements Regulatory capital resources Reinsurer Reputational risk Resolution Resolution authority Resolution plan Retrocession Risk appetite Risk capacity Risk culture Risk limit Risk limits Structure Risk management Risk profile Risk Tolerance Run-off Scenario analysis Senior management Significant owner Solvency Solvency assessment Solvency margin Special purpose entity (SPE)Statistical quality test Stochastic modelling Strategic risk Stress testing Supervisory college Swap Technical provisions Tiering approach Total balance sheet approach Underwriting risk Use test

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