Arab insurance core principles
Arab World to align with Insurance core principles?Insurance development in an emerging market like Arab World encompasses a wide range of activities, including institution-building, developing new instruments and mechanisms, in addition to creating and improving legal and regulatory frameworks. Consumer awareness and protection should be a bye product of the process to avoid the syndrome of a swinging pendulum. In the past, the regulator's scope of activity in this area has been focused primarily on developing legal and regulatory frameworks. Insurance transactions, with a high demonstration effect, contribute to consolidating market reforms and shorten the markets' learning curve, by transferring financial structuring know-how and market instruments from major markets.Insurance Industry needs special attention in Arab World because it triggers and sustains fast economic growth; alleviates poverty; promotes equitable development; generates large employment opportunities; provides competitive edge to large-scale companies; facilitates innovation and cost reduction; promotes exports; develops and promotes indigenous technology; and gives better understanding of human life value. Insurance plays very significant role in terms of
It defines insolvency and establishes the criteria and procedure for dealing with insolvency. ICP 20 LiabilitiesThe supervisory authority requires insurers to comply with standards for establishing adequate technical provisions and other liabilities, and making allowance for reinsurance recoverable. Sound macroeconomic policies are also essential for the effective performance of insurance supervisory regimes. ICP 25 Consumer protectionThe supervisory authority sets minimum requirements for insurers and intermediaries in dealing with consumers in its jurisdiction, including foreign insurers selling products on a cross-border basis. The academicians facilitate research that is comprehensive, precise and consistent. ICP 13 On-site inspectionThe supervisory authority carries out on-site inspections to examine the business of an insurer and its compliance with legislation and supervisory requirements.
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