ICP 20 Public Disclosure Yoshihiro Kawai IAIS-ASSAL Conference 22 April 2014.

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Presentation transcript:

ICP 20 Public Disclosure Yoshihiro Kawai IAIS-ASSAL Conference 22 April 2014

ICP 20 The supervisor requires insurers to disclose relevant, comprehensive and adequate information on a timely basis in order to give policyholders and market participants a clear view of their business activities, performance and financial position.

Objectives of ICP 20 Relevant, comprehensive and timely disclosures provide: Investors with the information needed for resource allocation decisions Policyholders with the information needed to compare and evaluate the financial strength of insurers Supervisors and regulators with information useful to the supervisory process

20.1 – Overarching Standard Disclose at least annually appropriately detailed qualitative and quantitative information on their profile, financial position, technical performance and risks to which they are subject that is: (1) accessible to market participants, (2) useful to decision making, (3) timely, (4) comprehensive and meaningful, (5) reliable, (6) comparable between different insurers, (7) consistent over time

Key Disclosures At least ANNUALLY Capital Adequacy Audited Financial Statements Insurance Risk Company Profile Governance and controls Investments Enterprise Risk Management Financial Performance Technical Provisions

Challenges/risks Setting requirements that result in appropriate amounts of high quality disclosures Striking a balance between the need for appropriate disclosure and the protection of proprietary and confidential information

Conclusion Relevant, comprehensive, adequate and timely disclosure provides important information for investors, policyholders and supervisors Relevant, comprehensive, adequate and timely disclosures enhance market discipline and confidence in the industry

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