Implementation of Insurance Core Principles and FSAP Evaluations The Portuguese FSAP experience Gabriel Bernardino Instituto de Seguros de Portugal.

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Presentation transcript:

Implementation of Insurance Core Principles and FSAP Evaluations The Portuguese FSAP experience Gabriel Bernardino Instituto de Seguros de Portugal

Strategic issues  FSAP was integrated in the ISP strategy to converge with international best practice in the regulation and supervision of insurance business  Clear ISP board message on the need to perform a detailed and rigorous self-assessment  Perform a ICP self-assessment well ahead of the FSAP (time consuming exercise)  Establishment of an action plan with specific measures designed to improve the level of compliance with ICP’s and implement international best practices Portuguese FSAP experience

Self-assessment of the compliance with the ICP’s  Carried out in accordance with the guidelines set out in the ICP Methodology issued in October 2003  Focus on the overall regulatory and supervisory framework of the insurance sector  institutional conditions for effective insurance supervision, relevant legal and regulatory framework, supervisory philosophy, policies and practices implemented  Complete and detailed inventory of laws and regulations, Protocols, MoU’s and supervisory processes and practices in force Portuguese FSAP experience

Action Plan  Reinforcement of ISP governance mechanisms and transparency ( internal code of conduct, public consultation of regulations, disclosure of board decisions )  Reinforcement of insurance market governance structures ( responsibilities of insurer’s board and senior management, role and independence of auditors and responsible actuaries )  Reinforcement of insurance market governance mechanisms ( internal control, risk management and market disclosure )  Continuous improvement of the supervisory process ( towards a risk-based supervisory process ) Portuguese FSAP experience

Operational issues  Set up of an internal structure responsible for the coordination of all FSAP matters  Involvement of all relevant internal operational areas in the self assessment process  Involvement of staff with high experience and technical knowledge  Coordination with the supervisory authorities responsible for banking and securities supervision (financial conglomerates supervision, transversal issues) Portuguese FSAP experience

Operational issues  Raise the insurance market awareness of ICP’s  Early involvement of market participants (insurer’s association, auditors, actuaries)  Preparation of English translations of the main laws and regulations  Preparation of summary presentations of the main regulatory and supervisory tools for each ICP Portuguese FSAP experience