Implementing ICPs: Assessment as the First Step IAIS Global Seminar Budapest, Hungary, June 16-17, 2016 Damian Jaworski Director - Analyses and International Cooperation Department KNF – Polish Financial Supervision Authority

Key messages ICPs are not always considered as a primary benchmark for developing local regulations No direct interconnectedness between the development of the insurance market, supervisory practices and national law and ICPs Lack of a clear understanding of the relationship and the benefits of SAPRs in the context of the FSAPs

IAIS activities – standard setting priorities ICPs Standards Guidance Standard setting work Insurance Capital Standard (ICS) ComFrame Most relevant / interesting Least relevant / interesting The indication of relevance of ICPs participation of the CEET Region Members in the SAPRs

ICPs – a difficult benchmark Observance depends on understanding of ICP Challenges in terms of proper understanding of ICPs - insufficient human resources - insufficient competences of the authorities - too optimistic attitude towards self assessments

IAIS activities – implementation priorities Financial Inclusion SAPRs IAIS MMoU Standard observance FSAPs Supervisory Cooperation Least relevant / interesting Most relevant / interesting

SAPR vs. FSAP – a difficult First Step SAPR – a „subjective” assessment FSAP – an „objective” assessment Weaknesses & strengths Relations between the two types of assessments

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