1. 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

2. 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

3. 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

4. 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

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

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

7. Thank you for your attention