1. Edward Forshaw Manager, Insurance International Issues
VIRTUAL INSURANCE
Edward Forshaw
Manager, Insurance International Issues

2. IAIS Papers
Principles on the Supervision of Insurance Activities on the Internet
Consistency of approach
Transparency and disclosure
Co-operation
Risks to Insurers posed by Electronic Commerce

3. The risks to insurers Strategic Operational Transaction Data security
Connectivity
Conduct of business

4. Supervisory oversight
Identify the risks posed by electronic commerce
ensure that these risks are being well managed
develop appropriate supervisory strategies

5. Management of risks Corporate governance Systems and controls
Outsourcing

6. FSA’s approach on outsourcing
“A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems”
Guidance on the steps an insurer should consider taking to ensure it retains an appropriate degree of control over, and is accountable for, any material outsourcing.

7. Appropriate supervisory strategies
Principles on Managing Risks Posed by Electronic Commerce
Comments on Issues Paper
Proposals regarding managing risks
By end-December 2002