Insurance Core Principles (continued)
8. Risk Management and Internal Controls
Internal control requirements for insurers have been strengthened and appear to be consistent with the
requirements of the ICP.
9. Supervisory Review and Reporting
The OIC has made significant progress in developing and implementing a good supervisory framework for
insurers. Some refinements to the framework may be required as new regulatory requirements are
implemented.
10. Preventive and Corrective Measures
The ladder of intervention appears to leave the use of the OIC’s strongest preventive and corrective powers
until an insurers’ financial condition is extremely serious and when the supervisor should be focused on its
orderly wind-up as a gone concern rather than its recovery.
11. Enforcement
The OIC’s ability to enforce corrective action should be enhanced by strengthening its enforcement powers
to take control of non-life insurers and increasing the supervisor’s enforcement powers over intermediaries.
12. Winding-up and Exit from the Market
The legislation does not specify a clear point at which it is no longer permissible for an insurer to continue
its business. These concerns are partially mitigated by the strong supervisory practice of the OIC with
respect to capital and the existence of policyholder protection funds.
13. Reinsurance and Other Forms of Risk Transfer
While the assessment observes compliance with the ICP principle statements, it is noted that assuring
amounts recoverable from large foreign-based reinsurers without a physical presence in Thailand could be
challenging should a domestic insurer become insolvent.
14. Valuation
The notifications on valuation provide requirements for the measurement of assets and liabilities but could
be clearer in some respects, e.g., as to their recognition or derecognition, including for insurance and
reinsurance contract receivables and liabilities.
Do'stlaringiz bilan baham: |
