ICP 25 Supervisory Cooperation and Coordination
The supervisor cooperates and coordinates with involved supervisors and relevant authorities to ensure effective supervision of insurers operating on a cross-border basis.
25.1 |
The supervisor discusses and agrees with the involved supervisors which of them is the group-wide supervisor for cross-border insurance groups operating in its jurisdiction.
|
25.2 |
As a group-wide supervisor, the supervisor:
- understands the structure and operations of the insurance group; and
- leads group-wide supervision, taking into account assessments made by the other involved supervisors.
|
25.3 |
As an other involved supervisor, the supervisor understands:
- the structure and operations of the group insofar as it concerns the insurance legal entities in its jurisdiction; and
- the way that operations of insurance legal entities of the group in its jurisdiction may affect the rest of the group
|
25.4 |
The group-wide supervisor discusses and agrees with other involved supervisors to establish suitable coordination arrangements for crossborder insurance groups operating in its jurisdiction.
|
25.5 |
The group-wide supervisor sets out the coordination arrangements in a written coordination agreement and puts such arrangements in place.
|
25.6 |
The supervisor discusses and agrees with involved supervisors whether to establish a supervisory college for cross-border insurance groups operating in its jurisdiction, and if so, how to structure and operate the supervisory college.
|
Supervisory cooperation in planning for crisis management
25.7 |
The group-wide supervisor coordinates crisis management preparations with other involved supervisors and relevant authorities.
|
Supervisory cooperation during a crisis
25.8 |
The supervisor:
- Informs the involved supervisors as soon as it becomes aware of a crisis;
- cooperates and coordinates with the involved supervisors and relevant authorities to analyse and assess the crisis situation and its implications to reach a common understanding of the situation; and
- identifies coordinated, timely and effective solutions to a crisis situation.
|
25.9 |
The group-wide supervisor coordinates with other involved supervisors and relevant authorities on public communication and communication with the insurance group during the crisis.
|