ICP 1 Objectives, Powers and Responsibilities of the Supervisor

Each authority responsible for insurance supervision, its powers and the objectives of insurance supervision are clearly defined.

1.1

Primary legislation clearly defines the authority (or authorities) responsible for insurance supervision.


1.2
Primary legislation clearly determines the objectives of insurance supervision and these include at least to:
  • protect policyholders;
  • promote the maintenance of a fair, safe and stable insurance market; and
  • contribute to financial stability.


1.3

Primary legislation gives the supervisor adequate powers to meet its responsibilities and objectives.

 


1.4

The supervisor initiates or proposes changes in legislation where current responsibilities, objectives or powers are not sufficient to meet the intended supervisory outcomes.