The ob­jec­tives in­clude:

Insurance - - FEATURE -

Risk-Based Reg­u­la­tion: Move fo­cus away from de­tailed rules. Trans­parency to en­sure in­sti­tu­tions un­der­stand risks and how they will be dealt with. Each in­sti­tu­tion is risk rated, ad­vised of risk level, ar­eas of par­tic­u­lar risk so they can be­gin to take mea­sures to re­duce risk.

In­sur­ers adopt sound risk man­age­ment and cap­i­tal is com­men­su­rate with risk; Man­age­ment and board of in­sur­ers are pri­mar­ily re­spon­si­ble for fi­nan­cial sound­ness; Quan­ti­ta­tive and qual­i­ta­tive as­sess­ment – for­ward look­ing, con­sul­ta­tive, con­sis­tent in line with best prac­tices; Pre­vent prob­lems from oc­cur­ring rather than at­tempt­ing to fix prob­lems that have hap­pened; Avoid­ance – a more ef­fec­tive pub­lic pol­icy than prob­lem rec­ti­fi­ca­tion: “an ounce of preven­tion worth a pound of cure”; More ef­fi­cient by al­lo­cat­ing re­sources only where risks are high.

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