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The
Insurance Core Principles were
developed to foster prudent insurance
supervisory practices globally and to
provide a framework with which to
develop more detailed insurance
standards. The framework comprises
essential principles that need to be in
place for an insurance supervisory
system to be effective. The Core
Principles are supported by best
practices set out in approved IAS
principles and standards.
The principles identify key issues
for insurance supervisors in areas such
as organization of an insurance
supervisory authority; licensing and
changes in control; corporate
governance and internal controls;
prudential rules; and market
conduct.
With the business of insurance
regulated at a state level in the U.S.,
the NAIC prepared a response to the
IAIS Insurance Core Principles
Self-Assessment Questionnaire. The NAIC
is the organization of insurance
regulators from the 50 states, the
District of Columbia, and the four U.S.
territories.
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