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Supervision of Virtual Insurance

IAIS Annual Conference Santiago, Chile. Supervision of Virtual Insurance. Wil Dullemond Advisor of the Board of the Dutch Pensions and Insurance Supervisory Authority. 10 October 2002. Supervisor’s role. Unlicensed company: protective & punitive action

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Supervision of Virtual Insurance

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  1. IAIS Annual Conference Santiago, Chile Supervision of Virtual Insurance Wil Dullemond Advisor of the Board of the Dutch Pensions and Insurance Supervisory Authority 10 October 2002

  2. Supervisor’s role • Unlicensed company: protective & punitive action • Licensed company: on going supervision • New company: preventive supervision

  3. Supervisor’s Principles • Insurer responsible for internal control risks(see also IAIS Issues Paper “Risks to Insurers posed by Electronic Commerce”) • Outsourcing not to prevent supervision • Accessibility supervisor • Effectiveness of interventions

  4. Supervision developments • From companies to aspects: • System & Prudence: DNB/PVK • Market conduct: Authority Fin. Markets • (Self-)Regulation to inform policyholders: • Financial attachment, code of conducts • Supervision of intermediaries

  5. Supervisor’s draft e-rules • Insurer and supervisor to be identified • Criteria for servicespending • Also written policyforms • Policyconditions available on the internet

  6. Supervisor’s experiences to date • Small number of unlicensed activities • New companies need long time & much funding • Licensed companies face problems with distribution policy • Supervisors need to act together to be effective

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