On the topic: At the request of the IAIS the 9th Consultation Call focused on "Mutuals, Cooperatives and Community Based Organisations (MCCOs) ". The IAIS is currently working on the development of an Application paper which will provide supervisory guidance regarding adherence to and implementation of the relevant Insurance Core Principles (ICPs) with respect to MCCOs in inclusive insurance markets.
Presentations:
Report:
In 2010 the IAIS, the MIN and the A2ii published an Issues paper on the regulation and supervision of mutuals, cooperatives and other community-based organisations (MCCOs) in increasing access to insurance markets. The paper provides an overview of these organisations focusing on their regulation and supervision and their role in expanding inclusion in insurance.
The IAIS is now working on the development of an Application paper which will provide supervisory guidance regarding adherence to and implementation of the relevant Insurance Core Principles (ICPs) with respect to MCCOs in inclusive insurance markets.
The IAIS is very interested in hearing from members about what issues or challenges there are in respect of regulation and supervision of MCCOs. For example in the following areas:
Formalisation: experiences with the way MCCOs, or each of these organisational types, are regulated in jurisdictions. Are there differences in level of supervision and licensing? What relevance is the nature of activities and class of business? What is the relevance of scale of the business?
Governance: experiences in the way MCCOs are treated with respect to governance. How are bodies for members’ representation treated from a governance perspective? How are fit and proper criteria applied?
Financial requirements: experiences with solvency and other financial requirements. What exemptions are there for MCCOs? How are typical mutual characteristics treated e.g. additional premium levying, members’ accounts?
Reporting: difference in reporting requirements compared to stock companies.
Groups aspects: regulatory treatment of bigger mutual based groups. Governance arrangements to allow influence by members. Other agency aspects.
