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📋 '''Insurance Core Principles (ICPs)''' are the globally recognized set of supervisory standards issued by the [[Definition:International Association of Insurance Supervisors (IAIS) | International Association of Insurance Supervisors (IAIS)]]. Comprising a series of principle statements, each supported by detailed standards and guidance, the ICPs lay out what effective insurance [[Definition:Prudential regulation | regulation]] and [[Definition:Market conduct | market conduct]] oversight should look like — covering everything from [[Definition:Licensing | licensing]] and [[Definition:Corporate governance | corporate governance]] to [[Definition:Solvency | solvency]] assessment, [[Definition:Reinsurance | reinsurance]] supervision, and [[Definition:Consumer protection | consumer protection]].

⚙️ Each ICP addresses a specific area of supervisory practice and is designed to be applicable regardless of a jurisdiction's legal tradition or level of market development. For example, ICP 8 deals with [[Definition:Risk management | risk management]] and internal controls, ICP 14 with [[Definition:Valuation | valuation]], and ICP 17 with [[Definition:Capital adequacy | capital adequacy]]. Jurisdictions do not adopt the ICPs as binding law directly; instead, they serve as benchmarks against which national frameworks are assessed during [[Definition:Financial Sector Assessment Program (FSAP) | Financial Sector Assessment Program (FSAP)]] reviews conducted jointly by the [[Definition:International Monetary Fund (IMF) | International Monetary Fund]] and the [[Definition:World Bank | World Bank]]. These peer-review assessments grade countries on their observance of each principle, identifying gaps that may expose [[Definition:Policyholder | policyholders]] or financial stability to undue risk.

💡 The influence of the ICPs extends into the daily operations of [[Definition:Insurance carrier | insurers]] and [[Definition:Insurance regulator | regulators]] alike, even in jurisdictions that have never formally codified them into statute. Multinational groups use ICP alignment as a governance benchmark when entering new markets, and [[Definition:Rating agency | rating agencies]] factor a country's supervisory maturity — often measured against ICPs — into sovereign and company-level assessments. The principles also provide the conceptual scaffolding for more specific IAIS initiatives such as the [[Definition:Insurance Capital Standard (ICS) | Insurance Capital Standard (ICS)]] and the [[Definition:Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) | ComFrame]]. In this way, the ICPs function as the constitution of global insurance supervision — rarely cited in a policy dispute, yet shaping the architecture within which every dispute is resolved.

'''Related concepts'''
{{Div col|colwidth=20em}}
* [[Definition:International Association of Insurance Supervisors (IAIS)]]
* [[Definition:Insurance Capital Standard (ICS)]]
* [[Definition:Solvency II]]
* [[Definition:Prudential regulation]]
* [[Definition:Financial Sector Assessment Program (FSAP)]]
* [[Definition:Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame)]]
{{Div col end}}

Definition:Insurance Core Principles (ICPs) - Revision history

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