Onsite risk assessments of insurers focus on governance arrangements for underwriting, claims management, reserving methodology and risk management frameworks, including reinsurance and retrocession arrangements. This often includes a review of the underwriting and claims files maintained by the insurers. With regard to insurance intermediaries, the risk assessment will focus on their conduct with clients and compliance with Insurance Monies Rules (set out in the COB Module). Brokerage files are often reviewed during a DFSA risk assessment.
The DFSA plays an active role within various global standard-setting bodies, including in the insurance sector. The DFSA is a member of the International Association of Insurance Supervisors (IAIS), which is a standard-setting organisation of insurance supervisors and regulators aiming to maintain fair, safe and stable insurance markets. The regulation governing insurance entities and the supervisory approach are guided by the Insurance Core Principles set by the IAIS. In addition, for takaful entities, the DFSA benchmarks against the Islamic Financial Services Board standards.
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