Guidance Paper On Enterprise Risk Management For Capital Adequacy And Solvency Purposes

The IAIS is committed to the development of a set of cohesive standards and guidance papers on solvency assessment which build on earlier work in the Framework, Cornerstones and Structure papers. This guidance paper is an interim stage in that process.
The key features in this guidance paper are expected to form the basis of proposed standards. The IAIS acknowledges that there is further work that needs to be completed as supervisory practice is still emerging, but has published this paper to express the IAISs current positions prior to completion of those standards.
As the IAIS Solvency and Actuarial Issues Subcommittee continues its work to develop standards and associated guidance, this guidance paper may need to be reviewed so that the standards, guidance papers, and other papers developed will be consistent. It is also expected that as further work is completed on solvency papers, especially work on the standards regarding valuation, additional issues may be identified that need to be addressed in the standards and guidance papers.