CLEMENT-CHAMBOKO-SESSION-5.pdf

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1、We are to address the topic“Navigation through Regulation and Compliance,a Port in the Storm?”I have tried to gather my initial discussion points as under.Question:The purpose of insurance regulation is to protect consumers,ensure the solvency and financial stability of insurance companies,and foste

2、r the orderly growth of the insurance industry.Response:Ratings fit into this by providing an independent assessment of the solvency and stability of insurance companies.Credibility:Ratings provide an independent and rigorous assessment of credit worthiness that is easily understood by Regulators,ca

3、pital markets investors,market players and consumers.Ratings provide critical information that steers and quite possibly guides investor decisions to capitalise insurers,enabling them to better protect consumers.Ratings provide input for strategic decisions for Insurers such as product offering and

4、geographical expansion.Surveillance-Ongoing monitoring during the life of the rating of the insurer:Provides a continuous view of the insurer and the market It serves as a tool to allow the insurer to improve their operations.Ratings provide an overarching assessment of the insurer in light of peers

5、 and prevailing market conditions.Question:Regulators achieve this by 1.setting rules for solvency,underwriting,and market conduct;2.approving products and licensing insurers;3.ensuring claim settlements are fair and timely;and 4.providing an effective grievance redressal mechanism for policyholders

6、.Response:Feedback from Ratings can provide input into Regulatory policy and framework formulation.Ratings provide a Regulator with insights into the financial strength of an Insurer assisting the Regulatory with its oversight function.The research provided Ratings agencies provides sector insights