ICP 14: Preventive and Corrective Measures of the Supervisor
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1 A Core Curriculum for Insurance Supervisors ICP 14: Preventive and Corrective Measures of the Supervisor Teaching Note
2 Copyright 2006 International Association of Insurance Supervisors (IAIS). All rights reserved. The material in this module is copyrighted. It may be used for training by competent organizations with permission. Please contact the IAIS to seek permission. This teaching note was prepared by Lawrie Savage, who is a former superintendent of insurance for the government of Ontario ( ) and is currently president of Lawrie Savage and Associates. He has 37 years of experience in the Canadian insurance sector and, in addition to his work with Ontario, was with the Canadian financial supervisory authority, OSFI, for 19 years. For the last eight years of his tenure with OSFI, he was in charge of non-life insurance supervision for Canada. He has also been chief executive officer of a Canadian life insurance company and vice chairman of a non-life insurer.
3 ICP 14: Preventive and Corrective Measures of the Supervisor Teaching Note Context The application of ICP 14 gives rise to a broad range of supervisory issues and indeed presents some of the most challenging areas of supervisory decision making. When financial positions are deteriorating (especially when attributable to poor management practices), when improper investment policies are in evidence, when overly rapid expansion and other forms of high-risk behavior are undermining or threatening to undermine the position of policyholders, preventive and corrective measures are generally required. Thus the concepts and principles set out under the heading of ICP 14 must typically be applied in the most difficult of circumstances. The following notes are written to help someone deliver a seminar on module 14, highlighting various aspects of supervisory decision making and selecting the preventive and corrective measures that provide the best chance of accomplishing supervisory objectives. The module may be adequately covered in a full-day seminar, but additional time would be useful in order to be able to explore various aspects of the module in depth. Participants Participants are assumed to be insurance supervisors or others with a basic understanding of insurance and the role of a supervisory authority.
4 Insurance Supervision Core Curriculum Advance preparation Participants should be strongly encouraged to read the module in advance of the seminar, as it is impossible to cover the material thoroughly during the time available. Approach and resource materials The supervisor must consider available preventive and corrective measures in light of the problems and risks facing the institution and solve those problems or reduce those risks in ways that best protect the public interest. As with all challenges of this nature, it is always better to act on the basis of a well-thought-out plan as opposed to merely shooting from the hip (that is, selecting a course of action without following any welldefined analytical process). The Toronto International Leadership Centre for Financial Sector Supervision endorses a five-step model to aid supervisory decision making. The model was developed and is used by the Toronto Centre in its leadership programs for senior financial sector supervisors and regulators from around the world. (For more information about the Toronto Centre, please visit In the discussions and exercises accompanying ICP 14, you should encourage a broad perspective for the dialogue. Participants should be prepared to explain why they favor certain preventive or corrective measures over others and what thought process has led them to their conclusions. The instructor may wish to draw on the five-step model as a way of encouraging participants to consider their selection of various preventive and corrective measures in the context of developing a supervisory strategy designed to meet a specific goal. With the permission of the Toronto Centre, the most basic aspects of the model are summarized on the following. Clearly, there is much more to the approach than is shown in the simplified model, but it is hoped that this information will help to stimulate discussion.
5 ICP 14: Preventive and Corrective Measures of the Supervisor (Teaching Note) The Toronto Centre Problem Solving Model 1. Analyze the situation Clarify the issue, problem or risk, i.e. what is the fundamental difficulty that needs to be addressed? 2. Develop a focus What is the goal? A goal should be easily stated in one simple sentence. What are the main options for achieving the goal? Which combination of those options is most likely to be successful? The combination of options you select at this stage defines your primary strategy for attaining the goal. 3. Define a plan Work out the intended strategy at a level of detail that is actionable. (The strategy is higher level; the plan is more detailed.) Your plan should be SMART, i.e. Specific, Measurable, Attainable, Realistic and have Timelines. AN ITERATIVE PROCESS As you work through the steps you will often have to go back and make adjustments to what you have done in previous steps. 4. Persuade others Who are the stakeholders? Think about those who are in a position to influence outcomes. Which stakeholders are likely to support your plan? Be opposed to the plan? Neutral? Are there common interests or goals that can help to build support? 5. Implement the plan Taking account of the stakeholders and doing what you can to persuade them, move forward with the execution of the plan. The following are suggestions for ways in which the exercises in the module might be developed for classroom participation. Exercise 1 The first exercise may be approached in several ways. The first suggestion is to have each participant complete the assignment as described in the exercise. When the exercise has been completed, organize the whole group into working teams of from three to five members each and ask each team to proceed as follows. Allow time for each team member to describe briefly to the other team members the two preventive or corrective measures they consider to be the most important powers that are lacking in their own jurisdiction. Allow each team about 10 minutes for general discussion of the preventive and corrective measures they have put forward and then have each team put together a consensus listing the five most important preventive or corrective measures
6 Insurance Supervision Core Curriculum that they think should be included in every country s insurance law. Each team should select a spokesperson from among its members. Using a flipchart or other visual aid, the spokesperson should present the consensus list for his or her team and describe why they consider these preventive and corrective measures to be key. They might also comment on the extent to which the particular listing is a function of the regulatory and business environment in their jurisdictions. Depending on the number of teams and the amount of time available, ask the spokespersons to present their team s listing and supporting reasons for their selections. Encourage discussion and debate after each group s presentation. The second approach is either to use two or three of the most frequently selected preventive or corrective measures from the exercise above or simply to choose two or three key measures. Depending on the number in the class, set up approximately four teams (or at least an even number of teams) of three to five persons each. Take pairs of teams and assign one key preventive or corrective measure to each pair of teams. Suppose you assign preventive measure X to Team A and Team B. Team A represents an insurance company. Team B represents the supervisory authority. Each team should be given from 10 minutes to half an hour to think about the implications from their perspective. Then organize a role-playing exercise in which Team B meets with Team A to discuss Team B s intention to apply preventive measure X. This would be an initial meeting. Team B should begin by briefing Team A on the reasons underlying the supervisory concern, the legal basis for preventive measure X, and the reasons why Team B believes that preventive measure X is required. Team A can respond, perhaps suggesting other measures that (from the perspective of the company) would be more appropriate or perhaps arguing why no preventive or corrective measure is required at all. Each group of two teams could be given 10 minutes or so for the role-playing exercise. By using different pairs of teams you should be able to cover most of the main preventive and corrective measures. The objective of the exercise is twofold: to help participants to think about the implications of various preventive and corrective measures and to consider how their arguments can be put forward in the most persuasive and effective fashion. Exercises 2, 3 and 4 Each of these exercises lends itself to role-playing exercises. In exercises 2 and 3, it would be natural to have teams representing the supervisory authority and teams representing the insurance company. In exercise 4, it could be interesting to have three teams: the supervisory authority, the insurance company, and the audit firm. An initial meeting could be held between the three parties, with the supervisory group setting out its initial concerns and tentative strategy for proceeding. To add variety, in some cases it would be useful to have the company role represented by company management and in other cases to have the company represented 4
7 ICP 14: Preventive and Corrective Measures of the Supervisor (Teaching Note) by the board of directors. The teams should be encouraged to think about the different perspectives that the two company groups may bring to the table. For example, while company management may tend to focus more on technical arguments and respond better to such arguments put forward by the supervisors, the board of directors should be more likely to think about the reputation of the company and its shareholders, the underlying nature of the supervisory concerns, and the business and public interest principles involved. Another role-playing possibility would be to have two groups consider each of the situations in exercises 2, 3, and 4 (that is, six groups in all). For each exercise, one group represents the supervisory authority, and one group represents the minister. The task is for the supervisors to meet with the minister to explain the current problem and the supervisory authority s intended strategy for dealing with it. After each role-playing exercise, other participants can question the teams and make suggestions for improvement. Structure and timing of the seminar One suggestion for the overall structure and timing of the seminar is provided below. Note that the number of participants will influence the time needed for group reporting sessions. A large number of participants may require more groups to encourage participation, as each group should consist of no more than six or seven persons. However, if each group is to report back, then the larger number of groups will require more time for this reporting. Before the start of the seminar, divide the participants into groups, each of which includes, to the extent possible, supervisors from different regions and with different levels of experience. The main objective of the exercises included in the module (one general question for discussion and three mini cases) is to help participants to evaluate the various options at their disposal in terms of the preventive and corrective measures that might be found in most insurance laws. Activity Details Number of minutes Introduction and overview Presentation on why prevention and correction are important and on the key terms Encourage questions and comments related to the reading done before the seminar; post issues on a flipchart Small-group work 30 Reporting and feedback Short presentations and discussion 30 Break Presentation on the legal framework for prevention and correction
8 Insurance Supervision Core Curriculum Activity Details Number of minutes Small-group work 45 Reporting and feedback Short presentations and discussion 45 Lunch Presentation on the application of transparent, consistent, and effective prevention and correction Small-group work 45 Reporting and feedback Short presentations and discussion 45 Break Plenary activity Review and discuss examples 60 Closing session Participants and presenter offer final comments Presenter assigns post-seminar activities, if any Participants complete evaluation forms 30 20
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