Supervisory Colleges for Regulated Entities
Supervisory colleges are vital in the role of effective supervision of insurance groups.
Enhanced cooperation between supervisory authorities at the regional level is key to strengthening the effectiveness of supervision of its regulated entities. CAIR has implemented guidelines to act as a catalyst in developing a consistent and effective framework for supervisory colleges held by member regulators in the Caribbean region.
Supervisory colleges will provide a platform for:
- Enhanced information sharing by the gathering and dissemination of relevant or essential information in going concerns and emergency situations;
- Developing a common understanding of the risk profile of the regulated entity or entities;
- Achieving coordination of supervisory review and risk assessment at a group level by promoting a shared agenda for addressing risks and vulnerabilities; and
- Establishing supervisory plans for the mitigation of risks by communicating key supervisory messages among college members on an on-going and confidential basis.
For further information, please refer to the Framework for Supervisory Colleges.