Usefulness of a Well-Prepared Self-Assessment
The authorities should prepare a self-assessment to benefit fully from an independent assessment of observance of ICPs. Self-assessment also helps the authorities to identify the relevant parts of the law and the supervisory practice that will be of interest to the outside assessor.
Sometimes, a supervisory authority may prepare an assessment for another purpose, one that assesses the authority rather than the whole jurisdiction. In those cases, the assessment may rate a particular criterion as “not applicable” where it falls to a different authority in the jurisdiction to undertake that task. Insurance assessment should, however, be carried out in the context of the jurisdiction as a whole rather than for an individual authority. Therefore, the assessor will need to obtain information on the relevant criteria, laws, practices, and oversight from several authorities, including the agency with primary responsibility for insurance supervision. Obtaining this information will require coordinating the assessment process with many agencies.