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On and Offsite Inspections / Michael Hafeman.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Hafeman, Michael.
- Series:
- Other Financial Sector Study
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Access to Information.
- Accounting.
- Confidentiality.
- Consumer Protection.
- Consumers.
- Corporate Governance.
- E-Business.
- Finance and Financial Sector Development.
- Financial Institutions.
- Financial Regulation & Supervision.
- Financial Sector.
- Financial Services.
- Hazard Risk Management.
- Housing Finance.
- Insurance.
- Insurance & Risk Mitigation.
- Insurance Industry.
- Marketing.
- Microinsurance.
- Non Bank Financial Institutions.
- Outsourcing.
- Private Sector.
- Private Sector Development.
- Risk Assessment.
- Risk Management.
- Sanctions.
- Savings.
- Technical Assistance.
- Underwriting.
- Urban Development.
- Local Subjects:
- Access to Information.
- Accounting.
- Confidentiality.
- Consumer Protection.
- Consumers.
- Corporate Governance.
- E-Business.
- Finance and Financial Sector Development.
- Financial Institutions.
- Financial Regulation & Supervision.
- Financial Sector.
- Financial Services.
- Hazard Risk Management.
- Housing Finance.
- Insurance.
- Insurance & Risk Mitigation.
- Insurance Industry.
- Marketing.
- Microinsurance.
- Non Bank Financial Institutions.
- Outsourcing.
- Private Sector.
- Private Sector Development.
- Risk Assessment.
- Risk Management.
- Sanctions.
- Savings.
- Technical Assistance.
- Underwriting.
- Urban Development.
- Place of Publication:
- Washington, D.C. : The World Bank, 2009.
- System Details:
- data file
- Summary:
- An inspection is an official examination or review. The term 'onsite' means that the inspection takes place wherever the subject of the inspection happens to be located. In the insurance sector, supervisory authorities perform onsite inspections of insurers and intermediaries. Inspections sometimes extend to other entities that can affect the operations of insurers and intermediaries, such as affiliated companies and providers of outsourced services. A full-scale onsite inspection is a wide-ranging look at the finances and operations of an insurer. It can greatly assist the supervisory authority in arriving at a comprehensive assessment of the insurer's risk profile, viability, and compliance with requirements. Full-scale inspections can consume a lot of supervisory resources. A focused inspection looks at selected aspects of an insurer's finances or operations. They can often be performed more quickly and with fewer resources than a full-scale inspection, which is particular important if a specific supervisory concern has arisen and needs to be investigated. The flexibility to use both full-scale and focused inspections, as the situation may require, enables a supervisory authority to use available resources effectively and efficiently.
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