What is an ICP tool?

The ICP Self-Assessment Tool (SAT) represents a collaborative effort between the International Association of Insurance Supervisors (IAIS) and the African Insurance Organization (A2ii). This innovative tool leverages the analytical framework established by the Peer Review Process, integrating its CORE components into a streamlined assessment mechanism.

At the heart of the SAT lies the self-assessment questionnaire, a comprehensive document designed to guide insurance institutions through a rigorous self-evaluation of their risk management practices and compliance with international standards. This questionnaire serves as the foundation for the assessment process.

Complementing the questionnaire is a set of scoring criteria, meticulously developed to ensure consistency and objectivity in evaluating the responses. These criteria facilitate the conversion of qualitative assessments into quantifiable scores, allowing for a more precise and comparable analysis across institutions.

The integration of these tools within the SAT underscores its potential to drive continuous improvement in the insurance sector. By enabling institutions to identify areas of strength and weakness, the SAT fosters a culture of self-reflection and proactive risk management.

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