According to PRIAO-IRC, the book comprises of seven chapters including ‘The Regulatory and Supervisory Framework of Insurance’, ‘Regulatory Approaches’, ‘Supervisory Approaches’, ‘Global Experience in Risk-Based Supervision (RBS)’, ‘Supervisory Strategies’, ‘Regulatory Requirements’, and ‘Supervision in Iran Insurance Industry’.

Written in Persian, the book is one of the professional books in the field of insurance that addresses the fundamental concepts focused in the insurance regulation and supervision, supervisory and regulatory structure, obligations and authority of the regulatory body, the role of the regulatory body in financial stability and market direction. It also introduces the regulatory instruments with a focus on risk management and presents the global experiences in these regards.

In order to fairly, reliably, and sustainably cater for the insurance sector, the presence of a sound regulatory and supervisory system is vital. This will support the policyholders’ rights and help for a better service for them, other stakeholders, and claimants. It is also necessary for a greater engagement in sustaining the financial system. The insurance industry like other sectors of the financial system is always evolving due to the technical, social, and economic changes that they must respond to. Thus, in order to properly deal with these changes, the insurance regulatory systems and activities must always be enhanced.     

The first chapter of the book addresses the regulatory and supervisory framework in the insurance industry. This chapter introduces the fundamental principles of the regulation and supervision in the insurance industry and provides the readers with the necessary information regarding the global changes in the regulatory approaches.

Chapter two examines the regulatory approaches in the insurance industry. This chapter addresses various methods and approaches to regulation and supervision in the insurance industry. It also shares with the readers some comprehensive information regarding the extent and diversity of various approaches to regulation and supervision in the global insurance industry.

The third chapter examines the supervisory approaches to ‘market behavior’ and ‘prudential regulation’. It also addresses the present models and methods of prudential regulation and supervision of the market behavior in the insurance industry.

Chapter four deals with the international standards and guidelines regarding the regulation and supervision of the insurance industry and presents the experiences of various countries in applying them.

The fifth chapter deals with the Risk-Based Supervision (RBS). It also examines various risks in the insurance industry and introduces RBS as one of the significant approaches to insurance regulation.

Chapter six addresses corporate risk management, Own Risk and Solvency Assessment (ORSA), and precautionary system as the supervisory strategies. It also examines the corporate risk management methods and instruments in the insurance industry and provides the readers with practical information in enhancing regulation and supervision in the insurance industry.  

The seventh chapter introduces the regulatory requirements of supervision in Iran insurance industry. It also explicates the prerequisites for an effective supervision of the insurance industry.

Those interested can purchase “Fundamentals of Regulatory and Supervisory Approaches and Frameworks in the Insurance Industry” from IRC Bookstore at the address: 43, West Sarv St., SaadatAbad, Tehran, Iran - Postal Code: 19395-4499 or access IRC online shop at: https://bookstore.irc.ac.ir.