Regulatory and Supervisory Approach
The Pensions and Insurance Authority (PIA) regulates and supervises pensions schemes, pensions and insurance service providers through a combination of off-site analysis and on-site inspections. The supervisory process comprises the following:
Formulation and Review of laws and Regulations – The Authority is responsible for drafting and/or review of the regulatory framework under which all the licensed pensions and insurance service providers are supervised.
Licensing Stage – The Authority evaluates registration applications of pension schemes and license applications for pensions and insurance entities and makes appropriate recommendations to the Registrar and Board.
Off-site Analysis- The Authority conducts continuous off-site analysis of the pensions and insurance service providers. The analysis is conducted through quarterly and annual returns, which are submitted by pensions and insurance service providers.
On-site Inspections – The Authority conducts on-site inspections of pensions and insurance service providers in order to assess their financial position, review the adequacy of their corporate governance structures and general compliance with the laws and regulations.