8.  Countries will ensure that there are publicly available, non discriminatory rules

and procedures established that govern the identification and handling (including

disclosure) of financially troubled institutions.

9.  Measures adopted with respect to taxation (national and sub national) that affect

all insurance products will not enter into force until they have been notified to

through a special notification process.

B.  Solvency and Prudential Focus

1. Countries will provide for insurance market stability and consumer protection

through solvency and prudential regulations, allowing the market to determine

which products and services are offered and rates applied.

2.  Countries will adopt and implement procedures that encourage and expedite the

offering of insurance products and services.

(a)  With the exception of products sold and rates applied to individual persons

and compulsory lines, insurance regulation will not require new products,

rates, and services to be filed or approved;

(b)  Where filing and approval of an insurance product or service is required,

country's  regulatory authority will make publicly available the policy

reasons for such requirements and explain how the requirements are the

least burdensome means of accomplishing those objectives;

(c)  Where filing and approval is required, insurance suppliers will be

permitted to introduce a new product, which will be deemed to be

approved after sixty days time if the insurance supervisor has not taken

action to disapprove it;

(d)  No limits will be placed on the number and frequency of new product and

service introductions by an insurance supplier.

3.  Countries will not restrict the payment of dividends by foreign insurance

suppliers provided solvency margins are met.

4.  Standardised Reporting, Actuarial, Training Practices/Requirements.

Countries should encourage adoption of accounting and auditing standards based

on recognized international  best practices  standards.  International Actuarial

Association standards should be adopted to harmonize standards, and to

facilitate the evaluation and comparison of insurance suppliers' financial

strength, and their incorporation of new skills.

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