IAIS Insurance Core Principles (ICPs)

ICP 12: Exit from the market and resolution – IAIS Insurance Core Principles (ICPs)

IAIS Insurance Core Principles (ICPs) 12.11: Resolution powers respect the claims hierarchy and no creditor worse off than in liquidation; departures from equal treatment substantiated

What does 12.11 require?

The resolution authority exercises its powers in a way that respects the liquidation claims hierarchy and the principle that no creditor is worse off than in liquidation, and where it departs from equal treatment of creditors of the same class it substantiates the reasons to all affected parties.

Maintained by Gerard BlokdykControl text last updated 21 May 2026

Other controls in ICP 12: Exit from the market and resolution – IAIS Insurance Core Principles (ICPs)

12.1 12.1 A legislated framework for voluntary exit that protects policyholders
12.10 12.10 High legal priority for policyholders' claims in liquidation
12.12 12.12 Legislation states whether insurance liabilities may be restructured and whether policyholders may absorb losses
12.13 12.13 Mechanisms to resolve the head of a domestic insurance group
12.14 12.14 Authority to resolve a foreign insurer's branch, coordinated with the home authorities
12.2 12.2 A legislated resolution framework that protects policyholders and absorbs losses in the claims hierarchy
12.3 12.3 Processes and procedures to prepare for and conduct resolution
12.4 12.4 Regular assessment of which insurers need a resolution plan; plans and resolvability assessments for systemic or critical insurers

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