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India : IAIS Insurance Core PrinciplesThis assessment of India's
 compliance with the International Association of Insurance
 Supervisors (IAIS) Insurance Core Principles (ICP) was
 carried out as part of the 2011 Financial Sector Assessment
 Program (FSAP). Although this is the second FSAP for India,
 this is the first external assessment of India's
 compliance with the ICPs. The Insurance Regulatory and
 Development Authority (IRDA) have principal responsibility
 for insurance regulation and supervision in India, although
 the central government also has some reserve supervisory
 powers. This assessment is based upon information made
 available to the assessor in preparation for and during the
 June 2011 FSAP mission. The assessment has also been
 informed by discussions with regulators and market
 participants. The assessment employs the 2003 version of the
 IAIS insurance core principles and methodology and is based
 on the essential criteria (EC) listed in that document.
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Risk-based Supervision of Pension Funds : Emerging Practices and ChallengesRisk-based supervision of pension funds
 grew out of a project that was jointly conducted by the
 World Bank and the International Organization of Pension
 Supervisors (IOPS). The project was initiated in response to
 the increasing interest in the development of innovative
 approaches to pension supervision from the member countries
 of both institutions. The volume provides an initial
 assessment of the development of risk-based supervision of
 pension funds in four countries that have been pioneering
 the development of risk-based supervision methods in various
 forms. The volume is comprised of a summary chapter and
 in-depth studies of the experience in four individual
 countries-Australia, Denmark, Mexico, and Netherlands. These
 four country studies were prepared by experts familiar with
 the systems in each of the countries. The studies have been
 edited by World Bank staff to ensure a consistent approach
 to the analysis of the various countries' systems.
 Models of risk-based supervision demonstrate the benefits of
 moving away from an approach based on strict compliance,
 specific rules, and quantitative controls toward an approach
 that puts more emphasis on the identification and management
 of relevant risks. A risk-based approach encourages
 supervised entities to place a greater focus on risk
 management in their daily operations, which promotes a
 stronger pension system and more effective outcomes for the
 members of the system. It is also expected that moving to a
 risk-based approach to supervision will enhance the ability
 of supervisors to focus resources on areas of highest risk,
 which will, over time, result in a more efficient use of
 supervisory resources.
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Pension Risk and Risk Based Supervision in Defined Contribution Pension FundsThe main goal of any pension system is
 to ensure that members receive an adequate pension income
 when they retire. Whilst traditional defined benefit (DB)
 pension plans set out what that pension income will be in
 advance and then strive to deliver it, the growing number of
 defined contribution (DC) plans accumulates a sum of assets
 which can then be turned into a pension income on
 retirement. However, the amount of this retirement income is
 not set in advance. In the absence of a proper regulatory
 framework, feature n DC plans leads to a focus by not only
 pension providers, but also regulators and pension plan
 members themselves on the short-term accumulation of pension
 assets rather than the longer-term goal of securing an
 adequate retirement income. The paper is organized as
 follows: chapter two discusses the origins of risks based
 supervision and discusses the role of capital in the
 alignment of incentives in financial institutions. Chapter
 three discusses the concept of risk based supervision for
 pension funds, and its limitations in the case of DC pension
 schemes. Chapter four discusses the effectiveness of RBS
 schemes in DC systems in emerging economies, and the last
 section provides some lessons learned.