This guide was written for use by supervisors and regulators of insurance undertakings to help them understand the specifics of mutual insurance. Throughout the document, we use ‘mutual insurance’ as a generic term for insurance undertakings that are characterized by being jointly owned (and overseen) by their members and by not being listed on the stock exchange.

This guide does not set out a methodology for regulation, but aims to provide a clear and comprehensive description of the structure, governance and purpose of mutual insurance undertakings.

The aim is to deliver a better understanding of mutual insurers by regulators, to help ensure that rule-making does not create barriers to effective competition, and to stimulate constructive dialogue between supervisors and mutual insurers. Ultimately, it is hoped that this will create a stronger alignment between the goals of regulation, supervision and mutual insurance, including the proportionate application of rules and standards.