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International Monetary Fund. Monetary and Capital Markets Department
Denmark’s insurance sector is highly developed with a particularly high penetration and density in the life sector. Traditionally, work-related life insurance and pension savings are offered as a combined package, and life insurance companies dominate the market for mandatory pension schemes for employees. The high penetration explains the overall size of the insurance sector, which exceeds those of peers from other Nordic countries and various other EU member states. Assets managed by the insurance industry amounted to 146 percent of the GDP at end-2018, compared to 72 percent for the EU average.
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses findings of the Detailed Assessment of Observance of the Insurance Core Principles on Denmark. Insurance regulation in Denmark has a good level of compliance with the Insurance Core Principles. A particular strength of the Danish Financial Supervisory Authority’s approach is its close focus on key risks in the sector and its readiness to require action by companies to address vulnerabilities. Regular, even daily monitoring of market risk sensitivities is carried out on life insurers’ balance sheets. In nonlife insurance, regular testing of a number of key performance ratios helps to highlight potential weaknesses and to support early intervention. There is comprehensive oversight of the reinsurance programs of the nonlife companies in particular.
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses findings of the Report on Observance of Standards and codes for Denmark. Denmark has a high level of compliance with the Basel Core Principles for Effective Banking Supervision. The Danish Financial Supervisory Authority (DFSA) has the appropriate legal authority to carry out supervision effectively, and its risk based approach has focused well on the key elements of risk within its banking system. Its powers and supervisory approach have evolved significantly since the recent global crisis, and the DFSA emerged as a proactive supervisor. Its overall supervisory approach is sound, and the compliance with the credit-risk and capital adequacy related principles is uniformly high.
International Monetary Fund
This technical note examines pensions with profit contracts in Denmark. The Danish life insurance and pension sector is sensitive to a range of risks on both the asset and liability side of the balance sheet. One of the principal vulnerabilities for the sector arises out of the requirement to achieve a high guaranteed return for the duration of “in-force” policies. Although several measures have been implemented to increase provisions and capital, and for hedging interest rate risk through derivatives, the overall risk in the pension sector still needs to be closely monitored.
International Monetary Fund
This paper discusses key findings of the Detailed Assessment of the Observance of the Insurance Core Principles for Denmark. Key recommendations arising from the assessment cover two main issues. First is the fact that the Danish Financial Supervisory Authority Finanstilsynet bases its system to assess the appropriateness of key functions on the assumption that it is the core responsibility of the senior management to ensure adequate personnel to be assigned to relevant tasks in the supervised companies. The second issue relates to a requirement that internal audit functions should be made compulsory for smaller companies.
International Monetary Fund
The Financial System Stability Assessment of Denmark has been developed to identify the weakness in the financial sector structure and thereby enhance the resilience to macroeconomic shocks and cross-border contagion. This paper provides the overall stability assessment of the financial system and the autonomy and accountability of the Danish Financial Supervisory Authority (DFSA). It reviews the macroeconomic setting, financial structure and risks. The study also analyzes the financial markets, their structure and safety nets, and assesses financial supervision, standard assessments, and key recommendations to improve the Anti-Money Laundering and Combating the Financing of Terrorism (AML-CLT) system.
Mr. Jian-Ye Wang, Mr. Yo Kikuchi, Mr. Sidhartha Choudhury, and Mr. Mario Mansilla

Abstract

This paper assesses the issues of government involvement in international trade finance stemming from the recent changes in global financial markets. This study is based on discussions with representatives of export credit agencies during the period from October 2003 to May 2004. A survey of 27 agencies provided valuable insights. Financial flows facilitated by official export credit agencies are large in comparison with official development assistance and gross lending by international financial institutions to developing countries. However, the importance of officially supported trade finance has been declining relative to the rapid expansion of world trade and total capital flows to developing countries. The study highlights the key challenges facing official export credit agencies, including complementing the private sector, facilitating financing to low-income countries while helping maintain these countries’ debt sustainability, and playing a positive role in the area of trade finance in international efforts to address emerging market financial crises.

International Monetary Fund
The Selected Issues paper analyzes tax policy trends at the local level in Sweden and assesses the effectiveness of the vertical fiscal policy coordination system. The study reviews Sweden’s local public finances from an international perspective and empirically explores various explanations for the gradual increase in local tax rates. It discusses long-term challenges for local public finances and aggregate fiscal policy coordination. The design of vertical fiscal policy coordination in other countries is described. The paper also examines the Swedish experience of work absence in a European context.
International Monetary Fund
This Selected Issues paper highlights that over the past decade, the Netherlands has undergone a remarkable fiscal adjustment, with the deficit, the tax burden, and the expenditure-to-GDP ratio falling significantly. The switch from a deficit-target-based to an expenditure-target-based fiscal framework in 1994 and commitments to two successive four-year fiscal plans have played an important role. The current multiyear framework expires in 2002, and the Study Group on the Budgetary Margin has produced recommendations for the coming government period.