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International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the Observance of Insurance Core Principles in New Zealand. Observance of these principles in New Zealand falls significantly short. In some areas, the implementation of initiatives that would improve observance is incomplete. Supervisory risk assessment and enhancement of regulatory reporting by insurers are limited, which compromises effective off-site supervision, macroprudential analysis, and publication of aggregate information on the market. The Reserve Bank of New Zealand should focus in regulation and supervisory work on setting standards on corporate governance, risk management, and internal controls. It should assess risk in these areas to promote the effectiveness of insurers’ governance.
International Monetary Fund
Guernsey’s status as the largest international insurance center in Europe hinges on its progressive infrastructure and operational flexibility. Guernsey updates its regulatory regime continually and has implemented all the recommendations arising from the 2003 Offshore Financial Center (OFC) assessment. The updated regulatory framework has a high level of observance with the Insurance Core Principles (ICPs). The Guernsey Financial Services Commission (GFSC) should expand its range of enforcement powers and also implement the public disclosure standards established by the International Association of Insurance Supervisors (IAIS). The mission advised the GFSC to continually assess the practical implementation of Own Solvency Capital Assessment (OSCA).
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
This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation in Andorra. The assessment reveals that bank supervision in Andorra is broadly sound and has improved since the 2002 assessment. Institut Nacional Andorrà de Finances’ (INAF) new charter strengthened its independence and remedial powers. But these could be further strengthened by empowering it to impose all types of sanctions. Developing INAF’s onsite supervisory capacity and clarifying its requests to external auditors will be important for the bank and nonbank financial sectors.
International Monetary Fund
This paper discusses key findings of the Financial System Stability Assessment for Italy. The assessment reveals that Italy’s financial system is sound, and no major vulnerabilities that could cause systemic risks are identified. The deep restructuring of the banking sector in the 1990s has helped improve the efficiency and competition of the Italian banking industry. Most standard performance indicators are now broadly in line with those of other large European countries. Competition in the Italian banking sector has not yet been fully reflected in the pricing and quality of core services.
International Monetary Fund
This paper assesses the financial sector regulation and supervision in Bermuda in the context of the offshore financial center assessment program. The assessment reveals that the financial, regulatory, and supervisory framework is well developed in banking, the key areas of securities regulation, and antimoney laundering and combating the financing of terrorism (AML/CFT). Banking supervision is largely in conformity with the Basel Core Principles. The regulation of investment intermediaries and collective investment schemes, the main activities of the Bermudian securities industry, is working effectively. However, some deficiencies were noted in the assessment of insurance.
International Monetary Fund
This paper presents key findings of the Detailed Assessment of the Observance of Standards and Codes in the Financial Sector of Bermuda. The small number of licensed deposit-taking institutions in Bermuda are part of the broader financial intermediation sector. Typically, some 50 percent to 60 percent of the banks’ income is fee based. The value of client assets and the volume of their activities are the main generators of this income. Efforts to reduce employee and occupancy costs that reflect the high cost of doing business on the island are continuing.
International Monetary Fund
This report reviews the assessment of Jersey’s compliance with the Basel core principles for effective banking supervision based on the Core Principles. It provides a detailed assessment of the antimoney laundering and combating the financing of terrorism regime of Jersey and reviews its laws and regulations, supervisory and regulatory systems, Jersey’s compliance with the International Association of Insurance Supervisors (IAIS) insurance core principles, and benchmarks the state of insurance supervision. It also analyzes the objectives and principles of securities regulation and provides a detailed assessment of trust and company service providers in Jersey.
International Monetary Fund
This assessment of the Basel Core Principles for Effective Banking Supervision has been completed as part of the IMF Offshore Financial Center (OFC) assessment program. First, the assessment benchmarks the current state of banking supervision, recognizing that there have been extensive changes in the last few years. Second, it suggests a number of further improvements or changes. Thus, this report provides a key input for the development of an action plan to move toward full compliance with the Core Principles.