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Cover IMF Staff Country Reports
Canada: Financial Sector Assessment Program-Insurance Core Principles-Detailed Assessment of Observance
International Monetary Fund. Monetary and Capital Markets Department
This Detailed Assessment report, a part of the 2013 Financial Sector Assessment Program (FSAP) of Canada, assesses Canada’s regulatory regime and supervisory practices against the international standards. The IMF report suggests that the Office of the Superintendent of Financial Institutions (OSFI) should be empowered to take supervisory measures at the level of the holding company. It highlights that while OSFI requires Federally Regulated Insurers (FRI) FRIs to develop internal capital targets, requirements to develop an Own Risk and Solvency Assessment are scheduled to be implemented in 2014.
Keywords:
ISCR; CR; holding company; risk management; insurance group; mortgage insurance; corporate governance; life insurance; insurance coverage; automobile insurance; line of business; Insurance companies; Insurance; Corporate governance; Legal support in revenue administration; Capital adequacy requirements; Global; Europe; Asia and Pacific
Cover IMF Staff Country Reports
Sweden: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles
International Monetary Fund
The staff report highlights that the insurance sector in Sweden is well developed and mature. The captive insurance segment is mainly driven by tax advantages. This assessment provides an update on the significant regulatory and supervisory developments in the insurance sector of Sweden since 2002. The assessment is based solely on the laws, regulations, and other supervisory requirements and practices that were in place at the time of the assessment.
Keywords:
ISCR; CR; holding company; risk assessment; risk management; corporate governance; insurance group; FI regulation; supervisory authority; board of directors; Insurance companies; Insurance; Solvency; Internal controls; Corporate governance; Global; Baltics; Europe
Cover IMF Staff Country Reports
Statement by Michael J. Callaghan, Executive Director for the Republic of Korea and Wong-Dong Cho, Advisor to Executive Director
International Monetary Fund

This 2002 Article IV Consultation highlights that the economic growth of Korea rose to about 6 percent in 2002 from 3 percent in 2001. Buoyant consumption and residential construction spending underpinned the recovery beginning in late 2001. In 2002, exports rebounded strongly in spite of a weaker-than-expected recovery in the global economy. Unemployment has eased to near pre-crisis levels, although wage rises have been matched by productivity growth. In terms of macroeconomic policies, the fiscal surplus was substantially higher than budgeted, resulting in a contractionary fiscal stance in 2002.

Keywords:
ISCR; CR; headline CPI; core CPI; government; CPI; food; staff appraisal; response to the FSSA report; share of Chohung Bank; implementation of conditionality; Korea's vulnerability; Administration in revenue administration; Corporate governance; Insurance companies