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International Monetary Fund
Germany has a comprehensive legislative and institutional framework for the effective supervision of the securities markets. The overall level of compliance with the IOSCO principles is high. There are significant industry concerns about the implementation costs resulting from a rapidly changing legislative framework. The German Federal Financial Supervisory Authority (BaFin’s) overall approach to supervision relies very heavily on the flow of information, auditors’ reports, and compliance with legislative obligations. Regulators at both the federal and state levels work with a clear legal framework and clearly defined powers and responsibilities.
Peter Windsor, Jeffery Yong, and Michelle Chong-Tai Bell
The paper explores the use of accounting standards for insurer solvency assessment in the context of the implementation of IFRS 17. The paper is based on the results of a survey of 20 insurance supervisors. Overall, IFRS 17 is a welcome development but there will be challenges of implementation. Not many insurance supervisors currently intend to use IFRS 17 as a basis for solvency assessment of insurers. Perceived shortcomings can be overcome by supervisors providing clear specifications where the principles-based standard allows a range of approaches. Accounting standards can provide a ready-made valuation framework for supervisors developing new solvency frameworks.