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International Monetary Fund. Monetary and Capital Markets Department
This Technical Note (TN) is a targeted review of cross-cutting themes building on the detailed assessment of the Insurance Core Principles (ICPs) conducted in 2015. The targeted review was chosen, in part, due to the performance of the U.S. insurance regulatory system in the 2015 detailed assessment where it was assessed that the U.S. observed 8 ICPs, largely observed 13 ICPs and partly observed 5 ICPs. The analysis relied on a targeted self-assessment against a subset of ICPs covering valuation and solvency, risk management, conduct, winding-up, corporate governance and enforcement, and the objectives, powers and responsibility of supervisors. The choice of subjects covered in this review is based on those aspects most significant to financial stability and a follow-up on key recommendations from the 2015 detailed assessment. The focus of the analysis has been on the state-based system of regulation and supervision, reflecting the existing institutional setup.
International Monetary Fund. Monetary and Capital Markets Department

new regulations in a more agile way to address emerging risks, such as data security, on a nationally consistent basis while still giving the state legislatures ultimate authority over state laws. This could be achieved by the NAIC creating a model state insurance act with comprehensive regulation making power which would then go through the usual process of state adoption through state legislatures. The model state insurance act should be designed to replace the patchwork of existing legislation created to implement model laws and other state specific insurance

International Monetary Fund. Asia and Pacific Dept

contribution under the Employees’ State Insurance Act 1948 from 6.5 to 4 percent (employers’ contribution being reduced from 4.75 to 3.25 percent and employees’ contribution being reduced from 1.75 to 0.75 percent), effective July 1, 2019. The reduction will reduce the financial liability of the establishments leading to improved viability and enhanced ease of doing business. Aug. 2, 2019 The Code on Wages Bill, 2019 : Parliament passed the Code on Wages Bill, 2019 which would give statutory protection for minimum wages and timely payment of wages to

International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with India discusses that India has been among the world’s fastest-growing economies in recent years, lifting millions out of poverty. However, growth slowed to a six-year low in the first half of 2019, with both consumption and investment decelerating owing to weak, especially rural, income growth, stresses in the nonbank financial sector, and corporate and environmental regulatory uncertainty. On the external sector, following a rise in vulnerabilities in 2018, stability has returned, anchored by high foreign reserve buffers and a modest current account deficit. With its strong mandate, the new government has an opportunity to reinvigorate the reform agenda aimed at boosting inclusive and sustainable growth. In the near term, given the cyclical weakness of the economy, monetary policy should maintain an easing bias at least until the projected recovery takes hold. Fiscal stimulus should be avoided given fiscal space at risk and revenue losses from the recent corporate income tax rate cut should be offset.