Search Results

You are looking at 1 - 10 of 44 items for :

  • "State insurance regulator" x
Clear All
International Monetary Fund. Monetary and Capital Markets Department

quality of work performed. Additional guidelines were also developed to emphasize and assess the role of department senior management. The modernization efforts went into effect in 2017 and the Committee continues to review its impact and any additional action needed. States and the FRB to review their internal processes and procedures, including staff training, to ensure that supervisors understand the importance of sharing information, including proactive sharing, taking into consideration the need to ensure confidentiality. State insurance regulators maintain

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

Responsibilities, Objectives, and Powers REGULATION A. Governance B. Valuation, Investments, Reinsurance, Captives, and Capital C. Product Filing and Rate Review D. Enterprise Risk Management and Group and Large Insurer ORSA E. Group-Wide Powers Over Holding Companies F. Oversight of Mortgage Guaranty Insurance SUPERVISION A. Federal Reserve Consolidated Supervision B. State Supervision C. Supervisory Cooperation MACROPRUDENTIAL SUPERVISION A. Federal Role – FSOC and FIO B. State Insurance Regulator’s Role CHANGING INCIDENCE AND SEVERITY OF NATURAL

International Monetary Fund. Monetary and Capital Markets Department

of March 10, 2020.State insurance regulators have taken numerous market conduct actions in response to COVID-19, for example facilitating late payment of premiums by policyholders while maintaining coverage and banning health insurers from imposing cost sharing for COVID-19 tests. Prudential measures by state insurance regulators include heightened monitoring of insurers through uniform data calls on the solvency impact and regulatory relief and forbearance in a number of critical areas, particularly in regard to various statutory accounting exceptions. The

International Monetary Fund. Monetary and Capital Markets Department

groups with insurance activities subject to its supervision. As there are no FSOC-designated insurance groups currently, only the consultation on the Building Block Approach for capital requirements for the insurance groups that own a bank or thrift remain relevant in 2019. State insurance regulators are working through the NAIC to develop a group capital calculation, which would be an additional analysis tool for regulators, but not a quantitative capital requirement. The proposed group capital calculation is currently being tested by over 30 insurance groups and 15

International Monetary Fund. Monetary and Capital Markets Department

through a risk-focused supervisory framework, enhanced analysis of risk (including those due to complex products and commission-based sales) and supervision of the more significant intermediaries. There is a need to review governance and funding arrangements for state insurance regulators . The arrangements for appointment and dismissal of commissioners in many states expose supervision to potential political influence. The high dependence on state legislatures in respect of legislation and resources exposes supervisors both to political influence and to budgetary

International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings of the Detailed Assessment of Observance of the Insurance Core Principles on the United States. The assessment finds a reasonable level of observance of the Insurance Core Principles. There are many areas of strength, including at state level the powerful capacity for financial analysis with peer group review and challenge through the processes of the National Association of Insurance Commissioners. Lead state regulation is developing and a network of international supervisory colleges has been put in place. Key areas for development include the valuation standard of the state regulators, especially for life insurance, and group capital standards.
International Monetary Fund

regulatory independence. As reflected in the assessment of ICP 3, the Supervisory Authority standard, the assessment appears to rely on structural characteristics while failing to fully recognize the effective operational independence of state insurance regulators. In practice, the U.S. multijurisdictional approach to insurance regulation holds regulators accountable to each other in a peer review process that includes on-going nation-wide monitoring through the NAIC, regular dialogue among all regulators, and the ability of states to question the actions of fellow state

International Monetary Fund. Monetary and Capital Markets Department
Much of the Financial Sector Assessment Program (FSAP) work was conducted prior to the COVID-19 pandemic. The lockdown of the economy has led to a massive growth shock. Following the precipitous fall, risk asset prices have rebounded, and financial conditions eased. The vulnerability analysis has been updated and largely captures this shock. Recommendations on strengthening policy and institutional frameworks remain pertinent. The approach to financial regulation and supervision was risk-focused given the high degree of compliance against international standards assessed during the 2015 FSAP. 
International Monetary Fund. Monetary and Capital Markets Department

quantitative standards regarding interest rate risk in the banking book. FBAs ST Insurance Regulation and Supervision Increase independence of state insurance regulators, with appropriate accountability. States MT Require all in-force life insurance business be moved to principles-based reserving (PBR) after a five-year transition period, adjust asset valuation approach to ensure consistency between assets and liabilities, and recalibrate risk-based capital (RBC) to the revised valuation approach. NAIC and states MT Develop a