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International Monetary Fund. Monetary and Capital Markets Department

insurance groups has strengthened supervision of the affected groups (now covering around 30 percent of total premium income in the United States) and promises to empower U.S. regulators in the negotiation and implementation of new international standards of insurance regulation. State regulators have been adjusting to the new regulatory architecture, at the same time progressing important reforms such as the solvency modernization initiative and significantly strengthening group and international supervision. Many of these changes are still a work in progress . At the

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. Monetary and Capital Markets Department

Appendix I. Status of the Recommendations of the 2015 FSAP Recommendations Status All states to adopt the joint statement of the objectives of insurance regulation and review their legislation to ensure that it is consistent with the statement (for example, that any mandate to promote or develop the insurance sector that could conflict with the statement is eliminated.) State regulators have their regulatory objectives outlined on their respective websites. Several (17) state regulators have further

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

recommended that state regulators focus their analysis and examinations on understanding risk culture, governance and the quality of risk management, while reducing internal organizational barriers across financial analysis and financial examinations. Moving away from the rigidity of quinquennial in-depth examinations to more frequent narrower scope examinations would increase the interaction between state insurance regulators and the insurers they supervise. While it is acknowledged that the quinquennial examination can give rise to additional targeted examinations and