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Business and Economics > Insurance

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Cover IMF Staff Country Reports
Australia: Financial Sector Assessment Program-Technical Note-Insurance Sector: Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This technical note provides an update on the Australian insurance sector and an analysis of certain key aspects of the regulatory and supervisory regime. The note analyzes the practice in relation to selected Insurance Core Principles (ICPs) in the context of a wider discussion of key issues in regulation and supervision. Despite the negative impact of the low interest rate environment, the life insurance industry retains sufficient loss absorption capacity. The Australian Prudential Regulation Authority (APRA) has undertaken a comprehensive reform of prudential regulation while improving the consistency of the framework between life and general insurers. This focused review confirms that prudential regulation and supervision by APRA is reasonably conservative. The risk-based capital framework is reasonably conservative, which facilitates supervisory risk assessments. APRA has high technical capacity to conduct effective supervision. While there are some gaps in the regulatory regime, APRA seeks to address these through its supervisory process. The report recommends that APRA should expand and deepen its scrutiny of group activities, especially those entailing risky investments and material intragroup transactions.
Keywords:
ISCR; CR; APRA member; ASIC resource; risk management; ASIC commissioner; unit trust; ASIC IT infrastructure; enforcement power; ASIC capability; ASIC enforcement; APRA issues requirement; ASIC employee; ASIC enforcement review taskforce; data management system; Insurance companies; Insurance; Stress testing; Financial sector; Global
Cover IMF Staff Country Reports
New Zealand: Financial Sector Assessment Program: Detailed Assessment of Observance-Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the Observance of Insurance Core Principles in New Zealand. Observance of these principles in New Zealand falls significantly short. In some areas, the implementation of initiatives that would improve observance is incomplete. Supervisory risk assessment and enhancement of regulatory reporting by insurers are limited, which compromises effective off-site supervision, macroprudential analysis, and publication of aggregate information on the market. The Reserve Bank of New Zealand should focus in regulation and supervisory work on setting standards on corporate governance, risk management, and internal controls. It should assess risk in these areas to promote the effectiveness of insurers’ governance.
Keywords:
ISCR; CR; life insurer; risk management; life insurance; solvency standard; insurance sector; insurance broker; Insurance companies; Insurance; Solvency; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial statements; Australia and New Zealand
Cover IMF Working Papers
With Great Power Comes Great Responsibility: Macroprudential Tools at Work in Canada
Mr. Ivo Krznar
and
Mr. James Morsink
The goal of this paper is to assess the effectiveness of the policy measures taken by Canadian authorities to address the housing boom. We find that the the last three rounds of macroprudential policies implemented since 2010 were associated with lower mortgage credit growth and house price growth. The international experience suggests that—in addition to tighter loan-to-value limits and shorter amortization periods—lower caps on the debt-to-income ratio and higher risk weights could be effective if the housing boom were to reignite. Over the medium term, the authorities could consider structural measures to further improve the soundness of housing finance.
Keywords:
WP; mortgage; LTV; loan; LTV ratio; housing market; mortgage insurance; macroprudential regulation; risk weight; mortgage credit; housing loan; guarantee cover; Mortgages; Loans; Housing prices; Housing; Credit; Global
Cover IMF Staff Country Reports
Australia: Insurance Core Principles—Detailed Assessment of Observance
International Monetary Fund
The insurance industry in Australia has weathered the global financial crisis well and was resilient to the catastrophic events in 2010/11. The insurance industry is mature but relatively small compared to the banking sector. Assets held by insurers represented only about 8 percent of the financial system total assets as at end-2011. Since 2007, the insurance market has been consolidating steadily as the total number of players fell from 190 to 172 although branches of foreign-owned general insurers rose from 36 to 43. The industry was comprised of 24 life insurers, 108 general insurers, 19 reinsurers, 7 captive general insurers and 14 friendly societies as at end-June 2011.
Keywords:
ISCR; CR; APRA member; business plan; capital base; financial system; holding company; APRA staff; corporate governance; supervision activity; Insurance companies; Insurance; Capital adequacy requirements; Solvency; Global
Cover IMF Staff Country Reports
Australia: Report on the Observance of Standards and Codes (ROSC)—Summary Assessments
International Monetary Fund. Monetary and Capital Markets Department
The main objective of the assessment was to analyze and observe the implementation of the International Organization of Securities Commissions (IOSCO) Principles in Australia. The various responsibilities of the Australian Securities and Investments Commission (ASIC) were highlighted and the flaws identified. It was noted that the ASIC underwent a major structural reorganization and modified its policies as a response to the initial IOSCO assessment conducted in 2006. The Australian legal and regulatory framework for securities markets largely corresponded with the principles of IOSCO.
Keywords:
ISCR; CR; risk management; banking system; hedge fund; corporate governance; executive government; pty ltd; financial system; Insurance companies; Insurance; Commercial banks; Global
Cover IMF Working Papers
Contingent Liabilities: Issues and Practice
Aliona Cebotari
Contingent liabilities have gained prominence in the analysis of public finance. Indeed, history is full of episodes in which the financial position of the public sector is substantially altered-or its true nature uncovered-as a result of government bailouts of financial or nonfinancial entities, in both the private and the public sector. The paper discusses theoretical and practical issues raised by contingent liabilities, including the rationale for taking them on, how to safeguard against the fiscal risks associated with them, how to account and budget for them, and how to disclose them. Country experiences are used to illustrate ways these issues are addressed in practice and challenges faced. The paper also points to good practices related to the mitigation, management and disclosure of risks from contingent liabilities.
Keywords:
WP; balance sheet; government guarantee; insurance coverage; net present value; risk premium
Cover IMF Staff Country Reports
Australia: Financial Sector Assessment Program: Detailed Assessment of Observance of Standards and Codes
International Monetary Fund
This assessment of the current state of Australia’s implementation of the Basel Core Principles for Effective Banking Supervision has been completed as part of a Financial Sector Assessment Program (FSAP) undertaken in December 2005 by the International Monetary Fund. The assessment team reviewed the legal framework for banking supervision. The team had the benefit of working with a comprehensive self-assessment completed by the Australian authorities, enjoyed excellent cooperation with its counterparts, and received all the information it required. The financial system is relatively large and diversified.
Keywords:
ISCR; CR; central bank; risk management; financial system; internal audit; monetary policy; business plan; banking group; Insurance companies; Insurance; Payment systems; Capital adequacy requirements; Global
Cover IMF Staff Country Reports
Australia: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Regulation, Securities Regulation, and Payment Systems
International Monetary Fund
The Australian banking system, which holds approximately half of total financial systems assets, and is dominated by four major banks, is sound with high earnings, high asset growth, and low levels of problem assets. Stress tests did not reveal near-term stability concerns, suggesting the banking system is likely to be resilient to adverse shocks. Australia’s financial supervisory structure of prudential authority and market conduct authority is sound overall. The medium-term challenges facing the banking sector are opportunities for growth and pressure on profitability.
Keywords:
ISCR; CR; central bank; mortgage portfolio; commonwealth authorities; legal power; market share; banking system; financial system; private sector; credit risk; government intervention; CFT regime; Insurance; Insurance companies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Staff Country Reports
New Zealand: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, and Securities Regulation
International Monetary Fund
This paper presents key findings of the Financial System Stability Assessment for New Zealand, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, and Securities Regulation. The assessment reveals that New Zealand has a profitable and well-functioning financial system, operating in a framework of well-developed financial markets. Short-term risks to stability appear low, given the favorable macroeconomic outlook, and sound and transparent financial policies. Stress tests for systemically important banks show resilience consistent with the sector’s relatively high levels of capital and profits.
Keywords:
ISCR; CR; bank; market; building society; banking sector; parent bank; market discipline; market participant; market intermediary; market friction; return on assets; well functioning market; operations accounting; exchange member; swap market; disclosure regime; Commercial banks; Insurance companies; Nonbank financial institutions; Insurance; Securities markets; Australia and New Zealand
Cover Taxing the Financial Sector
Taxing the Financial Sector
Concepts, Issues, and Practice
Mr. Howell H Zee

Abstract

One of the most complex issues in tax policy today is the treatment of the institutions, products, and services that make up the financial sector. It can be harder to ascertain income, expenses, and profits for financial firms than for firms selling goods and services, and it is easier for individuals and firms to manipulate financial transactions so as to exploit tax loopholes. This volume explores the challenges faced by tax policymakers and identifies modern best practices in several areas: banks, insurance companies, securities companies, investment funds, pension funds, and derivatives.

Keywords:
BOOK; VAT; bank; capital gain; taxation; tax treatment; securities transaction tax; credit-invoice VAT; value-added tax; tax relief; general tax principle; arbitrage opportunity; Personal income; Insurance; Value-added tax; Income tax systems; Africa; Australia and New Zealand; Europe