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Business and Economics > Insurance

You are looking at 1 - 10 of 57 items for :

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Cover IMF Staff Country Reports
France: Financial Sector Assessment Program-Technical Note-Key Attributes of Effective Resolution Regimes for Insurance Companies
International Monetary Fund. Monetary and Capital Markets Department
This technical note explores key attributes of effective resolution regimes (KA) for insurance companies on France. The safety net in the sector is composed by two policyholder protection schemes, which can provide support in liquidation proceedings. The report highlights that there is consensus with the authorities that the new framework reflects many, however, not all elements needed for full compliance with the KAs, and the areas where further progress is needed. Alignment of the framework with KAs in terms of the institutional organization and infrastructure is high. The scope and responsibilities of the Prudential Supervision and Resolution Authority are clearly established in the law, as well as the cases when those are applicable, and its interaction with other relevant policy-making entities. The new framework targets all institutions considered systemic, given their size and other relevant features. Its’ current implementation is guided solely by the threshold in terms of total assets; any holding company, group, mutual, or foreign subsidiary above this level is subject to Recovery and Resolution Planning requirements.
Keywords:
ISCR; CR; resolution authority; resolution framework; home authority; home authorities; resolution college; resolution plan; holding company; resolution measure; insurance resolution; Bank resolution framework; Insurance companies; Legal support in revenue administration; Insurance; Bridge bank; Global
Cover IMF Staff Country Reports
Thailand: Financial Sector Assessment Program-Detailed Assessment of Observance-Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This Detailed Assessment of Observance on Insurance Core Principles on Thailand discusses that the government of Thailand has made a concerted effort to develop the insurance sector. The government has implemented a series of insurance development plans toward this end. Some significant regulatory and supervisory challenges remain, however, if Thailand is to continue to meet the pressures of a changing market and to continue to build the trust on which future growth depends. Consideration should be given to vesting more supervisory authority for key supervisory decisions with the Commission rather than with the Minister and Cabinet. Vesting authority with the Commission will help to ensure that the insurance supervisor has adequate powers to meet the objectives of insurance supervision. With respect to winding up and exit from the market, the insurance legislation should be amended to clearly establish a point at which it is no longer permissible for a troubled insurer to continue in business.
Keywords:
ISCR; CR; risk management; state enterprise; corporate governance; insurance coverage; steering committee; board of directors; interest rate; risk assessment; credit risk; senior management; limited company; risk capital; independent auditor; cash flow; preference shares; Insurance companies; Insurance; Internal controls; Capital adequacy requirements; Auditing; Global
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program; Technical Note-Insurance Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Insurance Regulation and Supervision
Keywords:
ISCR; CR; financial market; FINMA ordinance; insurance sector; resolution procedure FINMA; FINMA coordination agreement; FINMA group supervision; FINMA staff; institutions FINMA supervise; insurance intermediary; board of directors; market value; Insurance companies; Insurance; Insurance supervision; Solvency; Legal support in revenue administration; Europe; Global
Cover IMF Staff Country Reports
Turkey: Financial Sector Assessment Program-Detailed Assessment of Observance of the IAIS Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the observance of IAIS (International Association of Insurance Supervisors) insurance core principles in Turkey. During the last five years, the government of Turkey has made a significant effort to improve regulation and supervision of insurance and to improve adherence to international standards. The efficiency of information reporting, insurer monitoring, and supervision has greatly increased. Solvency tests have been strengthened. Reserving and investment practices have been improved. Improvements have been made in international cooperation and information exchange. However, major regulatory and supervisory challenges remain for Turkey to increase confidence in the sector and benefit from its continued growth.
Keywords:
ISCR; CR; reinsurance company; risk management; equity capital; life insurance; financial structure; Insurance companies; Insurance; Insurance supervision; Internal controls; Solvency; Global
Cover IMF Staff Country Reports
Ireland: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses findings of the Detailed Assessment of Observance on the Insurance Core Principles on Ireland. It highlights that the Central Bank of Ireland (CBI) has made significant progress in updating the regulatory regime, and the impending implementation of Solvency II (SII) is expected to address most of the regulatory gaps noted in the assessment. The Central Bank Supervision and Enforcement Act of 2013 has significantly enhanced CBI’s supervision and enforcement powers. CBI’s preparation for SII is well advanced, and a dedicated SII project has been in place since 2010.
Keywords:
ISCR; CR; life insurer; holding company; insurance group; business model; risk management; risk assessment; ERM framework; life assurance; group supervision; risk profile; impact insurer; line of business; reinsurance strategy; Insurance companies; Insurance; Solvency; Legal support in revenue administration; Global; Europe
Cover IMF Staff Country Reports
United States: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles
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.
Keywords:
ISCR; CR; State regulator; parent company; insurance department; financial condition; insurance coverage; risk management; insurance regulator; corporate governance; insurance group; life insurance; Insurance companies; Insurance; Insurance supervision; Legal support in revenue administration; Global
Cover IMF Staff Country Reports
People’s Republic of China––Hong Kong Special Administrative Region: Report on the Observance of Standards and Codes
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings of the Report on the Observance of Standards and Codes for Hong Kong Special Administrative Region (HKSAR). HKSAR has a very high level of compliance with the Basel Core Principles for Effective Banking Supervision. The Hong Kong Monetary Authority (HKMA) complements its high supervisory standards with a sustained commitment to the international regulatory reform agenda where it is an early adopter of many standards. The banking system is characterized by the dominant presence of institutions with foreign ownership, including the systemic banks, which puts a premium on the HKMA’s role as a host supervisory authority.
Keywords:
ISCR; CR; risk management; holding company; hedge fund; financial system; corporate governance; special administrative region; banking sector; Insurance companies; Insurance; Virtual currencies; Legal support in revenue administration; Commercial banks; Global
Cover IMF Staff Country Reports
Canada: Financial Sector Assessment Program-Insurance Core Principles-Detailed Assessment of Observance
International Monetary Fund. Monetary and Capital Markets Department
This Detailed Assessment report, a part of the 2013 Financial Sector Assessment Program (FSAP) of Canada, assesses Canada’s regulatory regime and supervisory practices against the international standards. The IMF report suggests that the Office of the Superintendent of Financial Institutions (OSFI) should be empowered to take supervisory measures at the level of the holding company. It highlights that while OSFI requires Federally Regulated Insurers (FRI) FRIs to develop internal capital targets, requirements to develop an Own Risk and Solvency Assessment are scheduled to be implemented in 2014.
Keywords:
ISCR; CR; holding company; risk management; insurance group; mortgage insurance; corporate governance; life insurance; insurance coverage; automobile insurance; line of business; Insurance companies; Insurance; Corporate governance; Legal support in revenue administration; Capital adequacy requirements; Global; Europe; Asia and Pacific
Cover IMF Staff Country Reports
Canada: Report on the Observance of Standards and Codes
International Monetary Fund. Western Hemisphere Dept.
This paper discusses key findings of the Report on the Observance of Standards and Codes for Canada. Canada has a very high level of compliance with the Basel Core Principles for Effective Banking Supervision. In response to the challenges and structure of its market, the Canadian banking supervisor (OSFI) has developed and is a strong proponent of risk-based, proportionate, supervisory practices and applies a “close touch” approach to its supervised entities. The supervisory approach is well structured, forward looking and maintained on as dynamic a basis as possible. Entry to the Canadian market is subject to demanding prudential entry standards.
Keywords:
ISCR; CR; holding company; risk management; due diligence; OSFI supervisor; securities regulator; financial market; hedge fund; Insurance companies; Securities; Insurance; Legal support in revenue administration; Basel Core Principles; Global
Cover IMF Working Papers
Bailouts and Systemic Insurance
Mr. Giovanni Dell'Ariccia
and
Mr. Lev Ratnovski
We revisit the link between bailouts and bank risk taking. The expectation of government support to failing banks creates moral hazard—increases bank risk taking. However, when a bank’s success depends on both its effort and the overall stability of the banking system, a government’s commitment to shield banks from contagion may increase their incentives to invest prudently and so reduce bank risk taking. This systemic insurance effect will be relatively more important when bailout rents are low and the risk of contagion (upon a bank failure) is high. The optimal policy may then be not to try to avoid bailouts, but to make them “effective”: associated with lower rents.
Keywords:
WP; financial system; banking system; Bailouts; banking crises; moral hazard; systemic risk; contagion; bank resolution; bank risk taking; bank incentive; bank investment strategies; bank portfolio; bank monitoring; bank capital; bank shareholder; bank owner; Distressed institutions; Commercial banks; Bank credit; Insurance