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Business and Economics > Insurance

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

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Cover IMF Staff Country Reports
India: Financial Sector Assessment Program: Insurance Sector Regulation and Supervision-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note provides an assessment of the recent development of regulation and supervision of the Indian insurance sector. The sector has continued to grow in scale and diversity, surmounting the adverse impact of the global financial crisis, although penetration remains relatively low. Public sector insurers continue to command a majority of the market and life insurance predominates, with about 75 percent of total premiums. Non-life insurance is dominated by motor insurance. Penetration rates are unchanged from 2011 and generally lower than in comparator countries, especially in non-life. Although traditional sale channels continue to predominate, there is increasing diversity in distribution. Risks in life insurance are relatively well spread and in non-life are mainly short-term.
Keywords:
ISCR; CR; insurance sector; motor insurance market; IRDAI regulation; public sector insurer; sector governance; risk assessment; life insurer; problem insurer; IRDAI representative; insurance liability; Insurance companies; Insurance; Solvency; Financial Sector Assessment Program; Asia and Pacific; Global
Cover IMF Staff Country Reports
United States: Staff Report for the 2015 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
This 2015 Article IV Consultation highlights that the U.S. economy’s momentum in the first quarter of 2015 was sapped by unfavorable weather, a sharp contraction in oil sector investment, and the West Coast port strike. But the underpinnings for a continued expansion remain in place. A solid labor market, accommodative financial conditions, and cheaper oil should support a more dynamic path for the remainder of the year. Despite this, the weaker outturn in the first few months of 2015 will unavoidably pull down 2015 growth. Despite important policy uncertainties, the near-term fiscal outlook has improved, and the federal government deficit is likely to move modestly lower in the current fiscal year.
Keywords:
ISCR; CR; article IV discussion; rate; housing data; core PCE inflation; liability positions vis-à-vis nonresident; staff appraisal; personal income growth; Inflation; Central bank policy rate; Output gap; Financial sector risk; Global
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
South Africa: Detailed Assessment of Observance on the International Association of Insurance Supervisors' Insurance Core Principles
International Monetary Fund
Insurance regulation in South Africa is sound and takes a thorough approach to regulation, recognizes the scale and development of the market, and the need for effective market conduct as prudential regulation. There are particular challenges in improving standards of market conduct, in both long-term and short-term insurance. The Financial Services Board is appropriately taking the long view, and is committing itself to major overhauls both of financial requirements and on market conduct. It will require increased resources, including specialist skills, to make these projects a success.
Keywords:
ISCR; CR; risk management; corporate governance; supervision work; risk assessment; financial crisis; FSB staff; FSB supervision work; FSB issues media; FSB power; insurance group; FSB Board notice; insurance legislation; criteria FSB; FSB supervisor; Insurance companies; Insurance; Capital adequacy requirements; Africa; Southern Africa
Cover IMF Working Papers
Work Absence in Europe
Mr. Leo Bonato
and
Ms. Lusine Lusinyan
Work absence is an important part of the individual decision on actual working hours. This paper focuses on sickness absence in Europe and develops a stylized model where absence is part of the labor-leisure decision made by workers and the production decision made by profit-maximizing firms, with insurance provisions and labor market institutions affecting the costs of absence. The results from a panel of 18 European countries indicate that absence is increased by generous insurance schemes where employers bear little responsibility for their costs. Shorter working hours reduce absence, but flexible working arrangements are preferable if labor supply erosion is a concern.
Keywords:
WP; sickness absence; labor force; sick pay; labor market; unemployment insurance; working time; social insurance; panel data; Europe; absence rate; employment protection; sickness insurance; Insurance; Employment protection; Labor supply; Unemployment benefits
Cover IMF Staff Country Reports
Sweden: Selected Issues
International Monetary Fund
The Selected Issues paper analyzes tax policy trends at the local level in Sweden and assesses the effectiveness of the vertical fiscal policy coordination system. The study reviews Sweden’s local public finances from an international perspective and empirically explores various explanations for the gradual increase in local tax rates. It discusses long-term challenges for local public finances and aggregate fiscal policy coordination. The design of vertical fiscal policy coordination in other countries is described. The paper also examines the Swedish experience of work absence in a European context.
Keywords:
ISCR; CR; sickness absence; absence rate; insurance system; replacement rate; cash benefit; Länder government; tax burden; income tax; Aging; Europe; Western Europe; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands-Netherlands: Selected Issues
International Monetary Fund
This Selected Issues paper highlights that over the past decade, the Netherlands has undergone a remarkable fiscal adjustment, with the deficit, the tax burden, and the expenditure-to-GDP ratio falling significantly. The switch from a deficit-target-based to an expenditure-target-based fiscal framework in 1994 and commitments to two successive four-year fiscal plans have played an important role. The current multiyear framework expires in 2002, and the Study Group on the Budgetary Margin has produced recommendations for the coming government period.
Keywords:
ISCR; CR; minimum wage; central government; income support; purchasing power; SER proposal; sick leave; Kingdom of the Netherlands-Netherlands; break-even wage; CPB simulation; GDP deflator; work contract; expenditure ceiling; high'skill worker; wage supplement; SER report; Income; Wages; Health care; Insurance
Cover IMF Working Papers
Trust As a Means of Improving Corporate Governance and Efficiency
Mr. Ralph Chami
and
Connel Fullenkamp
Agency problems within the firm are a significant hindrance to efficiency. We propose trust between coworkers as a superior alternative to the standard tools used to mitigate agency problems: increased monitoring and incentive-based pay. We show how trust induces employees to work harder, relative to those at firms that use the standard tools. In addition, we show that employees at trusting firms have higher job satisfaction, and that these firms enjoy lower labor cost and higher profits. Finally, we show how trust may also be easier to use within the firm than the standard agency-mitigation tools.
Keywords:
WP; wage contract; profit sharing; company loyalty; nonaltruistic firm; asymmetric information; efficiency; trust; moral hazard; corporate governance; firm need; shareholder-employee agency relationship; Wages; Insurance; Europe; Global
Cover IMF Staff Country Reports
Japan: Economic and Policy Developments
International Monetary Fund
This paper reviews economic and policy developments in Japan during the 1990s. It suggests that, while growth is likely to be adversely affected in the near term owing to the fiscal consolidation measures adopted as part of the FY1997 budget, the prospects are favorable for continued economic recovery, supported by improved labor market developments and external demand. A declining working-age population, however, will constrain underlying growth over the longer term. The paper also suggests that a deeper and more accelerated fiscal adjustment would help ensure a declining debt ratio over the medium term.
Keywords:
ISCR; CR; financial market; real GDP; unemployment rate; first quarter; government bond; market share; price index; holding company; fiscal policy; General government; potential GDP; Loans; Securities; Insurance; Southeast Asia
Cover IMF Staff Country Reports
Netherlands: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Netherlands; business sector; staff estimate; percent share; summary balance of payments; factor cost; employment scheme; labor cost indicator; gross investment; Employment; Wages; Public sector; Income