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Business and Economics > Insurance

You are looking at 1 - 7 of 7 items for :

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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
Bosnia and Herzegovina: Financial Sector Assessment Program - Insurance Sector—Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses key findings and recommendations of the assessment on the Insurance Sector for Bosnia and Herzegovina (BiH). It is observed that 10 insurance companies, accounting for 40 percent of the nonlife market, have low solvency margins and may require supervisory action in the near future. Motor Third Party Liability insurance remains under pressure as market participants are not always compliant with the statutory tariff. It is expected that the Insurance Agency of Bosnia and Herzegovina will enhance the harmonization of entity-level regulations within BiH as well as with the European Union insurance directives.
Keywords:
ISCR; CR; insurance premium; holding company; life insurance; line of business; joint stock; terms and conditions; liability insurance; unearned premium; life insurer; nonlife insurer; RS-ISA resource; nonlife insurance product; Standard and Poor's; business plan; Insurance companies; Insurance; Internal audit; Auditing; Solvency; Global
Cover IMF Staff Country Reports
Switzerland: Report on Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation
International Monetary Fund. Monetary and Capital Markets Department
Report on Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation
Keywords:
ISCR; CR; risk management; audit firm; holding company; securities dealer; terms and conditions; Swiss authority; FINMA expectation; FINMA Insurance Bankruptcy Ordinance; enforcement power; FINMA guidance; insider trading; Swiss authorities; FINMA intervention; Insurance companies; Securities; Auditing; Insurance; External audit; Global
Cover IMF Staff Country Reports
India: Financial Sector Assessment Program—Detailed Assessments Report on IAIS Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings of the assessment of India’s compliance with the International Association of Insurance Supervisors Insurance Core Principles (ICP). Indian Regulatory and Development Authority (IRDA) has so far decided that India is not yet ready for a full transition to cutting-edge international approaches owing to informational and skills shortages and a continuing lack of international consensus. Certain prudential ICPs come under this heading, and IRDA will need to augment its resources in its core supervisory departments if it is to introduce a rigorous corrective action and enforcement regime built on a risk-based approach to the capital and operational management of insurers.
Keywords:
ISCR; CR; corporate governance; central government; line of business; risk management; life insurance; life insurer; internal audit; insurance sector; Insurance companies; Insurance; Solvency; Internal audit; Auditing; Global; South Asia; Northern Europe; East Asia
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program: Detailed Assessment of Observance of Financial Sector Standards and Codes
International Monetary Fund
This paper discusses key findings of the detailed assessment of observance of financial sector standards and codes in Switzerland. Switzerland has a relatively unique banking sector, with a high market concentration by the two largest domestic banks. The overall assessment of the peer-review team is that Switzerland is generally in compliance with the Basel Core Principles with two exceptions where the Swiss Federal Banking Commission (SFBC) is deemed largely compliant. The two exception areas are budgetary independence and banking activities not subject to SFBC supervision.
Keywords:
ISCR; CR; monetary policy; external auditor; parent company; independent auditor; central bank; financial market; internal audit; External audit; Securities; Insurance; Auditing; Financial statements; Global; Europe
Cover IMF Staff Country Reports
Andorra: Assessment of Financial Sector Supervision and Regulation
International Monetary Fund
This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation in Andorra. The assessment reveals that bank supervision in Andorra is broadly sound and has improved since the 2002 assessment. Institut Nacional Andorrà de Finances’ (INAF) new charter strengthened its independence and remedial powers. But these could be further strengthened by empowering it to impose all types of sanctions. Developing INAF’s onsite supervisory capacity and clarifying its requests to external auditors will be important for the bank and nonbank financial sectors.
Keywords:
ISCR; CR; Andorran bank; INAF directive; revoking bank license; INAF supervision; banks assets; charter Andorra; INAF work; Institut Nacional Andorrà; Insurance companies; Insurance; External audit; Commercial banks; Anti-money laundering and combating the financing of terrorism (AML/CFT); Europe; North America; Northern Europe
Cover IMF Staff Country Reports
Liechtenstein: Assessment of the Supervision and Regulation of the Financial Sector Volume II-Detailed Assessment of Observance of Standards and Codes
International Monetary Fund
This report on the offshore financial center program contains technical advice and recommendations given by the staff team of the International Monetary Fund in response to Liechtenstein’s request for technical assistance. It provides detailed assessment of observance of the Basel Core Principles for effective banking supervision, implementation of the International Organization of Securities Commissions (IOSCO) Objectives And Principles Of Securities Regulation, and observance of the International Association of Insurance Supervisors (IAIS) core principles. It also provides the methodology for Assessing Compliance with Anti-Money Laundering and Combating the Financing of Terrorism Standards, endorsed by the Financial Action Task Force.
Keywords:
ISCR; CR; due diligence; business plan; beneficial owner; executive order; organized crime; criminal offense; penal code; terrorist association; senior management; FSA staff; banking act; Financial stability assessment; Legal support in revenue administration; External audit; Insurance; Insurance companies; Global