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Business and Economics > Insurance

You are looking at 1 - 3 of 3 items for :

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Cover IMF Staff Country Reports
People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Insurance Core Principles-Detailed Assessment of Observance
International Monetary Fund. Monetary and Capital Markets Department
This Insurance Core Principles Detailed Assessment Report was prepared in the context of the Financial Sector Assessment Program for the People’s Republic of China–Hong Kong Special Administrative Region (HKSAR). The report describes that the insurance penetration and density in HKSAR is among the top 10 in the world. Foreign-owned insurers are dominant in the HKSAR insurance sector, and account for about 72 percent of total assets as at end-2012. The long-term insurance industry is highly concentrated, while the market share of general insurance industry is more evenly distributed. All except one of the top-10 insurance groups are all foreign owned, with much larger consolidated operations compared to their operations in HKSAR. The Insurance Authority is responsible for regulating and supervising the insurance industry of the HKSAR. It is supported by the Office of the Commissioner of Insurance, a government department in the HKSAR. A self-regulatory system is used to supervise the conduct of business of intermediaries.
Keywords:
ISCR; CR; insurance intermediary; risk management; insurance business; insurance group; holding company; corporate governance; long-term insurer; reinsurance arrangement; Insurance companies; Insurance; Virtual currencies; Solvency; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Asia and Pacific
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
Gibraltar: Detailed Assessment Report of Observance of the Insurance Core Principles
International Monetary Fund
This paper examines Gibraltar’s Detailed Assessment Report of the Observance of the Insurance Core Principles. Foreign establishments operating in Gibraltar are all European Union (EU)-based and therefore covered by EU directives, including the directive on freedom of establishment. A key reason for the growth in this sector is the ability of firms licensed in Gibraltar to passport their services to EU member states. The domestic insurance market is, however, quite small with a population in the region of 30,000.
Keywords:
ISCR; CR; supervisory authority; guidance note; EU insurer; insurance manager; corporate governance; Gibraltar insurer; IAIS insurance core principle; Insurance companies; Insurance; Virtual currencies; Internal controls