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Business and Economics > Insurance

You are looking at 1 - 10 of 12 items for :

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Cover IMF Staff Country Reports
Malaysia: Report on the Observance of Standards and Codes
International Monetary Fund. Asia and Pacific Dept
This report is an assessment of the state of compliance with the Basel Core Principles (BCPs) in Malaysia. Bank Negara Malaysia (BNM) employs a well-developed risk-focused regulatory and supervisory system, consisting of a hands-on and comprehensive program of onsite supervision and extensive offsite macroeconomic and microeconomic surveillance supervision. The assessment has revealed several opportunities for improvement of the regulatory and supervisory framework. The Executive Board recommends the new financial services legislation, the Financial Services Act (FSA), to address many of these gaps.
Keywords:
ISCR; CR; risk management; holding company; BNM supervisor; BNM director; BNM guideline; BNM staff members; enforcement activity; financial system; internal auditor; RBC guideline; variation margin; capital market; financial market; credit risk; hedge fund; banking sector; Insurance companies; Capital markets; Insurance; Commercial banks; Global
Cover IMF Staff Country Reports
Malaysia: Financial Sector Stability Assessment
International Monetary Fund. Asia and Pacific Dept
This assessment is a review of the financial environment of Malaysia. Like many other Asian countries, Malaysia experienced financial distress in the late 1990s, but the country’s policy reforms have moved it to a successful economy. A ten-year financial plan (2001–10) by Bank Negara Malaysia restructured the financial sector. Banks were well capitalized, household debts were strengthened, and securities and insurances were developed. Malaysia thus became the global center for Islamic finance. The authorities look on to a developed Malaysia by 2020.
Keywords:
ISCR; CR; credit risk; financial system; capital adequacy ratio; foreign exchange; banking system; BNM securities; interest rate; bank resolution framework; bank lending; BNM data; monetary policy framework; exchange rate; Commercial banks; Insurance companies; Financial sector; Insurance; Global; Asia and Pacific
Cover Policy Papers
Enhancing Financial Sector Surveillance in Low-Income Countries - Case Studies
International Monetary Fund
This supplement presents ten case studies, which highlight the roles of targeted policies to facilitate sustainable financial deepening in a variety of country circumstances, reflecting historical experiences that parallel a range of markets in LICs. The case studies were selected to broadly capture efforts by countries to increase reach (e.g., financial inclusion), depth (e.g., financial intermediation), and breadth of financial systems (e.g., capital market, cross-border development). The analysis in the case studies highlights the importance of a balanced approach to financial deepening. A stable macroeconomic environment is vital to instill consumer, institutional, and investor confidence necessary to encourage financial market activity. Targeted public policy initiatives (e.g., collateral, payment systems development) can be helpful in removing impediments and creating infrastructure for improved market operations, while ensuring appropriate oversight and regulation of financial markets, to address potential sources of instability and market failures. 
Keywords:
PP; FX market; central bank; interest rate; banking sector; foreign currency; financial market; government bond; exchange rate; Securities markets; Commercial banks; Insurance; Government securities; Baltics; Africa; Global; West Africa; Caribbean
Cover IMF Working Papers
A Model of Sovereign Debt in Democracies
Ali Alichi
This paper develops and empirically tests a political economy model of sovereign debt. The main incentive for repaying sovereign debt is to maintain access to international capital markets. However, in a democracy, one generation may choose default regardless of its consequences for future generations. An old generation with little concern for its country's access to capital markets can force a default on debt if it has the majority of voters. On the other hand, if the younger generation is more numerous, it can force repayment of previously defaulted debt. Other voter heterogeneities, such as in income, can generate similar results.
Keywords:
WP; political economy; insurance contract; transfer payment; simple majority
Cover Integrating Europe's Financial Markets
Integrating Europe's Financial Markets
Mr. Jörg Decressin
,
Mr. Wim Fonteyne
, and
Mr. Hamid Faruqee

Abstract

By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single financial market and identifies the challenges and priorities that remain ahead. It pays particular attention to the most recent integration efforts in the European Union following the introduction of the euro. The study looks at the importance of financial integration, in particular for economic growth, the interplay between banks and markets, and equity market integration. It closely examines the relationship between financial integration and financial stability. This interaction presents the European Union with a challenge, but also with the opportunity to play a pioneering role in developing a regional approach to financial stability that could provide lessons for the rest of the world.

Keywords:
BOOK; market; EU country; bank; EU bank; market infrastructure; EU financial system; risk profile; bank business; bank distance to default; Herfindahl index; Stock markets; Financial sector stability; Financial integration; Competition; Europe; Central and Eastern Europe; Global; Asia and Pacific; Caribbean
Cover IMF Staff Country Reports
Republic Of Latvia: Detailed Assessment Of Anti-Money Laundering And Combating The Financing Of Terrorism
International Monetary Fund
This paper discusses key findings of the Detailed Assessment on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for the Republic of Latvia. The assessment reveals that aspects of Latvia’s financial services market expose it to a high risk of money laundering. There are welcome indications that money laundering risks have been reduced substantially owing to strong preventive measures being implemented by the authorities and financial institutions. The authorities and financial institutions are working to restore the international reputation of the Latvian financial sector.
Keywords:
ISCR; CR; applicable sentence; criminal offence; confiscation of property; paragraph two; AML law; information regarding resource possession; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism financing; Money laundering; Internal controls; Baltics; Europe
Cover IMF Staff Country Reports
Kingdom of Bahrain: Detailed Assessment on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This paper discusses key findings of the Detailed Assessment on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Bahrain. The assessment was based on the 2003 Financial Action Task Force (FATF) 40 Recommendations. The assessment identifies recommendations on how certain aspects of the system could be strengthened. The assessment reveals that the AML/CFT effort is taken seriously in Bahrain and the Kingdom has worked hard over the past few years to implement an extensive AML framework to address the risk of money laundering.
Keywords:
ISCR; CR; capital markets licensee; due diligence; court order; account opening; compliance officer; legal system; penal code; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Capital markets; Terrorism financing; Legal support in revenue administration; Middle East; South Asia; Bahrain stock exchange; customer due diligence; Bahrain's FIU; assessment methodology; Insurance
Cover IMF Working Papers
Insuring Public Finances Against Natural Disasters: A Survey of Options and Recent Initiatives
Mr. David J Hofman
and
Ms. Patricia A Brukoff
Natural disasters can put severe strain on public finances, in particular in developing and small countries. But catastrophe insurance markets increasingly offer opportunities for the transfer of such risks. Thus far, developing countries have only tepidly begun to tap these opportunities. More frequent and intensive use of insurance markets may be desirable because it could help introduce an important element of predictability in the post-disaster public finances of disaster-prone developing countries. Against this background, the paper surveys the various available insurance modalities and reviews recent initiatives in developing and emerging market countries. It also identifies some key challenges for the insurance community, donors, and international financial institutions (IFIs).
Keywords:
WP; insurance coverage; catastrophe insurance pricing; index insurance contract; disaster insurance scheme; market penetration; public finances; insurance; earthquake insurance scheme; reinsurance company; disaster-insurance modality; disaster risk solution; bond issue; Natural disasters; Insurance companies; Bonds; International capital markets; Caribbean
Cover IMF Working Papers
Insurance Companies in Emerging Markets
Ms. Janet Kong
and
Mr. Manmohan Singh
This paper focuses on asset allocation decisions of life insurance companies in emerging markets. Mature market insurers allocate only a small fraction of their assets to emerging markets because of regulatory constraints, rating pressures, and currency risk. However, global insurers invest directly in emerging markets by setting up subsidiaries rather than through portfolio investment, and this trend is increasing. Local insurers largely remain captive investors of local instruments and provide stability to the domestic securities market. The regulatory regime and the liquidity and depth of local markets play an important role in asset allocation decisions of insurers. Insurance companies are increasingly adopting asset liability management and risk control measures. However, insufficiently developed local markets and regulatory interventions on the liabilities side often limit optimal asset allocation.
Keywords:
WP; asset; market; vis-à-vis emerging market assets; asset allocation; foreign currency
Cover IMF Staff Country Reports
Kuwait: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Securities Regulation, Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This Financial System Stability Assessment on Kuwait reviews the macroeconomic environment and gives an overview of the financial system. Financial stability has been effectively supported by prudent fiscal and monetary policies. The banking sector appears sound and is well regulated and supervised. Sensitivity to market risk is limited owing to the short-maturity structure of interest bearing instruments, while exchange rate risk has been contained by strict enforcement of prudential requirements. Equity prices have once again increased markedly and reached new record highs.
Keywords:
ISCR; CR; CBK; bank; deposit; securities; company; exchange rate; CBK regulation; interest rate; banking system; U.S. dollar; insider trading; CBK official; capital market; bank merger; Loans; Stock markets; Commercial banks; Insurance; Securities markets; Global