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Business and Economics > Insurance

You are looking at 1 - 10 of 11 items for :

  • Type: Journal Issue x
  • Isle of Man x
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Cover IMF Working Papers
Macroprudential Solvency Stress Testing of the Insurance Sector
Andreas Jobst
,
Nobuyasu Sugimoto
, and
Timo Broszeit
Over the last decade, stress testing has become a central aspect of the Fund’s bilateral and multilateral surveillance work. Recently, more emphasis has also been placed on the role of insurance for financial stability analysis. This paper reviews the current state of system-wide solvency stress tests for insurance based on a comparative review of national practices and the experiences from Fund’s FSAP program with the aim of providing practical guidelines for the coherent and consistent implementation of such exercises. The paper also offers recommendations on improving the current insurance stress testing approaches and presentation of results.
Keywords:
WP; capital market; solvency regime; balance sheet; credit risk; cash flow; insurance; macroprudential surveillance; financial stability analysis; stress testing; cost of capital; fixed income; liquidity risk; insurance risk; interest rate shock; private equity; asset risk; risk measurement; Insurance companies; Solvency; Financial Sector Assessment Program; Global; Africa
Cover IMF Staff Country Reports
Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles
International Monetary Fund
Guernsey’s status as the largest international insurance center in Europe hinges on its progressive infrastructure and operational flexibility. Guernsey updates its regulatory regime continually and has implemented all the recommendations arising from the 2003 Offshore Financial Center (OFC) assessment. The updated regulatory framework has a high level of observance with the Insurance Core Principles (ICPs). The Guernsey Financial Services Commission (GFSC) should expand its range of enforcement powers and also implement the public disclosure standards established by the International Association of Insurance Supervisors (IAIS). The mission advised the GFSC to continually assess the practical implementation of Own Solvency Capital Assessment (OSCA).
Keywords:
ISCR; CR; insurance manager; risk assessment; insurance intermediary; life insurer; due diligence; investment strategy; market practitioner; risk matrix; insurance risk; senior management; reviews insurers' annual; insurance industry; Insurance companies; Insurance; Solvency; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Global
Cover IMF Staff Country Reports
Isle of Man: Financial Sector Assessment Program Update: Financial System Stability Assessment
International Monetary Fund
This paper presents the Financial System Stability Assessment Report on the Isle of Man (IOM). Financial sector regulation and supervision are generally of a high standard, and supervisory efforts are concentrated in those areas most relevant to the activities of financial institutions on the IOM. The Financial Supervision Commission (FSC) faces a conundrum because the major banks are subsidiaries of large international financial groups, to which they provide financing. The FSC is reconsidering to balance prudential requirements for liquidity and exposure to related parties against business needs that entail high exposures to the parent.
Keywords:
ISCR; CR; firm; bank; deposit; market; parent bank; coverage ratio; IOM authority; return on equity; risk shock; Insurance companies; Insurance; Loans; Commercial banks; Global
Cover Policy Papers
Offshore Financial Centers - Report on the Assessment Program and Proposal for Integration with the Financial Sector Assessment Program - Supplementary Information
International Monetary Fund
This supplement reviews the data received thus far and the progress made by participating jurisdictions in their dissemination efforts. Data for major jurisdictions that declined to participate are also provided where it is available from published sources. In addition, data on a sample of advanced economies are provided for comparative purposes. The framework identified a minimum set of variables for dissemination and recommended that jurisdictions publish data on those variables although jurisdictions could choose to publish more. Tables 2 and 5 to 13 provide the data received on those variables. The framework also identified additional variables that were to be provided to the Fund to help Fund staff monitor developments in financial centers.
Keywords:
PP; banking sector; net asset value; financial service; twenty-seven jurisdiction; nonbank assets; reporting jurisdiction; liabilities to the fund; cross-border asset; vis-a-vis nonbank; Insurance companies; Commercial banks; Offshore financial centers; Insurance; Asset valuation; Western Hemisphere; Europe
Cover IMF Staff Country Reports
Bermuda: Assessment of the Supervision and Regulation of the Financial Sector—Volume II—Detailed Assessment of Observance of Standards and Codes
International Monetary Fund
This paper presents key findings of the Detailed Assessment of the Observance of Standards and Codes in the Financial Sector of Bermuda. The small number of licensed deposit-taking institutions in Bermuda are part of the broader financial intermediation sector. Typically, some 50 percent to 60 percent of the banks’ income is fee based. The value of client assets and the volume of their activities are the main generators of this income. Efforts to reduce employee and occupancy costs that reflect the high cost of doing business on the island are continuing.
Keywords:
ISCR; CR; business plan; banking group; senior management; accounting firm; insider trading; parent company; financial condition; investment funds; credit union; Guidance note; Insurance; Insurance companies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Post-clearance customs audit; Legal support in revenue administration; North America; Western Europe
Cover IMF Staff Country Reports
Cayman Islands: Assessment of the Supervision and Regulation of the Financial Sector—Volume II—Detailed Assessment of Observance of Standards and Codes
International Monetary Fund
This paper reviews key findings of the detailed assessment of the Observance of Standards and Codes in the Financial Sector of the Cayman Islands. Banks in the Cayman Islands operate within a well-defined prudential regulatory framework, generally in accordance with Basel standards, that is, largely modeled after the framework currently in use in the United Kingdom. The two-tiered required minimum risk capital standards are significantly above those required by the Basel Capital Accord and are applied in practice based primarily on the perceived differences in risk related to bank ownership.
Keywords:
ISCR; CR; mutual fund; internal audit; senior management; banking sector; board of directors; capital base; managing director; amount of money; country risk; interest rate; due diligence; parent company; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Insurance; Mutual funds; Insurance companies; Caribbean
Cover IMF Staff Country Reports
Jersey: Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume I—Review of Financial Sector Regulation and Supervision
International Monetary Fund
This review of financial sector regulation and supervision in Jersey in the context of the offshore financial center assessment program contains technical advice and recommendations. The report provides a general overview of the financial system, a summary of the assessment findings and the Reports on Observance of Standards and Codes (ROSCs), and the authorities’ action plan. It also presents the detailed assessment for banking, insurance, securities, Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), and company and trust service providers.
Keywords:
ISCR; CR; investment funds; business plan; Jersey insurance market; states of Jersey; company business; holding company; corporate governance; risk capital; credit risk; attorney general; banking sector; Commission estimate; authorities in Jersey; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Insurance; Terrorism financing; Europe
Cover IMF Staff Country Reports
Isle of Man: Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II—Detailed Assessment of Observance of Standards and Codes
International Monetary Fund
This assessment of the Basel Core Principles for Effective Banking Supervision has been completed as part of the IMF Offshore Financial Center (OFC) assessment program. First, the assessment benchmarks the current state of banking supervision, recognizing that there have been extensive changes in the last few years. Second, it suggests a number of further improvements or changes. Thus, this report provides a key input for the development of an action plan to move toward full compliance with the Core Principles.
Keywords:
ISCR; CR; beneficial owner; holding company; business plan; credit risk; FSC staff; senior management; license holder; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance; Money laundering; Insurance companies; Legal support in revenue administration; Global; Europe
Cover IMF Staff Country Reports
Isle of Man: Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume I—Review of Financial Sector Regulation and Supervision
International Monetary Fund
The financial regulatory and supervisory system of the Isle of Man complies well with the assessed international standards. Volume I of this report provides an overview and summary findings. Volume II provides the detailed findings of the assessments of compliance with the Basel Core Principles for Effective Banking Supervision (BCP); the Insurance Core Principles of the International Association of Insurance Supervisors (IAIS); and the Objectives and Principles of Securities Regulation of the International Organization of Securities Commissions (IOSCO).
Keywords:
ISCR; CR; guidance note; Isle of Man government Insurance and Pensions Authority; companies registry; company registration role; insurance business; corporate governance; FSC legislation; insider dealing; FSC requirement; life company; FSC power; FSC staff; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance; Insurance companies; Basel Core Principles; Money laundering; Europe
Cover IMF Staff Country Reports
Jersey: Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II—Detailed Assessment of Observance of Standards and Cod
International Monetary Fund
This report reviews the assessment of Jersey’s compliance with the Basel core principles for effective banking supervision based on the Core Principles. It provides a detailed assessment of the antimoney laundering and combating the financing of terrorism regime of Jersey and reviews its laws and regulations, supervisory and regulatory systems, Jersey’s compliance with the International Association of Insurance Supervisors (IAIS) insurance core principles, and benchmarks the state of insurance supervision. It also analyzes the objectives and principles of securities regulation and provides a detailed assessment of trust and company service providers in Jersey.
Keywords:
ISCR; CR; insurance supervisor; trust company business; corporate governance; holding company; beneficial owner; business plan; credit risk; risk assessment; senior management; Codes of practice; Insurance; Insurance companies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Europe; Global