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Business and Economics > Insurance

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Cover IMF Staff Country Reports
United States: Financial Sector Assessment Program-Technical Note-Insurance Supervision and Regulation
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note (TN) is a targeted review of cross-cutting themes building on the detailed assessment of the Insurance Core Principles (ICPs) conducted in 2015. The targeted review was chosen, in part, due to the performance of the U.S. insurance regulatory system in the 2015 detailed assessment where it was assessed that the U.S. observed 8 ICPs, largely observed 13 ICPs and partly observed 5 ICPs. The analysis relied on a targeted self-assessment against a subset of ICPs covering valuation and solvency, risk management, conduct, winding-up, corporate governance and enforcement, and the objectives, powers and responsibility of supervisors. The choice of subjects covered in this review is based on those aspects most significant to financial stability and a follow-up on key recommendations from the 2015 detailed assessment. The focus of the analysis has been on the state-based system of regulation and supervision, reflecting the existing institutional setup.
Keywords:
ISCR; CR; insurance regulator; holding company; life insurance; risk management; balance sheet; financial condition; State insurance act; state insurance department; State insurance regulator; State regulator; federal government; Insurance companies; Insurance; Natural disasters; Financial statements; Solvency; Global
Cover IMF Staff Country Reports
United States: Financial Sector Assessment Program-Review of the Key Attributes of Effective Resolution Regimes for the Banking and Insurance Sectors-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note reviews the key attributes of effective resolution regimes for the banking and insurance sectors in the United States. The United States’ resolution regime for financial institutions has been significantly enhanced since the financial crisis. Over the past several years, the U.S. authorities have undertaken significant efforts to develop the capability to deploy the Orderly Liquidation Authority, if and when needed, to safeguard financial stability. Of particular importance is the development of the so-called single point of entry strategy, designed to take advantage of most systemically important financial institutions in the United States being organized under a holding company structure.
Keywords:
ISCR; CR; financial company; State insurance; bank holding company; resolution power; resolution strategy; resolution authority; resolution regime; Bank resolution framework; Insurance companies; Insurance; Bank liquidation; Bridge bank; Global
Cover IMF Staff Country Reports
Guernsey: Financial System Stability Assessment-Update
International Monetary Fund
Guernsey is a leading international insurance center in Europe. Its economy purely depends on the performance of the financial sector. As per the 2003 assessment under the Offshore Financial Center (OFC) program, it is found that the Guernsey Financial Services Commission (GFSC)’s powers have been strengthened in recent years and many recommendations of the 2003 Financial Sector Assessment Program (FSAP) have been implemented. The GFSC has developed a strategy for addressing banks' financial stability risks, but strong policy measures will be essential to deal with the potential vulnerabilities and challenges ahead.
Keywords:
ISCR; CR; bank; GFSC; parent company; financial institution; banking system; Guernsey subsidiary; parent bank; pound sterling; financial system; insurance sector; Guernsey bank; asset quality; Insurance companies; Commercial banks; Stress testing; Insurance; Global
Cover IMF Staff Country Reports
Jersey: Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Insurance Core Principles
International Monetary Fund
This report presents a Detailed Assessment of the Observance of the Insurance Core Principles Report on Jersey. Other than the international business, most cover is obtained from insurers based overseas by the large insurance broker community on the island. There is no ombudsman and no policyholder compensation arrangements for insurance business on the island. Jersey has its own company’s legislation, but has no local accounting or actuarial standard-setting bodies and it looks to other jurisdictions, especially the United Kingdom, for its framework of accounting, auditing, and actuarial standards.
Keywords:
ISCR; CR; insurance code; insurance business; JFSC staff; category B firm; risk model; portfolio transfer; Jersey insurance market; solvency requirement; supervisory authority; business permit; risk assessment; life insurer; JFSC supervision; Insurance companies; Insurance; Solvency; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance Core Principles; Africa; Global
Cover IMF Staff Country Reports
Guernsey-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
The completion of the detailed assessment serves several purposes. First, it benchmarks the current state of banking supervision, recognizing that there have been extensive changes in the last 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. The assessment of the effectiveness of banking supervision was based on a review of the legal framework.
Keywords:
ISCR; CR; business plan; financial institution; GFSC staff; investment funds; senior management; GFSC Law; managing director; capital base; GFSC law; limited partnership; finance committee; risk assessment; due diligence; Insurance companies; Insurance; Money laundering; Anti-money laundering and combating the financing of terrorism (AML/CFT); Europe; staff handbook
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
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