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Business and Economics > Insurance

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

  • Type: Journal Issue x
  • Corporate governance; role & responsibilities of boards & directors x
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Cover IMF Staff Country Reports
Canada: Financial Sector Assessment Program-Insurance Core Principles-Detailed Assessment of Observance
International Monetary Fund. Monetary and Capital Markets Department
This Detailed Assessment report, a part of the 2013 Financial Sector Assessment Program (FSAP) of Canada, assesses Canada’s regulatory regime and supervisory practices against the international standards. The IMF report suggests that the Office of the Superintendent of Financial Institutions (OSFI) should be empowered to take supervisory measures at the level of the holding company. It highlights that while OSFI requires Federally Regulated Insurers (FRI) FRIs to develop internal capital targets, requirements to develop an Own Risk and Solvency Assessment are scheduled to be implemented in 2014.
Keywords:
ISCR; CR; holding company; risk management; insurance group; mortgage insurance; corporate governance; life insurance; insurance coverage; automobile insurance; line of business; Insurance companies; Insurance; Corporate governance; Legal support in revenue administration; Capital adequacy requirements; Global; Europe; Asia and Pacific
Cover IMF Staff Country Reports
Malaysia: Publication of Financial Sector Assessment Program Documentation—Detailed Assessment of Observance of Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This report is an analysis of the insurance core principles of Malaysia. This assessment gives a clear understanding of the regulatory and supervisory framework of the insurance sector of Malaysia. Bank Negara Malaysia (BNM) is the best insurance regulator in this region. Six percent of the financial sector accounts for the insurance sector. The assessment did not reveal any current potential sources of significant risk to the Malaysian financial stability from its insurance industry. The Executive Board expects further enhancement for an effective insurance sector.
Keywords:
ISCR; CR; risk management; BNM supervisor; takaful operator; BNM guideline; corporate governance; BNM staff; BNM guidance; Insurance companies; Insurance; Capital adequacy requirements; Corporate governance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Staff Country Reports
Sweden: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles
International Monetary Fund
The staff report highlights that the insurance sector in Sweden is well developed and mature. The captive insurance segment is mainly driven by tax advantages. This assessment provides an update on the significant regulatory and supervisory developments in the insurance sector of Sweden since 2002. The assessment is based solely on the laws, regulations, and other supervisory requirements and practices that were in place at the time of the assessment.
Keywords:
ISCR; CR; holding company; risk assessment; risk management; corporate governance; insurance group; FI regulation; supervisory authority; board of directors; Insurance companies; Insurance; Solvency; Internal controls; Corporate governance; Global; Baltics; Europe
Cover IMF Staff Country Reports
Isle of Man: Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Insurance Core Principles
International Monetary Fund
This paper presents a Detailed Assessment of the Isle of Man’s (IOM) observance of the Insurance Core Principles. Regulation has been strengthened since the 2003 Offshore Financial Center assessment. The Insurance and Pension Authority has been putting in place Memorandums of Understanding with home regulators and is exchanging information extensively. After rapid growth in 2005 and 2006, new business volumes and investment performance have been adversely affected by weaker global equity markets. The number of captives established in the IOM has fallen, reflecting competition from jurisdictions within the European Union.
Keywords:
ISCR; CR; IPA staff; IPA supervisor; IPA authority; IPA keep; supervisory authority; corporate governance; AML compliance; life company; IPA bid; Insurance companies; Insurance; Corporate governance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Solvency; Global; Middle East
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program: Technical Note: An Assessment of Insurance Core Principles for the Reinsurance Industry
International Monetary Fund
This technical note discusses key findings of the assessment of Insurance Core Principles (ICP) for the reinsurance industry for Switzerland. It reveals that the Swiss reinsurance market is dominated by three large players with a strong international presence. The reinsurance industry comprises 20 professional reinsurers and 50 reinsurance captives with gross premiums written totaling SwF 37.4 billion for 2005. Swiss Re, European Re, and Converium have consistently maintained more than 75 percent market share. More than 95 percent of reinsurance premiums came from foreign business.
Keywords:
ISCR; CR; conglomerate supervision; FOPI official; FOPI staff; supervisory authority; risk management; FOPI's power; corporate governance; insurance group; Insurance companies; Insurance; Corporate governance; Solvency; Insurance supervision; Global
Cover IMF Working Papers
Trust As a Means of Improving Corporate Governance and Efficiency
Mr. Ralph Chami
and
Connel Fullenkamp
Agency problems within the firm are a significant hindrance to efficiency. We propose trust between coworkers as a superior alternative to the standard tools used to mitigate agency problems: increased monitoring and incentive-based pay. We show how trust induces employees to work harder, relative to those at firms that use the standard tools. In addition, we show that employees at trusting firms have higher job satisfaction, and that these firms enjoy lower labor cost and higher profits. Finally, we show how trust may also be easier to use within the firm than the standard agency-mitigation tools.
Keywords:
WP; wage contract; profit sharing; company loyalty; nonaltruistic firm; asymmetric information; efficiency; trust; moral hazard; corporate governance; firm need; shareholder-employee agency relationship; Wages; Insurance; Europe; Global
Cover IMF Staff Country Reports
Czech Republic: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency; Banking Supervision; Insurance Regulation; Securities Regulation; Corporate Governance; and Payment Systems
International Monetary Fund
The resilience of the Czech financial system to macroeconomic shocks and structural weaknesses has strengthened considerably as a result of recent reform efforts. Stress tests indicate that the Czech banking system now shows only moderate vulnerability to market and credit risks. To enable more effective monitoring of the activities of integrated firms and markets, coordination and cooperation between supervisory agencies requires strengthening. Regarding the nonbanking sectors, the adoption of the mutual fund model for pension funds would improve transparency, and needs to be implemented as soon as possible.
Keywords:
ISCR; CR; monetary policy; balance sheet; banking sector; liquid asset; state bank; central bank; foreign exchange market; financial system; banking system; Insurance companies; Insurance; Commercial banks; Payment systems; Corporate governance; Global