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Business and Economics > Insurance

You are looking at 1 - 6 of 6 items for :

  • Type: Journal Issue x
  • Cayman Islands x
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Cover IMF Staff Country Reports
Trinidad and Tobago: Selected Issues
International Monetary Fund
In this study, the economic developments and policy responses of Trinidad and Tobago after the crisis is reviewed. Policy recommendations are used to strengthen the legal and regulatory framework. According to the IMF’s financial system stability assessment (FSSA), there were critical gaps in the overall legal, regulatory, and supervisory structure for the insurance sector. The quality of insurance sector supervision can be assessed against internationally accepted established “core principles.” In this paper, an overview is presented of why the crisis occurred and some suggestions on how to prevent a future crisis.
Keywords:
ISCR; CR; rate; repo; excess reserves; interest rate; CLICO Trinidad; lending rate; T-bill rate; CLICO Bahamas; CLICO Barbados; CL Financial Limited; Repo rates; Insurance; Deposit rates; Insurance companies; Excess liquidity; Caribbean
Cover IMF Staff Country Reports
Cayman Islands: Off-shore Financial Center Assessment Update-Assessment of Financial Sector Supervision and Regulation
International Monetary Fund
This paper discusses findings of the assessment of Financial Sector Supervision and Regulation on the Cayman Islands. The assessment reveals that substantial progress has been made in the implementation of the 2003 Offshore Financial Center assessment recommendations, including, importantly, regarding Cayman Islands Monetary Authority’s independence and resources. There is scope for enhancing regulatory reporting and disclosure requirements by financial entities, such as shortening the period for filing required documents and requiring all insurers to disclose their use of derivatives and similar commitments regularly.
Keywords:
ISCR; CR; CIMA staff conduct business; Cayman Islands banking sector; risk assessment; CIMA bank; securities investment business; supervisory approach; Cayman Islands Monetary Authority-Investment; resources of the Cayman Islands Monetary Authority; C.I. dollar; Cayman Islands GDP; CIMA staff number; CIMA's reputation; CIMA's approach; CIMA's ability; Insurance companies; Mutual funds; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance; Caribbean; Europe; South America; North America; 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
Cayman Islands: Assessment of the Supervision and Regulation of the Financial Sector—Volume I—Review of Financial Sector Regulation and Supervision
International Monetary Fund
This paper highlights key findings of the assessment of financial sector regulation and supervision in the Cayman Islands. The assessment reveals that in the last two years, an extensive program of legislative, rule, and guideline development in the Cayman Islands has introduced an increasingly effective system of regulation, both formalizing earlier practices and introducing enhanced procedures. The implementation of financial regulation and supervision complies broadly with standards in all the areas assessed. However, issues related to resources and potential breaches of operational autonomy affect the regulator and, hence, supervision in all sectors.
Keywords:
ISCR; CR; CIMA note; banking sector; risk assessment; business plan; CIMA license; guidance note; mutual fund; financial system; CIMA director; regulatory authority; Anti-money laundering and combating the financing of terrorism (AML/CFT); Mutual funds; Stock markets; Insurance; Caribbean; Central America; South America; Middle East
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
Kingdom of the Netherlands—Netherlands Antilles: 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 the Kingdom of the Netherlands—Netherlands Antilles explains banking, insurance, and pension fund supervision. The Netherlands Antilles is resolved to remove the perception created by placement of the jurisdiction in the weakest category of the list of offshore financial centers, published by the Financial Stability Forum (FSF). Bank of the Netherlands Antilles (BNA) staff is highly capable, well-trained, and dedicated, and is able to attract appropriate personnel and material resources to perform its functions.
Keywords:
ISCR; CR; free zone; due diligence; financial service; balance sheet; foreign exchange; State ordinance; companies registry; Insurance companies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Insurance; Customs unions; Caribbean