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Business and Economics > Insurance

You are looking at 1 - 10 of 21 items for :

  • Type: Journal Issue x
  • Netherlands, The x
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Cover IMF Staff Country Reports
Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Insurance and Pension Fund Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper highlights a technical note on insurance and pension fund regulation and supervision in The Netherlands. The Dutch insurance sector is undergoing further consolidation, the life sector has been steadily shrinking over the last two decades, and the non-life market is relatively saturated. Investment exposures to real estate are increasing, and Dutch insurers are large providers of mortgage loans. Solvency ratios of Dutch insurers are well above the regulatory threshold, but below the EU average and furthermore distorted by the mechanics of the ‘Long-Term Guarantee Measures’ in Solvency II. The Dutch pension system—considered to be among the best according to international comparisons—rests on three pillars. Most pension schemes are defined-benefit pensions, which have come under pressure since 2008, when low interest rates resulted in declining funding ratio and led to an overall loss in confidence in the system. The Dutch system for independent state agencies, including De Nederlandsche Bank and Autoriteit Financiële Markten, carefully balances powers and accountability. Supervision of insurers and pension funds is effective in the Netherlands.
Keywords:
insurance regulation regime; pension fund regulation; solvency Assessment; International Monetary Fund Washington, D.C.; pension fund Sector; organization of Supervision; FSAP's finding; Pension spending; Insurance companies; Pensions; Insurance; Global
Cover IMF Staff Country Reports
Euro Area Policies: Financial Sector Assessment Program-Technical Note-Insurance, Investment Firm, and Macroprudential Oversight
International Monetary Fund. Monetary and Capital Markets Department
While national authorities are still largely responsible for supervising the nonbank sector and applying the macroprudential framework, European Union (EU)-level organizations’ supervisory role is growing. Further convergence and strengthening of supervision of insurers and investment firms is consistent with the goals of an EU single market and financial stability. The macroprudential framework functions well but could be simplified and expanded to cover aspects of the nonbank sector.
Keywords:
ISCR; CR; interest rate; single market; coverage ratio; credit institution; financial activity; market structure; parent company; group assets; Insurance companies; Insurance; Solvency; Macroprudential policy; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands-Netherlands: Financial Sector Assessment Program:: Technical Note-Insurance and Pension Sectors
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for the Netherlands on the insurance and pension sectors. The governance, accountability, and internal processes of the supervisors, operating under a well-functioning twin-peaks model, are robust. With two-tier boards that include independent members, and an internal audit department, the governance structure of both supervisors is vigorous. Detailed documentation supports the internal processes. Discussions are underway to determine a new structure for the pension system, which may include shifting risks to the participants.
Keywords:
ISCR; CR; holding company; coverage ratio; interest rate; occupational pension; fixed income; Solvency II; risk assessment; financial product; Pension spending; Insurance companies; Solvency; Insurance; Pensions; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands-Netherlands: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance on Insurance Core Principles
International Monetary Fund
Significant legislative changes and regulatory developments have taken place in the Netherland’s insurance sector. The initial Financial Sector Assessment Program (FSAP) and the current assessment are benchmarked against the Insurance Core Principles (ICPs) issued in 2003. Progress has been made in addressing the recommendations arising from the assessment. The Financial Institutions Risk Analysis Method (FIRM) and the introduction of macroprudential supervision have strengthened The NetherlandsCentral bank's (DNB) risk-based supervision and market analysis. The updated regulatory framework has a high level of observance and the government has strengthened macro-prudential supervision to complement the traditional supervision approach.
Keywords:
ISCR; CR; life insurer; risk management; corporate governance; financial market; reinsurance broker; holding company; insurance group; insurance supervision; DNB staff; AFM official; Netherlands insurer; risk profile; registering insurance intermediary; risk assessment; outsourced activity; Insurance companies; Insurance; Solvency; Legal support in revenue administration; Financial conglomerates; Global
Cover IMF Staff Country Reports
Kingdom of Netherlands: Netherlands: Financial System Stability Assessment
International Monetary Fund
The Netherlands has been heavily affected by the global financial crisis. The “Twin Peaks” supervision model, with Netherlands Central Bank - De Nederlandsche Bank (DNB) as the prudential supervisor, and the Authority for Financial Markets (AFM) responsible for conduct-of-business supervision, was severely tested, although the case for the model remains strong. The crisis has shown that these institutions bring sizable risks, which requires careful and comprehensive monitoring and supervision. The findings of the Financial Stability Assessment Program (FSAP) are summarized. Top-down stress tests were conducted. Supervisory colleges are an important innovation to reinforce home-host coordination for supervisors of large complex financial institutions (LCFIs).
Keywords:
ISCR; CR; bank resolution operation; insolvent bank; restructuring transaction; financial system; interest rate; holding company; bank resolution; central bank; bank access; pension line; Pension spending; Insurance; Bank resolution; Housing prices; Financial sector stability; Global; Europe
Cover IMF Working Papers
Stress Tests for Defined Benefit Pension Plans – A Primer
Gregorio Impavido
Stress testing is a useful and increasingly popular, yet sometimes misunderstood, method of analyzing the resilience of financial systems to adverse events. This paper aims to help demystify stress tests and illustrate their strengths and weaknesses. Using an Excel-based template with institution-specific data, readers are walked through the basics of liability valuation and stress testing of assets and liabilities of a typical defined benefit plan.
Keywords:
WP; present value; interest rate
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
Israel: Selected Issues
International Monetary Fund
This Selected Issues paper on Israel focuses on the fiscal institutions and the political economy in Israel. The paper addresses two questions. First, is there evidence for political-economy distortions to Israel’s fiscal policy? Second, what institutional changes could help in limiting these distortions? The paper presents some data on Israel’s political system and an empirical analysis of the relation between fiscal policy and the political infrastructure. It also presents some options for reducing political economy distortions through reforms in the budget process and institutions.
Keywords:
ISCR; CR; Israel; fund; regulatory authority; rule; provident fund; equity investment; government coalition; supervisory authority; supervision authorities; government duration; Pension spending; Mutual funds; Insurance; Budget planning and preparation; Global; Australia and New Zealand
Cover IMF Working Papers
The Limits of Market-Based Risk Transfer and Implications for Managing Systemic Risks
Mr. Nicolas R Blancher
,
François Haas
,
Mr. John Kiff
,
Ms. Oksana Khadarina
,
Mr. Paul S. Mills
,
Parmeshwar Ramlogan
,
Mr. William Lee
,
Ms. Yoon Sook Kim
,
Todd Groome
, and
Mr. Shinobu Nakagawa
The paper discusses the limits to market-based risk transfer in the financial system and the implications for the management of systemic long-term financial risks. Financial instruments or markets to transfer and better manage these risks across institutions and sectors are, as yet, either nascent or nonexistent. As such, the paper investigates why these markets remain "incomplete." It also explores a range of options by which policymakers may encourage the development of these markets as part of governments' role as a risk manager.
Keywords:
WP; transfer market; market participant; longevity risk; risk transfer; transfer activity
Cover IMF Working Papers
Work Absence in Europe
Mr. Leo Bonato
and
Ms. Lusine Lusinyan
Work absence is an important part of the individual decision on actual working hours. This paper focuses on sickness absence in Europe and develops a stylized model where absence is part of the labor-leisure decision made by workers and the production decision made by profit-maximizing firms, with insurance provisions and labor market institutions affecting the costs of absence. The results from a panel of 18 European countries indicate that absence is increased by generous insurance schemes where employers bear little responsibility for their costs. Shorter working hours reduce absence, but flexible working arrangements are preferable if labor supply erosion is a concern.
Keywords:
WP; sickness absence; labor force; sick pay; labor market; unemployment insurance; working time; social insurance; panel data; Europe; absence rate; employment protection; sickness insurance; Insurance; Employment protection; Labor supply; Unemployment benefits