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Europe > Ireland

You are looking at 1 - 9 of 9 items for :

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Cover IMF Staff Country Reports
Ireland: Financial Sector Assessment Program-Technical Note on Insurance Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note highlights Ireland’s Insurance Regulation and Supervision. Ireland’s insurance sector is characterized by high penetration and density in both the life and the non-life sector, which, however, stems largely from outward cross-border business. Irish insurers have proved to be resilient during the coronavirus disease 2019 pandemic, although the full effects have yet to be seen. Primary drivers of solvency ratios have been financial market and interest rate movements affecting insurers’ investment portfolios and liability valuations. The Central Bank has been expanding its analysis of climate risks and corresponding risk management practices in the financial sector. There is scope for the Central Bank to leverage its expertise and experience to promote further EU convergence on insurance oversight. The Central Bank has been very active in policy discussions at the European Insurance and Occupational Pensions Authority and is well placed to take a leading role in the efforts to achieve consistent application of EU legislation, and generally supervisory convergence, on the supervision of cross-border business; the supervision of intra-group transactions and group concentrations; and the supervision of captives.
Keywords:
solvency capital requirement; risk mitigation program; solvency ASSESSMENT; probability risk; financial condition; Insurance companies; Insurance; Solvency; Global
Cover IMF Staff Country Reports
Ireland: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This Financial System Stability Assessment paper highlights that the Irish financial system has grown rapidly and in complexity, especially after Brexit, and Ireland has become a European base for large financial groups. Risks to financial stability emanate from a much larger and more complex financial system, persistent legacy issues, as well as emergent ones from non-bank lending, Fintech, and climate change. Stress tests confirmed banks’ resilience to severe macrofinancial shocks, with some caveats. While broadly adequate, supervisory resources and capacity need to keep pace with a growing and more complex sector with significant cross-border linkages. Efforts are needed to further strengthen supervision of banks’ credit risk and develop capacity and skills on new areas such as climate, non-bank lending, and Fintech. Insurance oversight should prioritize intra-group complexities. Resolution and crisis management can be enhanced through greater planning and collaboration between the Central Bank and the Department of Finance to bolster the ability to deal effectively with institution failures and systemic crises.
Keywords:
insurance sector liquidity risk analysis; G. insurance sector solvency; MBF sector; banking sector Stress Testing Matrix; C. banking sector solvency; Commercial banks; Financial Sector Assessment Program; Foreign banks; Insurance companies; Global; Europe
Cover IMF Staff Country Reports
Denmark: Financial Sector Assessment Program-Technical Note-Insurance Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
Denmark’s insurance sector is highly developed with a particularly high penetration and density in the life sector. Traditionally, work-related life insurance and pension savings are offered as a combined package, and life insurance companies dominate the market for mandatory pension schemes for employees. The high penetration explains the overall size of the insurance sector, which exceeds those of peers from other Nordic countries and various other EU member states. Assets managed by the insurance industry amounted to 146 percent of the GDP at end-2018, compared to 72 percent for the EU average.
Keywords:
ISCR; CR; risk assessment; business intelligence tool; insurance undertaking; DFSA plan; DFSA data; DFSA staff; DFSA supervision; insurance sector; insurance supervisor; covered bond; Insurance companies; Insurance; Solvency; Pension spending; Insurance supervision; Global
Cover IMF Staff Country Reports
Belgium: Financial System Stability Assessment-Technical Note- Stress Testing the Banking and Insurance Sectors and Systemic Risk Analysis
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses the results of the stress testing of Belgium’s banking and insurance sectors. Belgium’s financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there is a need for closely monitoring risks. Stress tests on banks and insurance companies confirm that they can absorb credit, sovereign, and market losses in the event of a severe deterioration in macro-financial conditions. All banks meet minimum capital requirements and none needs to draw down its capital conservation buffer over the stress horizon. The risk of interbank contagion through direct exposures is low. Insurance companies are also generally resilient and losses incurred in the stress scenarios by those that belong to banking groups do not threaten the soundness of those groups.
Keywords:
ISCR; CR; BNP Paribas; interest rate; banking system; mortgage loan; sovereign bond; credit risk; Belgian bank; fixed income; securities portfolio; financial system; return on equity; banking sector; cash flow; Stress testing; Insurance companies; Credit; Credit risk; Global
Cover IMF Staff Country Reports
Ireland: Financial Sector Assessment Program: Technical Note-Insurance Sector and Update on the Assessment of Observance of the Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Ireland’s insurance sector. Insurance in Ireland is well developed, diverse, and has a large international business presence. Insurance penetration in Ireland is almost three times the EU average. Many recommendations have been implemented by the central bank, with Solvency II now the solvency regime in Ireland. In total, 51 Supervisory Review Process guidance papers have been prepared setting out the central bank’s internal supervisory processes and procedures under Solvency II with reference to the technical standards and guidelines and the central bank’s prioritization framework. Forty-seven of these were complete as of the end of 2015.
Keywords:
ISCR; CR; holding company; variable annuity; Solvency II; corporate governance; risk management; Group firm; cost of capital; risk assessment; return on equity; group level; nonlife company; Group supervision; manage Central Bank risk; IMF finding; conduct risk; Insurance companies; Solvency; Insurance; Stress testing; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Europe
Cover IMF Staff Country Reports
Ireland: Report on Observance of Standards and codes (ROSC)
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses findings and recommendations of the Report on Observance of Standards and codes for Ireland. The Central Bank of Ireland (CBI) is the integrated financial supervisor in Ireland. As the primary regulator of the Irish financial system, CBI has overall responsibility for the supervision of insurers and insurance intermediaries authorized in Ireland. The authorities need to address the significant challenges faced by CBI in attracting and retaining supervisors and to enhance the CBI’s independence. CBI is also advised to review the supervisory risk appetite underpinning Probability Risk Impact Supervisory System, including potential reputational risks.
Keywords:
ISCR; CR; CBI supervisor; CBI's policy; risk appetite; CBI guideline; risk management; life insurer; risk profile; group supervision; marketing insurance product; CBI planning; reinsurance strategy; Insurance companies; Insurance; Insurance supervision; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Staff Country Reports
Ireland: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses findings of the Detailed Assessment of Observance on the Insurance Core Principles on Ireland. It highlights that the Central Bank of Ireland (CBI) has made significant progress in updating the regulatory regime, and the impending implementation of Solvency II (SII) is expected to address most of the regulatory gaps noted in the assessment. The Central Bank Supervision and Enforcement Act of 2013 has significantly enhanced CBI’s supervision and enforcement powers. CBI’s preparation for SII is well advanced, and a dedicated SII project has been in place since 2010.
Keywords:
ISCR; CR; life insurer; holding company; insurance group; business model; risk management; risk assessment; ERM framework; life assurance; group supervision; risk profile; impact insurer; line of business; reinsurance strategy; Insurance companies; Insurance; Solvency; Legal support in revenue administration; Global; Europe
Cover IMF Staff Country Reports
United Kingdom: Report on the Observance of Standards and Codes
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; risk management; holding company; business case; credit risk; risk assessment; U.K. FSA; initial margin; FSA process; market operator; interest rate; FSA handbook; financial crisis; money market; FSA practice; Financial stability assessment; Insurance companies; Central counterparty clearing house; Payment systems; 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 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