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Implementing Risk-Based Solvency for Insurers—Lessons from Kenya, Mexico, and South Africa
Author:
Peter Windsor https://isni.org/isni/0000000404811396 International Monetary Fund

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Suzette J Vogelsang
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Christiaan Henning
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Kerwin Martin
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Elias Omondi
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Gerardo Rubio
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Jooste Steynberg
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Series:
IMF Working Papers
Volume/Issue:
Volume 2024: Issue 240
Language:
English
Publication Date:
22 Nov 2024
DOI:
https://doi.org/10.5089/9798400294631.001
ISBN:
9798400294631
ISSN:
1018-5941
Pages:
108
Keywords:
Insurance; Risk-based Solvency; Risk-based supervision; solvency regime; Penetration rate; RBS project; solvency assessment; RBS implementation; supervision of insurer; Insurance companies; Solvency; Financial statements; Africa; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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International standards and best practice supports the implementation of a risk-based solvency regime in the regulation and supervision of insurers. Several emerging market and developing economies are transitioning to such a solvency regime or planning to do so. This paper discusses Kenya, Mexico, and South Africa’s journey to putting in place a risk-based solvency regime which had several common elements notwithstanding significantly different insurance sectors. The transition was a multi-year project requiring dedicated additional resources; restructuring of the regulator, including redesigning supervisory processes and tools and upgrading information technology systems; and significantly greater coordination between the regulator and the insurance industry.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund