Front Matter Page
© 2006 International Monetary Fund
June 2006
IMF Country Report No. 06/219
Spain: Financial Sector Assessment Program—Detailed Assessment of Observance of the IAIS Insurance Core Principles
This Detailed Assessment of Observance of the IAIS Insurance Core Principles for Spain was prepared by a staff team of the International Monetary Fund as background documentation for the Financial Sector Assessment Program with the member country. It is based on the information available at the time it was completed in May 2006. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Spain or the Executive Board of the IMF.
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Front Matter Page
Financial Sector Assessment Program
Spain
Detailed Assessment of Observance of the IAIS Insurance Core Principles
May 2006
International Monetary Fund
Monetary and Financial Systems Department
Contents
Glossary
I. Observance of the IAIS Insurance Core Principles
A. General
B. Information and Methodology Used for the Assessment
II. General Preconditions for Effective Insurance Supervision
III. Principle-by-Principle Assessment
IV. Recommended Action Plan and Authorities’ Response to the Assessment
A. Recommended Action Plan
B. Authorities’ Response to the Assessment
Tables
1. Detailed Assessment of Observance of IAIS Insurance Core Principles
2. Summary Observance of the IAIS Insurance Core Principles (I)
3. Summary Observance of the IAIS Insurance Core Principles (II)
4. Recommended Action Plan to Improve Observance of the IAIS Insurance Core Principles
Glossary
| AGROSEGUROS |
Spanish Association of Insurers for Combined Crop Insurance |
| AML |
Anti-Money Laundering |
| BE |
Bank of Spain |
| CCS |
Insurance Compensation Consortium |
| CEIOPS |
Committee of European Insurance and Occupational Fund Supervisors |
| CFT |
Combating the Financing of Terrorism |
| CGCMST |
General Council of Insurance Intermediaries |
| CNMV |
Securities Market National Commission |
| DGSFP |
General Directorate of Insurance and Pension Funds |
| EEA |
European Economic Area |
| EMU |
European Monetary Union |
| EU |
European Union |
| FAFT |
Financial Action Task Force |
| FIU |
Financial Intelligence Unit (Servicio Ejecutivo de la Comisión de Prevención del Blanqueo de Capitales) |
| FSAP |
Financial Sector Assessment Program |
| IAE |
Spanish Institute of Actuaries |
| IAIS |
International Association of Insurance Supervisors |
| IASB |
International Accounting Standards Board |
| ICAC |
Accounting and Auditing Institute |
| ICEA |
Insurance Entities Cooperative Research |
| ICP |
Insurance Core Principles |
| IFRS |
International Financial Reporting Standards |
| IMF |
International Monetary Fund |
| CAC |
Actuaries Association of Cataluna |
| LCS |
Insurance Contract Law |
| LMSP |
Private Insurance Intermediation Law |
| LOSSP |
Private Insurance Organization and Supervision Law |
| ME |
Ministry of Economy and Finance |
| MFD |
Monetary and Financial Systems Department of the IMF |
| ML |
Money Laundering |
| MoU |
Memorandum of Understanding |
| OFESAUTO |
Spanish Office of Automobile Insurers |
| ROSSP |
Private Insurance Organization and Supervision Code |
| SEE |
State Secretary of Economy |
| TIREA |
Information Technologies and Networks for Insurers |
| UNESPA |
Insurance and Reinsurance Spanish Entities Union |