Front Matter Page
© 2011 International Monetary Fund
September 2011
IMF Country Report No. 11/282
Sweden: Financial Sector Assessment Program Update—Detailed Assessment of Observance on Insurance Core Principles
This Detailed Assessment of Observance on Insurance Core was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed in September, 2011. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Sweden or the Executive Board of the IMF.
The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.
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Front Matter Page
Financial Sector Assessment Program Update
Sweden
INSURANCE CORE PRINCIPLES
Detailed Assessment of Observance
SEPTEMBER 2011
INTERNATIONAL MONETARY FUND
MONETARY AND CAPITAL MARKETS DEPARTMENT
Contents
Glossary
I. Assessment of Insurance Core Principles (ICPs)
A. Introduction and scop
B. information and Methodology Used for Assessment
C. Overview—Institutional and Macro Prudential Setting
Market structure and industry performance
Institutional Framework and Arrangements
Key Findings and Recommendations
II. Detailed principle-by-principle Assessment Methodology
Tables
1. Number of Licensed Insurers and Intermediaries
2. Assets Held by swedish insurers
3. Analysis of New Premiums—Life
4. Analysis of NonLife Premiums Written in 2009
5. Analysis of Insurer’s Assets
6. Capital and Solvency of Insurers as at End-2009
7. Summary of Compliance with the ICPs
8. Recommendations to Improve Observance of ICPs
9. Detailed Assessment
Figures
1. Investors in the Swedish Bond Market
2. The Yield on 10-Year Swedish Government Bond, 10-Year Swedish Interest Rate Swap, and 5-Year Swedish Covered
3. solvency Ratios—Life
4. Capital & Solvency—NonLife
Appendix
I. Key Recommendations of the 2002 FSAP and Their Implementation
Glossary
| AML-CFT |
Anti-Money Laundering and Combating the Financing of Terrorism |
| ARA |
Annual Reports Act |
| ARIUA |
Annual Reports for Insurance Undertakings Act |
| ARN |
National Board for Consumer Complaints |
| CDD |
Customer due diligence |
| CEIOPS |
Committee of European Insurance and Occupational Pensions Supervisors |
| CIB |
The Swedish Consumers’ Insurance Bureau |
| DG |
Director-General |
| FAFT |
Financial Action Task Force |
| FF |
Swedish Insurance Federation (FÖrsäkringsfÖrbundet) |
| FI |
Finansinspektionen (Swedish FSA) |
| FIBA |
Foreign Insurance Business Act |
| EEA |
European Economic Area |
| EU |
European Union |
| FIO |
Financial Supervisory Authority Instructions Ordinance |
| FSAP |
Financial Sector Assessment Program |
| IBA |
Insurance Business Act (1982:713), Försäkringsrörelselagen |
| IAIS |
International Association of Insurance Supervisors |
| ICA |
Insurance Contracts Act |
| ICPs |
Insurance Core Principles |
| IFRS |
International Financial Reporting Standards |
| IMF |
International Monetary Fund |
| MD |
Managing Director |
| MoU |
Memorandum of Understanding |
| MoF |
Ministry of Finance |
| MLTFO |
Money Laundering and Terrorist Financing Ordinance |
| MTFs |
Multilateral Trading Facilities |
| RPA |
Rights of Priority Act |
| SCA |
Swedish Consumer Agency |
| SECA |
Swedish Economic Crime Authority |
| Secrecy Act |
Public Access to Information and Secrecy Act (2009:400) |
| SIG |
Swedish Instrument of Government |
| SIMA |
Swedish Insurance Mediation Act |
| SNDO |
Swedish National Debt Office |
| SOU |
Statens Offentliga Utredningar |
| SSFCA |
Supplementary Supervision of Financial Conglomerates Act |
| STR |
Suspicious Transactions Reports |
| ULP |
Unit-Linked Policies |