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France: Financial Sector Assessment Program—Detailed Assessment of Observance of Insurance Core Principles
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2013: Issue 181
Language:
English
Publication Date:
01 Jul 2013
DOI:
https://doi.org/10.5089/9781484370575.002
ISBN:
9781484370575
ISSN:
1934-7685
Pages:
67
Keywords:
ISCR; CR; risk management; financial crisis; Société Générale; Solvency II; discount rate; internal audit; senior management; solvency report; insurance group; insurance undertaking; insurance supervision; Insurance companies; Insurance; Solvency; Insurance supervision; Internal controls; Europe; Global
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This paper discusses key findings of the Detailed Assessment of Observance of Insurance Core Principles for France. The assessment reveals that insurance regulation and supervision are still predominantly carried out using a Solvency I approach. The insurance sector remained resilient through the recent global financial crisis. A thorough approach to assessing insurer technical provisions and their coverage by admissible assets has led to financially sound insurers. Individual French insurance companies have not needed any government or industry support.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund