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Ireland: Financial Sector Assessment Program: Technical Note-Insurance Sector and Update on the Assessment of Observance of the Insurance Core Principles
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2016: Issue 311
Language:
English
Publication Date:
29 Sep 2016
DOI:
https://doi.org/10.5089/9781475542158.002
ISBN:
9781475542158
ISSN:
1934-7685
Pages:
58
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
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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund