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Turkey: Financial Sector Assessment Program-Detailed Assessment of Observance of the IAIS Insurance Core Principles
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2017: Issue 047
Language:
English
Publication Date:
08 Feb 2017
DOI:
https://doi.org/10.5089/9781475576917.002
ISBN:
9781475576917
ISSN:
1934-7685
Pages:
81
Keywords:
ISCR; CR; reinsurance company; risk management; equity capital; life insurance; financial structure; Insurance companies; Insurance; Insurance supervision; Internal controls; Solvency; Global
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This paper presents an assessment of the observance of IAIS (International Association of Insurance Supervisors) insurance core principles in Turkey. During the last five years, the government of Turkey has made a significant effort to improve regulation and supervision of insurance and to improve adherence to international standards. The efficiency of information reporting, insurer monitoring, and supervision has greatly increased. Solvency tests have been strengthened. Reserving and investment practices have been improved. Improvements have been made in international cooperation and information exchange. However, major regulatory and supervisory challenges remain for Turkey to increase confidence in the sector and benefit from its continued growth.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund