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International Monetary Fund

regulations apply to EU companies. For Non-EU companies sections 24B to 28 apply also. In respect of foreign insurers from the EU, States EU Directives apply. The FSC will obtain approval from the home supervisor that the company is permitted to transact business in Gibraltar. Applicants from other countries can operate after obtaining a license, and in these cases Section 25 of the ICO and the Insurance Companies (Prescribed Particulars) Regulations will apply. Inwards services business i.e., reinsurance, by non-EU insurers is not required to be licensed under the ICO

International Monetary Fund
This paper examines Gibraltar’s Detailed Assessment Report of the Observance of the Insurance Core Principles. Foreign establishments operating in Gibraltar are all European Union (EU)-based and therefore covered by EU directives, including the directive on freedom of establishment. A key reason for the growth in this sector is the ability of firms licensed in Gibraltar to passport their services to EU member states. The domestic insurance market is, however, quite small with a population in the region of 30,000.
International Monetary Fund
This paper discusses a Detailed Assessment of the Observance of the Insurance Core Principles for Italy. The assessment reveals that insurance supervision in Italy occurs within a legal framework that incorporates the relevant European Union Directives. More than two-thirds of the principles have been assessed as being observed or largely observed. Furthermore, the authorities in Italy are actively pursuing a number of legislative and supervisory initiatives that hold the potential to materially improve the level of observance in the near future.
International Monetary Fund. Monetary and Capital Markets Department

European premiums of over €1 trillion (in 2011) is written in the European Union (EU) insurers. Protracted slow economic growth and continuing low interest rate environment is putting pressure on the insurance sector . Current profits during 2011 were in the 3 percent range or negative, and solvency levels have been decreasing. Exposure to sovereign debt presents an additional vulnerability to the sector, in particular to the life industry. In addition to adverse market conditions, impending regulation adds uncertainty to the future of the industry. Besides Solvency II

International Monetary Fund
This paper provides an update on the significant regulatory and supervisory development in the Spanish insurance sector since 2006. The Spanish authorities have taken steps to address a number of shortcomings identified in the 2006 Financial Sector Assessment Program. Most notably, cooperation and coordination among the three sectoral supervisors have improved. The paper reveals that despite the lack of independence in the regulatory structure, there is no evidence to suggest that the General Directorate of Insurance and Pension Funds is not independent in carrying out its duties.
International Monetary Fund

application within six months after receiving all necessary information for assessment. In assessing the application, DGSFP should consider factors such as meeting minimum capital requirement, having competent management members with good repute, and viability of its business plan (Article 5.2). A foreign insurer may operate in Spain either as a subsidiary or a branch. An EU insurer may conduct business in Spain through a cross-border arrangement without physical presence in Spain. DGSFP has established procedures to consult home supervisor before issuing a licence to a

International Monetary Fund

/EEA supervisors. Principle 6 . Licensing An insurer must be licensed before it can operate within a jurisdiction. The requirements for licensing are clear, objective and public. Description Subject to one exception, the legislation prohibits the conduct of insurance business in Italy without a license. The exception is EU insurers that wish to provide services to Italy or open a branch in Italy, which are supervised by the home member state supervisor and do not need a license from ISVAP, although ISVAP must be notified by that supervisor of the insurer

International Monetary Fund
Significant legislative changes and regulatory developments have taken place in the Netherland’s insurance sector. The initial Financial Sector Assessment Program (FSAP) and the current assessment are benchmarked against the Insurance Core Principles (ICPs) issued in 2003. Progress has been made in addressing the recommendations arising from the assessment. The Financial Institutions Risk Analysis Method (FIRM) and the introduction of macroprudential supervision have strengthened The NetherlandsCentral bank's (DNB) risk-based supervision and market analysis. The updated regulatory framework has a high level of observance and the government has strengthened macro-prudential supervision to complement the traditional supervision approach.
International Monetary Fund

time for providing relief shall not exceed € 249,062,018 (2010) on the understanding that: a) a maximum € 124,531,009 (2010) may be made available per relief situation; and b) the available amount, where there is a significant risk that it will not be redeemed, may not exceed € 124,531,009 (2010) The amount made available for relief will be funded by way of levies on life insurers (s3:156/7 of Wft) Insolvency proceedings taken in the home State of an EU insurer shall be recognized in the Netherlands. Rationalization measures shall be governed by the laws of the EU