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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
The erosion of EU trade preferences for bananas and sugar will have immediate negative implications for Belize’s economy. This paper suggests ways to enhance public debt management in Belize. The vulnerability of the banking sector appears relatively modest. However, the current level of loan-loss provisions and collateral valuation rules are not up to the international standards. Important steps have been taken to further improve compliance with the Basel Core Principles. The importance of debt-service reduction through sound macroeconomic policies is highlighted.
International Monetary Fund. Monetary and Capital Markets Department

FSCS Financial Services Compensation Scheme FSMA Financial Services and Markets Act FTE Full Time Equivalent GIRS General Insurance Risk Specialists G-SII Global Systemically Important Insurers HLA High Loss Absorbency HMT Her Majesty’s Treasury IAIS International Association of Insurance Supervisors ICA Individual Capital Assessment ICP IAIS Insurance Core Principle IEO Independent Evaluation Office IT Information Technology

International Monetary Fund

ascertain how much of the MFP Transparency Code each of the sector standards incorporates. If the bulk of the MFP transparency principles are integrated into the relevant sector standards, the staff sees no need to prepare a separate transparency assessment of the sector. The work done in the revisions of the IAIS Insurance Core Principle could serve as a useful example for other standard-setters to follow. The revised IAIS Insurance Code now incorporates key aspects of the MFP Transparency Code, and consideration will be given to dropping the stand-alone transparency

International Monetary Fund

assessments provides valuable input into development-oriented policy formulation. Some development concerns are addressed in IAIS Insurance Core Principle (ICP) 1. ICP 1 sets out preconditions for effective insurance supervision, which represent a subset of the preconditions for a well-developed insurance sector. Prudential insurance assessments can also help in the fact-finding efforts for the development assessment, for example, in relation to investment requirements (ICP 21). Several other useful sets of standards and guidelines have been developed for other

International Monetary Fund
This paper presents a Financial System Stability Assessment Update for Slovenia, including Reports on the Observance of Standards and Codes on Banking Supervision and Insurance Supervision. The Slovenian financial system appears sound overall but faces new challenges and risks with European Union (EU) accession and entry into the new Exchange Rate Mechanism (ERM2). These include increased competitive pressures on Slovenian banks from EU banks, and the risk to bank-asset quality from rapid credit growth triggered by very low real interest rates associated with interest rate convergence in ERM2.
International Monetary Fund

not been addressed, although there is a growing recognition of the need to take action over and above the incremental steps implemented to date. APPENDIX II S ummary A ssessments of O bservance of F inancial S ector S tandards and C odes This appendix contains summary assessments of compliance with two core international standards and codes applicable to the financial sector: the Basel Core Principles for Effective Banking Supervision , and the IAIS Insurance Core Principle . The assessments help identify the extent to which the

International Monetary Fund. Monetary and Capital Markets Department
The United Kingdom (U.K.) bank resolution and financial crisis readiness arrangements are sound but with opportunities for continued and accelerated enhancements. The U.K. authorities’ individual and collective crisis readiness—including with other major jurisdictions—continues to improve. Mid-2022, all major U.K. banks and the authorities will issue the first public statements about these banks’ resolvability. This is supported by a comprehensive special resolution regime (SRR) and resolvability assessment framework (RAF) for banks. Yet, there is space—and a need—to further enhance the SRR, including its application to central counterparties (CCPs), and to introduce one for insurance companies. Furthermore, elements of the deposit insurance system and firm-specific resolution decision-making should be strengthened, and implementation and reputation risk addressed.
International Monetary Fund. Monetary and Capital Markets Department

winding-up procedures. 19 The 2014 KA include sector-specific guidance for the resolution of insurers ; in 2020, the FSB published the KA assessment methodology for the insurance sector . The International Association of Insurance Supervisors (IAIS) published Application Papers on Recovery Planning (2019) and on Resolution Powers and Planning (2020). See also IAIS Insurance Core Principle 12 , requiring legislation for the resolution of insurers. 20 Dear CEO Letter, ’PRA Insurance Supervision: 2021 priorities ,’ December 2020 21 These