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International Monetary Fund. Monetary and Capital Markets Department
This note provides an update and assessment of developments in insurance supervision since 2014. It is part of the 2020 Financial Sector Assessment Program (FSAP) for the Hong Kong SAR (HKSAR) and draws on discussions there from September 10 to 24, 2019. It has not been updated for the impact of recent global events associated with the COVID-19 pandemic. The insurance sector is large, especially long-term (life) insurance, highly international and has been growing steadily. The long-term market is amongst the world’s largest, particularly by penetration (premiums to GDP). Growth has been supported by the popularity of savings products, including sales of policies to Mainland Chinese visitors (MCVs), although these have declined from their peak. The general insurance sector, though comprising many more companies, is relatively small and spread over many lines. The authorities have identified scope for growth in protection policies as well as opportunities for captive and specialty lines related to China’s Belt and Road Initiative. Tax incentives have supported the recent successful introduction of new annuity and health insurance products. Although foreign-owned companies account for a large share of business, the HKSAR is the home of three major domestic groups operating internationally.
International Monetary Fund. Monetary and Capital Markets Department

INSURANCE SECTOR REGULATION AND SUPERVISION June 7, 2021 Prepared by Monetary and Capital Markets Department This Technical Note was prepared by IMF staff in the context of a Financial Sector Assessment Program (FSAP) mission in the People’s Republic of China, Hong Kong Special Administrative Region, led by Ananthakrishnan Prasad. The note contains the technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found at http

International Monetary Fund. Monetary and Capital Markets Department

prepared in the context of a Financial Sector Assessment Program (FSAP) mission in Italy, led by May Khamis. It contains technical analysis and detailed information underpinning the FSAP’s findings and recommendations. Further information on the FSAP program can be found at http://0-www-imf-org.library.svsu.edu/external/np/fsap/fssa.aspx Contents Glossary EXECUTIVE SUMMARY INTRODUCTION A. Scope and Approach of This Note B. Overview—Institutional and Market Setting FINDINGS AND RECOMMENDATIONS A. Overview of the Implementation of the 2013 Recommendations B. The

International Monetary Fund. African Dept.

Capital Markets Department This technical note was prepared by IMF staff in the context of a Financial Sector Assessment Program (FSAP) mission to the West African Economic and Monetary Union. The note contains technical analysis and detailed information underpinning the FSAP assessment's findings and recommendations. Further information on the FSAP can be found at http://0-www-imf-org.library.svsu.edu/external/np/fsap/fssa.aspx . Contents Glossary EXECUTIVE SUMMARY INTRODUCTION MACROFINANCIAL SCENARIOS AGGREGATION THROUGH STATISTICAL CLUSTERING CREDIT RISK

International Monetary Fund

. Directors also called for closely monitoring the insurance sector and pension funds, where, as in many other advanced economies, performance had deteriorated. Directors welcomed the interest of the authorities to review financial sector issues in the context of a Financial Sector Assessment Program in the near future, and stressed the usefulness of this exercise. Directors commended the authorities’ recent measures to combat money laundering and the financing of terrorism, in line with EU guidelines. Directors welcomed recent initiatives aimed at liberalizing product

International Monetary Fund. African Dept.

(MCM) This technical note was prepared by IMF staff in the context of a Financial Sector Assessment Program (FSAP) mission to the West African Economic and Monetary Union. The note contains technical analysis and detailed information underpinning the FSAP assessment's findings and recommendations. Further information on the FSAP can be found at http://0-www-imf-org.library.svsu.edu/external/np/fsap/fssa.aspx . Contents Glossary EXECUTIVE SUMMARY INTRODUCTION OVERALL FRAMEWORK FINANCIAL SAFETY NET A. Early Intervention and Recovery Planning B. Resolution

International Monetary Fund. African Dept.

by IMF staff in the context of a Financial Sector Assessment Program (FSAP) mission to the West African Economic and Monetary Union. The note contains technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP can be found at http://0-www-imf-org.library.svsu.edu/external/np/fsap/fssa.aspx . Contents Glossary EXECUTIVE SUMMARY INTRODUCTION LIQUIDITY RISKS A. Liquid Assets B. Stability of Funding C. Liquidity Stress Tests MEASURES TO INTERNALIZE LIQUIDITY RISKS A. Reserve

International Monetary Fund
This 2001 Article IV Consultation highlights that after an extended period of real convergence in living standards toward the euro area average, the Portuguese economy weakened markedly in 2001. GDP growth in 2001 is estimated at about 1.6 percent, about half the rate recorded over the previous two years. The growth slowdown reflected to some extent the waning effect of euro-entry-related declines in interest rates and private sector responses to rising indebtedness levels. Inflation has continued to exceed the euro area average, reflecting to an important extent relatively strong cost pressures in Portugal.
International Monetary Fund

context of a Financial Sector Assessment Program (FSAP). Disclosure of financial indicators : There was a consensus that timely public disclosure of financial sector information was critical for market-based discipline, and that disclosure requirements in Greece were relatively limited (for example, concerning NPLs and loan concentrations). Banking representatives noted, however, that larger banks already published more information than required; and transparency would also improve with the adoption of international accounting standards in 2003 (see below

International Monetary Fund

Banking Supervision. Concerning financial market supervision, the authorities agreed that, notwithstanding recent progress, there was room for further improving coordination among supervisory agencies; and for strengthening the independence of the capital market and insurance supervisors. It was agreed that some of these issues should be analyzed in more depth in future discussions, including possibly in the context of a Financial Sector Assessment Program (FSAP). Other issues 30. The authorities were sympathetic to accelerating the liberalization of least