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International Monetary Fund. Monetary and Capital Markets Department

agencies, NT and other key stakeholders. 11. Since the previous ICP assessment in 2010, the FSB-SA has continued to work on three major regulatory initiatives with respect to the insurance sector . An Insurance Laws Amendment Bill (ILAB) 5 was tabled on June 21, 2013, which introduced interim measures relating to the governance, risk management and internal controls of all insurers, as well as insurance group supervision. Due to other legislative priorities, the ILAB was withdrawn in April 2014 and the provisions contained in the ILAB will be given effect through a

International Monetary Fund. Monetary and Capital Markets Department
This paper discusses findings and recommendations of the Report on Observance of Standards and codes for Ireland. The Central Bank of Ireland (CBI) is the integrated financial supervisor in Ireland. As the primary regulator of the Irish financial system, CBI has overall responsibility for the supervision of insurers and insurance intermediaries authorized in Ireland. The authorities need to address the significant challenges faced by CBI in attracting and retaining supervisors and to enhance the CBI’s independence. CBI is also advised to review the supervisory risk appetite underpinning Probability Risk Impact Supervisory System, including potential reputational risks.