Publication: Financial Sector Assessment Program Update : India - IAIS Insurance Core Principles
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2013-08
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2013-08
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This assessment of India's compliance with the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICP) was carried out as part of the 2011 Financial Sector Assessment Program (FSAP). Although this is the second FSAP for India, this is the first external assessment of India's compliance with the ICPs. The Insurance Regulatory and Development Authority (IRDA) have principal responsibility for insurance regulation and supervision in India, although the central government also has some reserve supervisory powers. This assessment is based upon information made available to the assessor in preparation for and during the June 2011 FSAP mission. The assessment has also been informed by discussions with regulators and market participants. The assessment employs the 2003 version of the IAIS insurance core principles and methodology and is based on the essential criteria (EC) listed in that document.
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“International Monetary Fund; World Bank. 2013. Financial Sector Assessment Program Update : India - IAIS Insurance Core Principles. © World Bank. http://hdl.handle.net/10986/15963 License: CC BY 3.0 IGO.”
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Publication India : IAIS Insurance Core Principles(World Bank, Washington, DC, 2013-08)This assessment of India's compliance with the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICP) was carried out as part of the 2011 Financial Sector Assessment Program (FSAP). Although this is the second FSAP for India, this is the first external assessment of India's compliance with the ICPs. The Insurance Regulatory and Development Authority (IRDA) have principal responsibility for insurance regulation and supervision in India, although the central government also has some reserve supervisory powers. This assessment is based upon information made available to the assessor in preparation for and during the June 2011 FSAP mission. The assessment has also been informed by discussions with regulators and market participants. The assessment employs the 2003 version of the IAIS insurance core principles and methodology and is based on the essential criteria (EC) listed in that document.Publication Mexico : IAIS Insurance Core Principles - Detailed Assessment of Observance(World Bank, Washington, Dc, 2013-03)This is a full assessment of the insurance regulatory and supervisory system in Mexico, to ascertain its compliance with the IAIS core principles, as a part of the Financial Sector Assessment Program (FSAP) in September 2011. This assessment was produced in the course of a joint International Monetary Fund (IMF), World Bank mission in Mexico to conduct an update of the IAIS principles under the FSAP. The recommendations after conclusion of the assessment include developing and implementing a comprehensive plan to increase insurance penetration; ensuring the operational independence and continuity of the Insurance and Surety National Commission (CNSF); confirming that the supervisory authority has full discretion on resource allocation, in accordance to its mandate, objectives, and the perceived risks; establishing an implementation plan on the solvency regime; and revisiting the arbitration mechanism. This document presents a detailed assessment with regard to the twenty-eight IAIS principles, examining the system in context of each principle.Publication Financial Sector Assessment Program Update : Philippines - The Insurance Sector, A Market and Risk Based Review(World Bank, Washington, DC, 2010-04)This note summarizes the conclusions of the review of the insurance sector in the Philippines as part of the Financial Sector Assessment Program (FSAP). The main objectives of the assessment are to review the performance and structure of the insurance sector in the Philippines with respect to: a) the potential exposure of the sector to vulnerabilities, either generated from the sector or in response to other circumstances outside the sector that could either be magnified or dampened by the sector; b) the potential for the sector to grow and develop, in its own context and also to contribute to the overall long term growth and development of the economy and the well-being of the Philippines people; and c) the relationship between the oversight and regulatory arrangements for the sector against international norms and best practices. In summary, the key conclusions of this analysis are: i) the financial performance of the sector has been particularly stable although the outlook is less sanguine; ii) financial vulnerabilities are present but the challenges would appear to be manageable with careful and vigilant oversight and some targeted policy measures; and iii) opportunities for growth in the sector are wide ranging.Publication Republic of Argentina(Washington, DC, 2011-10)This assessment is focused on the Superintendencia de Seguros de la Nacion (SSN) in Argentina. SSN has responsibility for regulation and supervision of all players in the insurance market. In addition to its role as a supervisor, SSN has powers to issue regulations, is responsible for advising the executive on issues related to insurance, and can propose draft bills. The laws are passed by the national legislative branch and enacted by the national executive branch. The assessment was performed using the 2007 version of the core principles for insurance supervision issued by the International Association of Insurance Supervisors (IAIS). This paper is structured into following four parts: part one is information and methodology used for the assessment; part two is institutional and macro prudential setting, part three gives summary assessment; and part four gives authorities' responses.Publication Financial Sector Assessment : Barbados(World Bank, Washington, DC, 2014-03)The financial system faces a weak economic outlook and a deteriorating fiscal position posing substantial macroeconomic risks. As a result, sovereign risk has increased while the fixed exchange rate further limits policy options. The financial system has sizeable sovereign risk exposures and non-performing loans are rising although high capital and liquidity buffers in combination with strong parent entities mitigate risks. Credit unions appear more vulnerable. Since the 2008 financial sector assessment program (FSAP), the regulatory and supervisory framework has improved across all sectors. Consolidated risk-based supervision was introduced in the banking sector along with a formalization of supervisory methodologies. The government has committed a major adjustment package aimed at stabilizing international reserves and consolidating the fiscal position. Even if planned policies are successful, Barbados will continue to face challenging growth prospects, driven by weakened tourism markets, including Canada, the United Kingdom, and the United States; increased competition from other offshore jurisdictions; and appreciation of the real effective exchange rate.
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