Publication: Slovenia : Pilot Diagnostic Review of Governance of the Insurance Sector
Loading...
Published
2007-05
ISSN
Date
2013-03-26
Author(s)
Editor(s)
Abstract
This review looks at the governance of the insurance sector in Slovenia, analyzing the legal framework and its enforcement and the adoption of corporate governance principles by firms. It is intended to provide policy makers and insurers in Slovenia, and other countries, with insight into existing corporate practices, and to offer a framework of good practices that can assist lawmakers in their efforts to strengthen governance in the insurance sector. The report may also contribute to the ongoing international debate on good corporate governance practices in insurance sector companies worldwide. It has three objectives: improving the description of good practices related to governance of insurance sectors; conducting a diagnostic review of Slovenian insurance governance against these benchmarks, and providing recommendations on ways of further improving the corporate governance of the Slovenian insurance sector. The review concludes with recommendations for auditing and risk evaluation, and advises that, although Slovenia's three finance regulators have served it well to date, the regulatory and supervisory structure for the finance sector is in need of more review before a joint working group could be established to implement the legal, organizational, media, and sequencing issues involved in creating an integrated regulatory agency.
Link to Data Set
Citation
“World Bank. 2007. Slovenia : Pilot Diagnostic Review of Governance of the Insurance Sector. © World Bank. http://hdl.handle.net/10986/12967 License: CC BY 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Collections
Related items
Showing items related by metadata.
Publication Czech Republic : Pilot Assessment of Governance of the Insurance Sector(Washington, DC, 2006-03)This assessment of the governance of the Czech insurance sector has three objectives: (1) develop a set of best practice benchmarks for assessing the governance of insurance sectors in the Europe and Central Asia Region and elsewhere, (2) conduct a trial assessment of the Czech insurance governance framework against these benchmarks, and (3) provide recommendations on ways of further improving the corporate governance of the Czech insurance sector. The benchmarks and the assessment are found in Annex I and a list of recommendations is presented in Annex II. As this is a pilot assessment, the final report should be seen as no more than a work-in-progress. Nevertheless, it is expected that it will play a useful role in contributing to guidelines for strong corporate governance of insurers in both developed and emerging markets. It could also lay the basis for further governance-based reforms of the Czech insurance sector and provide a baseline assessment for measurement of the reforms.Publication Malaysia - Insurance Core Principles : Detailed Assessment of Observance(Washington, DC, 2013-02)This assessment provides an understanding of the significant regulatory and supervisory framework for the insurance sector of Malaysia. The assessment was conducted by Mark Causevic (external expert from OSFI Canada) during April 2012. Malaysia is undertaking the Financial Sector Assessment Program (FSAP) for the first time, and it includes a formal assessment of its observance with the Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS). The Malaysia market has been growing for Islamic insurance products (family takaful, general takaful, and re-takaful). The ICPs were not specifically developed with Islamic insurance products in mind. Consequently, based on the scope that was agreed upon prior to the start of the assessment work, details on the regulation, supervision and various workings of Malaysian Islamic insurance market are included in this report, but they do not form part of the ICP assessment ratings for Malaysia.Publication Financial Sector Assessment Program : Brazil - IAIS Insurance Core Principles(World Bank, Washington, DC, 2012-06)This report is a full assessment of Brazil's compliance with the Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors (IAIS), as adopted in October 2011. Regulation and supervision of the insurance industry in Brazil is largely the responsibility of the National Council for Private Insurance (CNSP) and the Superintendency of Private Insurance (SUSEP). The assessment is based solely on the laws, regulations, and other supervisory requirements and practices that were in place at the time of assessment. Brazil is one of the first jurisdictions to be assessed under the 2011 version of the ICPs. In the last few years the insurance industry experienced an explosive growth doubling the premium between 2005 and 2010 however, growth potential remains significant. Investments by the insurance sector are conservative and short term, primarily comprising fixed income instruments. Currently around 88 percent of the insurance business is sold by around 70 thousand active brokers, but the supervision and disclosure requirements are thin.Publication Slovenia : Pilot Diagnostic Review of Governance of the Banking Sector(Washington, DC, 2008-02)The financial crises of the late 1990s in East Asia and Eastern Europe, as well as the recent corporate governance scandals in Europe and America, have highlighted the need for strong corporate governance in ensuring a sound and stable financial sector. The governance practices of banks are important because banks accept deposits from the public, whose funds the government has an implicit (and often an explicit) obligation to protect. Banks are also subject to information asymmetries and high leverage, both of which make banks vulnerable to a sudden run on deposits where public confidence fails. The Slovenian bank governance review has three objectives to: 1) conduct a review of the Slovenian bank governance framework, 2) make recommendations on provisions that would help to strengthen the governance structure of banks in Slovenia, and 3) refine the good practices developed for the pilot banking governance review program. In addition, the international community has encouraged the strengthening of governance in the banking sector. The Slovenian banking sector has successfully weathered the financial crisis seen in other countries in 1997-1998, and has improved its stability. However some shortcomings in bank governance remain. The government remains the dominant owner of banks in Slovenia.Publication Financial Sector Assessment : Poland(Washington, DC, 2001-04)The principal objectives of this financial sector assessment were to assist the authorities in identifying potential vulnerabilities in the Polish financial system that could have macroeconomic consequences, to suggest measures to reduce these risks, and to outline development needs in the system and strategies to address these concerns. The purpose of this note is to provide a summary of the main findings of the mission, together with the policy priorities identified. The issues facing the Polish financial sector are mostly of development rather than stability nature. Poland has made significant reforms in its financial sector over the last decade, with an acceleration of the restructuring of its banking system in the last three years. Poland has completed the larger part of the transition-related reform agenda in the financial sector. While the overall stability of the financial sector does not appear to be a concern at the moment, enhanced oversight of risk management systems of financial institutions and improvements in crisis prevention and management procedures are necessary.
Users also downloaded
Showing related downloaded files
Error: Could not load results for 'https://openknowledge.worldbank.org/server/api/item/relateditemlistconfigs/dcf679af-a846-5861-8131-4615924c6b93_downloads/itemlist'.