Spain; IAIS Insurance Core Principles: Detailed Assessment of Observance

This paper provides an update on the significant regulatory and supervisory development in the Spanish insurance sector since 2006. The Spanish authorities have taken steps to address a number of shortcomings identified in the 2006 Financial Sector Assessment Program. Most notably, cooperation and coordination among the three sectoral supervisors have improved. The paper reveals that despite the lack of independence in the regulatory structure, there is no evidence to suggest that the General Directorate of Insurance and Pension Funds is not independent in carrying out its duties.

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Year of publication:	2012-06-11
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Financial Sector Assessment Program \| Insurance regulations \| Insurance supervision \| Reports on the Observance of Standards and Codes \| risk management \| reinsurance \| internal controls \| life insurance \| policyholders \| supervisory authorities \| risk transfer \| internal audit \| life insurers \| capital requirements \| insurance law \| money laundering \| legal entities \| private insurance \| annual accounts \| legal entity \| supervisory authority \| financial reporting \| insurance business \| insurance policies \| supervisory framework \| insurance supervisors \| insurance products \| investment products \| risk management systems \| accounting standards \| exchange information \| life insurance business \| insurance intermediaries \| insurance industry \| information exchange \| crop insurance \| reinsurance contracts \| catastrophic risks \| insurance markets \| market risk \| reinsurance contract \| professional liability \| compliance function \| supervisory approach \| reinsurance credit \| international standards \| risk management system \| applications \| insurance policy \| financial soundness \| market participants \| pension funds \| insurance contract \| solvency requirements \| insurance activities \| insurance companies \| reporting requirements \| risk profile \| administrative sanctions \| confidentiality requirements \| regulatory requirements \| non-life insurance \| licensing process \| insurance agents \| underwriting \| credit insurance \| audit function \| life insurance policies \| insurance regulation \| motor insurance \| financial supervision \| beneficial owners \| risk assessment \| risk of loss \| mutual evaluation \| financial intelligence unit \| liability insurance \| foreign branches \| professional liability insurance \| supervisory body \| internal policies \| due diligence \| combat money laundering \| supervisory regime \| annual statements \| criminal law \| catastrophes \| legal framework \| risk diversification \| agricultural insurance \| criminal records \| insurance system \| insurance product \| social security \| cedants \| supervisory process \| international accounting standards \| assessment criteria \| market transparency \| mutual evaluation reports \| insurance premiums \| supervisory infrastructure \| credit risk \| criminal laws \| internal control systems \| consumer protection \| compulsory insurance \| regulatory environment \| credit ratings \| credit risks \| internal auditing \| good faith \| property insurance \| financial sector supervision \| contingency planning \| terrorism financing \| prudential supervision \| financial crimes \| group life insurance \| average risk \| insurance coverage \| shell banks \| competent authorities \| share capital \| insurance obligations \| cedant \| insurance brokers \| foreign authorities

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 12/139 8 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011243830