State-owned financial institutions fall into three main groups: commercial banks, hybrid banks, and development institutions. The larger state-owned commercial banks/ groups include Sberbank, the VTB Bank group, and Gazprombank. Like private commercial banks, these institutions do not have a...

This technical note covers the insurance sector supervised by the CBR. The analysis was carried out as part of the 2016 Financial Sector Assessment Program (FSAP) of the Russian Federation, and was based on the regulatory framework, supervisory practices and other conditions as they existed in...

This assessment of insurance regulation in Indonesia was carried out as part of the 2016-17 Financial Sector Assessment Program (FSAP). The Indonesian insurance sector is still vulnerable to a number of material risks. A number of insurers have failed in the last 10 years. After its...

The Thai insurance sector is a relatively small but growing part of the country's financial services industry. Insurance sector assets have grown from 10 percent of gross domestic product (GDP) in 2006 to over 22 percent of GDP in 2016, constituting 9 percent of total financial industry assets....

The penetration level of the insurance and pension sectors in Malawi is low, but it seems adequate as compared with other countries in similar stages of development. Concentration and costs are high, the regulatory framework is outdated or inexistent and supervision is weak. An innovative pilot...

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 2006 Article IV Consultation on San Marino explains financial sector development and stability. A wide-ranging reform of the regulatory framework and supervision is under way to modernize the financial sector and make it conform to international standards. Executive Directors encouraged to...

This technical note on financing of the private sector for Mexico describes the evolution, composition, and determinants of financing to the nonfinancial private sector in Mexico between 2000 and 2005. Equity issuance has not played an important role in financing the private sector in Mexico...

The adverse impact of the crisis on Luxembourg’s growth outlook is partly mitigated by the authorities’ well-conceived fiscal policy response. The staff report for Luxembourg’s 2009 Article IV Consultation highlights economic developments and policies. It combines...

This paper discusses Mexico’s organizational arrangements for effective financial system regulation, supervision and policymaking. Reforms implemented encompassed the legal framework, operational arrangements, and information systems, as well as transparency and information disclosure...