In today's financial system, complex financial institutions are connected through an opaque network of financial exposures. These connections contribute to financial deepening and greater savings allocation efficiency, but are also unstable channels of contagion. Basel III and Solvency II should...

This report is the summary of a technical note on Supervision of Insurance of Spain and Alternative Models for an Independent Agency. It reviews the organizational alternatives for insurance supervision and discusses the advantages and disadvantages of alternative institutional arrangements. It...

This paper reviews the Financial System Stability Assessment Update on the Philippines. The assessment reveals that the banking sector has been strengthened considerably since the Asian crisis of the late 1990s and today appears generally resilient to a broad range of macroeconomic risks. The...

This paper presents a technical note on Mexico’s Financial Sector Assessment Program update. The Sociedad Hipotecaria Federal has successfully led a range of direct policy measures that have stimulated the development of the housing finance market. The government improved the legal...

The Netherlands has been heavily affected by the global financial crisis. The “Twin Peaks†supervision model, with Netherlands Central Bank - De Nederlandsche Bank (DNB) as the prudential supervisor, and the Authority for Financial Markets (AFM) responsible for conduct-of-business...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

This paper presents a detailed assessment of the observance of the Insurance Core Principles (ICP) of the International Association of Insurance Supervisors (IAIS) in Spain. The IMF, for their assessment, consulted the review of a self-assessment prepared by the General Directorate of Insurance...

This Working Paper is a detailed assessment of Japan’s compliance with the Insurance Core Principles of the International Association of Insurance Supervisors. The paper identifies a reduction in interest rates and equity prices as two factors that influence the structure and functioning...

Insurance regulation and supervision is of a high standard, and most of the enhancements suggested have been put in place. Further enhancements will be required, in the context of the forthcoming introduction of Solvency II requirements, in such areas as the frequency of onsite inspections, the...

This Technical Note analyzes impaired loans in Poland. Asset quality has moved up the Polish supervisor’s agenda to address persistent impaired loans and cyclical deterioration in credit quality. Although the deterioration has been mainly observed in the quality of consumer loan...