This paper presents a detailed assessment report on the observance of China’s compliance with the International Association of Insurance Supervisor's insurance core principles. The China Insurance Regulatory Commission employs a rules-based framework and has achieved a high level of...

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...

Guernsey’s status as the largest international insurance center in Europe hinges on its progressive infrastructure and operational flexibility. Guernsey updates its regulatory regime continually and has implemented all the recommendations arising from the 2003 Offshore Financial Center...

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...

The key findings of Australia’s BASEL II implementation assessment are presented. The Australian Prudential Regulation Authority (APRA) allocated sufficient resources, including highly skilled staff, prior to the Basel II start date, and the outcome has been a robust and high-quality...

Slow economic growth and continuing low interest rate environment is putting pressure on the insurance sector. Delays in the implementation of Solvency II could create vulnerabilities in the insurance sector. The approval of internal models is important for determining adequacy of capital levels...

This paper presents Detailed Assessment of the United States’s implementation of the International Organization of Securities Commissions’ Objectives and Principles of Securities Regulation. The general preconditions for effective securities regulation in the United States are...

This paper discusses findings of the Detailed Assessment of Observance on Insurance Core Principles on Singapore. The insurance industry in Singapore is growing, in particular the offshore nonlife sector. Gross premium of the sector has grown significantly by more than 80 percent in the last...

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...

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...