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The insurance industry in Philippines is small but growing. Insurance penetration remains below that observed in many countries in the region and very low compared to countries with similar per capita incomes in other parts of the world. During the last five years, the Insurance Commission (IC) has made a significant effort to improve insurance regulation and supervision. The IC has considerable autonomy in practice but lacks operational supervisory independence. Improving the independence of the IC should be accompanied by measures to increase its formal accountability to the government. The assessment has identified areas for further development of IC's supervisory approach, like risk profiling, and stronger cooperation and coordination among supervisors. A key recommendation is that IC formulate a strategy with an implementation plan to advance its risk based and market conduct supervision. While consumer protection has improved in many respects, ongoing oversight of insurance intermediaries should be improved. IC should review its resources and organization to meet the demands of a more risk-based approach. IC's inspection methods, data collection, and reporting infrastructure (IT systems), analytical tools, and on-site inspection manuals require a major overhaul. The IC should carry out a comprehensive review of the current regulations and supervision processes and data reporting requirements with the view to reduce the regulatory burden on the industry. In conjunction with strengthening governance, transparency, and internal control requirements, own risk and solvency assessment (ORSA), and enterprise risk management (ERM) requirements should be developed and implemented on an individual entity and group basis. Enabling new product development and liberalizing tariffs should be considered as part of an IC growth strategy for the insurance sector.
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Prudential regulation of infrastructure investment plays an important role in creating an enabling environment for mobilizing long-term finance from institutional investors, such as insurance companies, and, thus, gives critical support to sustainable development. Infrastructure projects are asset-intensive and generate predictable and stable cash flows over the long term, with low correlation to other assets; hence they provide a natural match for insurers' liabilities-driven investment strategies. The historical default experience of infrastructure debt suggests a "hump-shaped" credit risk profile, which converges to investment grade quality within a few years after financial close-supported by a consistently high recovery rate with limited cross-country variation in non-accrual events. However, the resilient credit performance of infrastructure-also in emerging market and developing economies-is not reflected in the standardized approaches for credit risk in most regulatory frameworks. Capital charges would decline significantly for a differentiated regulatory treatment of infrastructure debt as a separate asset class. Supplementary analysis suggests that also banks would benefit from greater differentiation, but only over shorter risk horizons, encouraging a more efficient allocation of capital by shifting the supply of long-term funding to insurers.
Banking Regulation --- Basel III --- Credit Risk --- Education --- Educational Sciences --- Energy --- Energy and Environment --- Energy Demand --- Finance and Financial Sector Development --- Financial Crisis Management & Restructuring --- Financial Structures --- Infrastructure --- Insurance Capital Standard --- Insurance Regulation --- Project Finance --- Solvency --- Solvency Regime --- Transport
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This note provides a report on the Observance of Standards and Codes in France, and provides updates on the transparency in monetary and financial policies. The framework for supervision and regulation applicable to a specific group of mutual insurance firms has been modified by adjusting the law governing these institutions to comply with European regulations concerning insurance. Once implementing regulations are in effect, these insurance companies will need to meet the same solvency rules as provided in the insurance code.
Finance: General --- Insurance --- Money and Monetary Policy --- Industries: Financial Services --- Business and Financial --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Monetary Policy --- Insurance Companies --- Actuarial Studies --- General Financial Markets: Government Policy and Regulation --- Bankruptcy --- Liquidation --- Finance --- Monetary economics --- Insurance & actuarial studies --- Financial services law & regulation --- Insurance companies --- Monetary policy transparency --- Insurance regulation --- Solvency --- Financial institutions --- Monetary policy --- Financial regulation and supervision --- Financial sector policy and analysis --- Nonbank financial institutions --- Law and legislation --- Debt --- France
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Motor Third Party Liability Insurance (MTPL) ensures that damage to third party health and property caused by an accident for which driver and/or owner of the car were responsible is covered. A policy may be taken out by the owner of a vehicle or by a lawful possessor authorized by the owner on behalf of the owner. Compulsory MTPL Insurance is a financial protection system built to prevent any grievance that third parties could face, due to lack of solvency of first party who caused bodily injury or property damage following any event related to a car accident. Motor insurance is generally measured non-life insurers' strongest class of business in terms of premium volume. In most markets, it is characterized by high competition and cyclical fluctuations in results. Non-life insurers' motor result is thus likely to have a particularly strong impact on the overall result. In most countries, MTPL insurance is compulsory in order to protect the public. World Bank studies in Africa, Central Asia, and Europe have shown that motor insurance premiums represent at least 30 percent of all non-life premium income. This phenomenon may be explained by the rapid rise of motor fleets. MTPL insurance has been introduced in the formerly centrally planned economies only in the past decade, but it is poorly understood. Motorists are inclined to view it as a form of tax that they are at liberty to evade, rather than as a protection against their personal liability a concept that is not familiar to the general public. Motor insurance has the potential to be a powerful tool in the promotion of personal responsibility. If communicated effectively, the link between the consequences of causing an accident and the economics of paying for those consequences will of itself gradually lead to improved driving.
Accounting --- Consumer Protection --- Consumers --- Deposit Insurance --- Deregulation --- Developing Countries --- Expenditures --- Finance and Financial Sector Development --- Financial Institutions --- Financial Sector --- Financial Services --- Fraud --- Health Insurance --- Housing Finance --- Inflation --- Information Technology --- Insolvency --- Insurance & Risk Mitigation --- Insurance Industry --- Insurance Law --- Insurance Regulation --- Law and Development --- Legal Framework --- Liberalization --- Market Forces --- Microinsurance --- Middle-Income Countries --- Monopolies --- Moral Hazard --- Political Economy --- Privacy --- Public Policy --- Regulators --- Risk Management --- Savings --- Torts --- Underwriting
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This note summarizes the findings and conclusions of the review of the insurance sector in Mali. The review was conducted as part of the 2015 financial sector assessment program (FSAP) in Mali. The main objectives of the review are to assess the structure, performance, and outlook of the insurance sector with respect to the potential for the sector to develop; and to contribute to the overall long term growth and development of the economy and the well-being of the country's population. The insurance market in Mali falls short of its potential today; however, its outlook is promising. This technical note looks at two questions: what role does the insurance sector play in Mali today?, and how can it play a more significant role? It highlights the potential of micro insurance and agriculture insurance in particular, and concludes with a number of recommendations.
Arbitrage --- Capacity Building --- Capital Markets --- Capital Requirements --- Cash Transfers --- Climate --- Collateral --- Consumer Protection --- Consumers --- Creditworthiness --- Crop Insurance --- Deficit --- Feasibility --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Sector --- Financial Services --- Fraud --- Health Insurance --- Human Resources --- Hurricanes --- Incentives --- Income Distribution --- Insurance & Risk Mitigation --- Insurance Industry --- Insurance Law --- Insurance Regulation --- International Financial Standards and Systems --- Law and Development --- Life Insurance --- Livestock Insurance --- Microfinance Institutions --- Microinsurance --- Non Bank Financial Institutions --- Poverty --- Regulations --- Risk --- Risk Management --- Savings --- Supply Side --- Sustainability --- Taxes --- Underwriting
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Motor Third Party Liability Insurance (MTPL) ensures that damage to third party health and property caused by an accident for which driver and/or owner of the car were responsible is covered. A policy may be taken out by the owner of a vehicle or by a lawful possessor authorized by the owner on behalf of the owner. Compulsory MTPL Insurance is a financial protection system built to prevent any grievance that third parties could face, due to lack of solvency of first party who caused bodily injury or property damage following any event related to a car accident. Motor insurance is generally measured non-life insurers' strongest class of business in terms of premium volume. In most markets, it is characterized by high competition and cyclical fluctuations in results. Non-life insurers' motor result is thus likely to have a particularly strong impact on the overall result. In most countries, MTPL insurance is compulsory in order to protect the public. World Bank studies in Africa, Central Asia, and Europe have shown that motor insurance premiums represent at least 30 percent of all non-life premium income. This phenomenon may be explained by the rapid rise of motor fleets. MTPL insurance has been introduced in the formerly centrally planned economies only in the past decade, but it is poorly understood. Motorists are inclined to view it as a form of tax that they are at liberty to evade, rather than as a protection against their personal liability a concept that is not familiar to the general public. Motor insurance has the potential to be a powerful tool in the promotion of personal responsibility. If communicated effectively, the link between the consequences of causing an accident and the economics of paying for those consequences will of itself gradually lead to improved driving.
Accounting --- Consumer Protection --- Consumers --- Deposit Insurance --- Deregulation --- Developing Countries --- Expenditures --- Finance and Financial Sector Development --- Financial Institutions --- Financial Sector --- Financial Services --- Fraud --- Health Insurance --- Housing Finance --- Inflation --- Information Technology --- Insolvency --- Insurance & Risk Mitigation --- Insurance Industry --- Insurance Law --- Insurance Regulation --- Law and Development --- Legal Framework --- Liberalization --- Market Forces --- Microinsurance --- Middle-Income Countries --- Monopolies --- Moral Hazard --- Political Economy --- Privacy --- Public Policy --- Regulators --- Risk Management --- Savings --- Torts --- Underwriting
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This paper discusses key findings of the Detailed Assessment of Observance of International Association of Insurance Supervisors (IAIS) Insurance Core Principles for the United States. Most U.S. insurers write primary insurance on U.S. risks. The U.S. market is characterized by low market concentration in most sectors, indicating a high degree of competition. Overall, the insurance sector, and the property and casualty companies in particular, has been resilient through the financial crisis. However, there have also been significant stresses in the insurance sector in the last two years.
Insurance --- State supervision --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Public Finance --- Industries: Financial Services --- Business and Financial --- Criminology --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Insurance Companies --- Actuarial Studies --- General Financial Markets: Government Policy and Regulation --- Illegal Behavior and the Enforcement of Law --- Taxation, Subsidies, and Revenue: General --- Finance --- Insurance & actuarial studies --- Financial services law & regulation --- Corporate crime --- white-collar crime --- Public finance & taxation --- Insurance companies --- Insurance regulation --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Internal controls --- Financial institutions --- Financial regulation and supervision --- Crime --- Revenue administration --- Nonbank financial institutions --- Law and legislation --- Money laundering --- Revenue --- United States --- White-collar crime
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Insurance companies in China are closely supervised and generally subjected to appropriate regulation. The China Insurance Regulatory Commission (CIRC) employs a rules based framework and has achieved a high level of regulatory compliance from supervised companies. This assessment of the People's Republic of China's compliance with International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICP) was carried out as part of the 2010 Financial Sector Assessment Program (FSAP). The CIRC has principal responsibility over insurance regulation in China and conducts its duties through its headquarters in Beijing and 35 regional branches, the insurance bureaus. Insurance supervision is not limited to the CIRC, as it is affected by high level regulations issued by the state council.
Accounting --- Asset Management --- Audits --- Business Development --- Confidentiality --- Consumer Protection --- Consumers --- Corporate Governance --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Sector --- Financial Services --- Financial Stability --- Fraud --- Inflation --- Information Technology --- Insurance --- Insurance & Risk Mitigation --- Insurance Industry --- Insurance Law --- Insurance Regulation --- International Cooperation --- International Financial Standards and Systems --- Joint Ventures --- Jurisdiction --- Law and Development --- Legal Framework --- Legal Institutions For A Market Economy --- Legal System --- Life Insurance --- Money Laundering --- Non Bank Financial Institutions --- Opportunity Cost --- Outsourcing --- Private Sector Development --- Regulation and Competition Policy --- Regulators --- Risk Assessment --- Risk Management --- Rule of Law --- Securities --- Social Development --- Terrorism --- Transparency --- Underwriting
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This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation brings together contributions from authors with different legal cultures. It aims to identify the legal issues that arise from the intersection of two disciplines: insurance law and corporate/company law. These legal issues are examined mainly from the perspective of European Union (EU) law. However, there are also contributions from other legal systems, enriching the perspective with which to approach these issues.
International law --- International economic & trade law --- Commercial law --- Company law --- Corporate governance --- Finance --- Insurance undertakings --- Corporate law --- Corporate Governance --- Insurance regulation --- System of governance --- Open Access --- Private international law. --- Conflict of laws. --- International law. --- Comparative law. --- Commercial law. --- European Economic Community. --- Corporation law. --- Common law. --- Corporate governance. --- Private International Law, International and Foreign Law, Comparative Law. --- European Economic Law. --- Commercial Law. --- Common Company Law. --- Corporate Governance. --- Financial Law. --- Law and legislation. --- Governance, Corporate --- Industrial management --- Directors of corporations --- Anglo-American law --- Law, Anglo-American --- Customary law --- Corporations --- Law, Corporation --- Trusts, Industrial --- Business --- Business law --- Commerce --- Law, Commercial --- Mercantile law --- Law --- Law merchant --- Maritime law --- Comparative jurisprudence --- Comparative legislation --- Jurisprudence, Comparative --- Law, Comparative --- Legislation, Comparative --- Law of nations --- Nations, Law of --- Public international law --- Choice of law --- Conflict of laws --- Intermunicipal law --- International law, Private --- International private law --- Private international law --- Legal polycentricity --- Law and legislation --- Civil law
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This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation offers the first comprehensive legal and regulatory analysis of the Insurance Distribution Directive (IDD). The IDD came into force on 1 October 2018 and regulates the distribution of insurance products in the EU. The book examines the main changes accompanying the IDD and analyses its impact on insurance distributors, i.e., insurance intermediaries and insurance undertakings, as well as the market. Drawing on interrelations between the rules of the Directive and other fields that are relevant to the distribution of insurance products, it explores various topics related to the interpretation of the IDD – e.g. the harmonization achieved under it; its role as a benchmark for national legislators; and its interplay with other regulations and sciences – while also providing an empirical analysis of the standardised pre-contractual information document. Accordingly, the book offers a wealth of valuable insights for academics, regulators, practitioners and students who are interested in issues concerning insurance distribution.
Private international law. --- Conflict of laws. --- Commercial law --- Bank marketing. --- International law. --- Trade. --- Mediation. --- Dispute resolution (Law). --- Conflict management. --- Contracts. --- Private International Law, International & Foreign Law, Comparative Law . --- European Economic Law. --- Financial Services. --- International Economic Law, Trade Law. --- Dispute Resolution, Mediation, Arbitration. --- Common Contract Law. --- European Economic Community countries. --- Agreements --- Contract law --- Contracts --- Contractual limitations --- Limitations, Contractual --- Legal instruments --- Obligations (Law) --- Juristic acts --- Liberty of contract --- Third parties (Law) --- Conflict control --- Conflict resolution --- Dispute settlement --- Management of conflict --- Managing conflict --- Management --- Negotiation --- Problem solving --- Social conflict --- Crisis management --- ADR (Dispute resolution) --- Alternative dispute resolution --- Appropriate dispute resolution --- Collaborative law --- Dispute processing --- Justice, Administration of --- Mediation --- Neighborhood justice centers --- Good offices (Mediation) --- Conflict management --- Dispute resolution (Law) --- Law of nations --- Nations, Law of --- Public international law --- Law --- Banks and banking --- Marketing of bank services --- Marketing of banking services --- Marketing --- Choice of law --- Conflict of laws --- Intermunicipal law --- International law, Private --- International private law --- Private international law --- Legal polycentricity --- Law and legislation --- Civil law --- Private International Law, International & Foreign Law, Comparative Law --- European Economic Law --- Financial Services --- International Economic Law, Trade Law --- Dispute Resolution, Mediation, Arbitration --- Common Contract Law --- Private International Law, International and Foreign Law, Comparative Law --- Insurance Distribution Directive --- Insurance law --- Life Insurance --- Product oversight and governance --- Customer protection --- Insurance intermediaries --- Insurance distributors --- IDD --- insurance undertakings --- EU regulatory framework --- IBIP --- MiFID II --- General Data Protection Regulation (GDPR) --- Alternative Dispute Resolution (ADR) --- Insurance Product Information Documents --- micro-insurance regulation of South Africa --- Product oversight and governance (POG) --- EU-Versicherungsvertriebsrichtlinie --- open access --- International law --- Comparative law --- Public international law: economic & trade --- Banking --- Arbitration, mediation & alternative dispute resolution --- Comparative law. --- Commercial law. --- European Economic Community. --- Financial services industry. --- Trade regulation. --- Arbitration (Administrative law). --- Common law. --- Private International Law, International and Foreign Law, Comparative Law. --- Anglo-American law --- Law, Anglo-American --- Customary law --- Administrative arbitration --- Arbitration, Administrative --- Administrative law --- Regulation of trade --- Regulatory reform --- Trade regulation --- Consumer protection --- Deregulation --- Services, Financial --- Service industries --- Business --- Business law --- Commerce --- Law, Commercial --- Mercantile law --- Law merchant --- Maritime law --- Comparative jurisprudence --- Comparative legislation --- Jurisprudence, Comparative --- Law, Comparative --- Legislation, Comparative
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