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This assessment focused on the supervision and regulation of the insurance sector and the role of the Financial Services Commission (FSC) in Mauritius. The FSC has responsibility for licensing and supervision of all players in the insurance market-insurance companies, distributors; loss adjusters; reinsurance companies; reinsurance brokers, and actuaries and auditors. This report relates to a dedicated assessment mission conducted in July 2011. The FSC maintains a fairly detailed website that contains copies of relevant laws and regulations applicable to insurance companies in Mauritius. Also available on the website are copies of guidelines of general application that have been issued to the insurance companies, statistics of the industry's performance, and copies of the annual reports issued by FSC. In addition to its discussions with FSC personnel, mission members met with representatives of the trade association and with executives of a representative sample of companies, both life and general insurance, operating in the market. Other contacts included brokers and auditors. The insurance sector in Mauritius is material although not fully developed in terms of size. Insurance premium stands at MUR 17.5 billion represented at 68 percent life and 32 percent non-life insurances. Life insurance growth has been more impressive than non-life insurance performance. Although both segments have shown healthy nominal growth rates, real growth has been less spectacular for the non-life sector. Interpreting non-life sector premium performance can be confused by global pricing cycles.

Accounting --- Capital Requirements --- Confidentiality --- Consumer Protection --- Consumers --- Corporate Governance --- Credibility --- Deposit Insurance --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Institutions --- Financial Regulation & Supervision --- Financial Sector --- Financial Services --- Financial Stability --- Fraud --- Governance --- Health Insurance --- Insurance & Risk Mitigation --- Insurance Industry --- Insurance Law --- International Financial Architecture --- Law and Development --- Legal Framework --- Money Laundering --- Mortgages --- Non Bank Financial Institutions --- Reciprocity --- Regulation and Competition Policy --- Risk Assessment --- Risk Management --- Savings --- Standards and Financial Reporting --- Terrorism --- Trade and Integration --- Transparency --- Treaties --- Underwriting

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The law and related implementing regulations that constitute the regulatory framework affecting the capital markets in Indonesia are largely consistent with the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation. Nevertheless this assessment finds that legislative reforms and other actions that are in the process of being implemented to clarify and expand the security regulator's authority and to cure certain self-acknowledged gaps should be accelerated. Further, the assessment concludes that attention must be paid to assure that implementation of the regulatory framework results in a system that reliably detects, deters, and sanctions securities violations and reliably identifies and prevents or mitigates prudential concerns. This may require legal reforms beyond those necessary to reform the specific capital markets law, as discussed more extensively by the separate legal assessor. How significant such further reform will be to enforcement effectiveness will depend in part on the manner in which regulatory enforcement powers and authorities are augmented and enhanced under the capital markets law revision. Capital markets operations are heavily dependent on legal certainty, and in particular reliable application of contract, company, insolvency, and other legal protections.

Accounting --- Bank Supervision --- Bankruptcy --- Capital Markets --- Capital Requirements --- Commercial Banks --- Conflict of Interest --- Credibility --- Debt --- Deposit Insurance --- Due Diligence --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Institutions --- Financial Regulation & Supervision --- Financial Sector --- Financial Stability --- Foreign Ownership --- Fraud --- Globalization --- Governance --- Insurance --- International Cooperation --- International Financial Architecture --- Legal Framework --- Legal Institutions For A Market Economy --- Legal System --- Monetary Policy --- Mutual Funds --- Public Investment --- Regulation and Competition Policy --- Rule of Law --- Securities --- Securities Markets Policy & Regulation --- Settlement Systems --- Small Businesses --- Standards and Financial Reporting --- Stock Exchanges --- Technical Assistance --- Trade and Integration --- Transparency

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This assessment forms part of the joint International Monetary Fund (IMF) and World Bank Indonesia Financial Sector Assessment Program (FSAP) which is being undertaken during 2009-2010. The assessment which covers the Bank Indonesia's real time gross settlement (BI-RTGS) system's observance of the Committee on Payment and Settlement Systems (CPSS) Core Principles for Systemically Important Payment Systems (SIPS) and the Central Bank's Responsibilities in applying the Core Principles was conducted during the first mission. The assessment which was conducted with the cooperation of the Bank Indonesia and other key players in the payment systems area was undertaken by Alice Zanza, Senior Payment Systems Specialist, World Bank with the assistance of Bruce Summers, Senior Payment Systems Advisor, World Bank. Although there are several systems in operation in Indonesia, BI considers the Bank Indonesia Real Time Gross Settlement (BI-RTGS) system to be the only systemically important payment system in the country. BI-RTGS is owned by BI and operated by the Payment Systems Department in the Directorate of Accounting and Payment Systems. To date, the assessment team does not have any information to expand the scope of systemically important payment systems in Indonesia and has conducted the assessment of the RTGS system, as the sole SIPS in the country.

Accounting --- Bank Supervision --- Bankruptcy --- Capital Markets --- Central Banks --- Collateral --- Commercial Banks --- Communities --- Consumer Protection --- Creditworthiness --- Disclosure --- E-Finance and E-Security --- Federal Reserve --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Institutions --- Financial Regulation & Supervision --- Good Governance --- Governance --- Hardware --- Insolvency --- International Financial Architecture --- Legal Framework --- Legal Institutions For A Market Economy --- Legislation --- Migration --- Monetary Policy --- Public Policy --- Regulation and Competition Policy --- Risk Management --- Rule of Law --- Settlement Systems --- Standards and Financial Reporting --- Systemic Risk --- Technical Assistance --- Telecommunications --- Trade and Integration --- Transparency

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This assessment covers the transparency of monetary policy in the Republic of Indonesia, and in particular, BI's role in the formulation and implementation of this policy. It forms part of the Financial Sector Assessment Program (FSAP) for Indonesia, which was conducted jointly by the IMF and the World Bank during 2009-2010. The assessment was primarily undertaken during the first FSAP mission in October 2009 with subsequent refinements through written communications with the authorities. The assessment was conducted according to the IMF's code of good practices on transparency in monetary and financial policies, as issued in September 1999, and supporting documents as approved in July 2000. The assessment is primarily based on information available as of October 2009, in particular on the relevant laws and regulations then in force. After receiving a draft version of this assessment, Bank Indonesia (BI) took a number of steps to enhance transparency, and the ratings in some practices have been marked up accordingly. The review also incorporates a wide range of other materials published by the Indonesian authorities, including those on their website and draws extensively on a self-assessment and a response to a questionnaire. In addition, the assessment was informed by discussions held during the FSAP mission with the authorities at a senior level and with various departments and divisions of BI, as well as with representatives of the private financial sector.

Access to Finance --- Accounting --- Auctions --- Capital Markets --- Central Banks --- Collateral --- Commercial Banks --- Credibility --- Debt Management --- Debt Markets --- Deposit Insurance --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Institutions --- Financial Management --- Financial Stability --- Fiscal & Monetary Policy --- Governance --- Human Resources --- Income Tax --- Inflation --- International Cooperation --- International Financial Architecture --- International Monetary Fund --- Legal Institutions For A Market Economy --- Macroeconomics and Economic Growth --- Monetary Policy --- Price Stability --- Public Debt --- Regulation and Competition Policy --- Rule of Law --- Securities --- Settlement Systems --- Standards and Financial Reporting --- Trade and Integration --- Transparency --- Yield Curve

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Indonesian financial sector comprises banks, multi-finance companies, capital market companies, insurance companies, and pension funds. The banking sector accounts for about 80 percent of the financial sector assets. It is dominated by 121 commercial banks, which account for about 98.6 percent of total banking assets (including 5 sharia banks accounting for 1.8 percent market share), with rural banks comprising the remainder of the banking system (about 1.4 percent market share). Bank Indonesia (BI), the central bank, is responsible for regulation and supervision of the banking system. The assessment of compliance with the Basel Core Principles for Effective Banking Supervision (BCP) was carried out within the framework of the Financial Sector Assessment Program (FSAP) between September 29 and October 16, 2009.

Access to Finance --- Accountability --- Arbitration --- Audits --- Bank Supervision --- Banking Sector --- Bankruptcy --- Bonds --- Capital Markets --- Collateral --- Commercial Banks --- Conflict of Interest --- Corporate Governance --- Credibility --- Debt --- Debt Markets --- Debt Restructuring --- Due Diligence --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Institutions --- Financial Intermediation --- Financial Regulation & Supervision --- Financial Services --- Financial Stability --- Foreign Banks --- Fraud --- Global Economy --- Globalization --- Governance --- Government Banks --- Gross Domestic Product --- Human Resources --- Inflation --- Information Technology --- Interest Rates --- International Financial Architecture --- Legal Framework --- Legal Institutions For A Market Economy --- Legal System --- Legislation --- Penalties --- Profitability --- Regulation and Competition Policy --- Risk Management --- Rule of Law --- Securities --- Standards and Financial Reporting --- Systemic Risk --- Terrorism --- Trade and Integration --- Transparency