United States:Financial Sector Assessment Program-Technical Note-Insurance Supervision and Regulation

Financial Sector Assessment Program-Technical Note-Insurance Supervision and Regulation
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Volume/Issue: Volume 2020 Issue 244
Publication date: August 2020
ISBN: 9781513552897
$18.00
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Natural Disasters , ISCR , CR , insurance regulator , holding company , life insurance , risk management , balance sheet , financial condition , State insurance act , state insurance department , State insurance regulator , State regulator , federal government , Insurance companies , Insurance , Natural disasters , Financial statements , Solvency , Global

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Summary

This Technical Note (TN) is a targeted review of cross-cutting themes building on the detailed assessment of the Insurance Core Principles (ICPs) conducted in 2015. The targeted review was chosen, in part, due to the performance of the U.S. insurance regulatory system in the 2015 detailed assessment where it was assessed that the U.S. observed 8 ICPs, largely observed 13 ICPs and partly observed 5 ICPs. The analysis relied on a targeted self-assessment against a subset of ICPs covering valuation and solvency, risk management, conduct, winding-up, corporate governance and enforcement, and the objectives, powers and responsibility of supervisors. The choice of subjects covered in this review is based on those aspects most significant to financial stability and a follow-up on key recommendations from the 2015 detailed assessment. The focus of the analysis has been on the state-based system of regulation and supervision, reflecting the existing institutional setup.