Spain: IAIS Insurance Core Principles: Detailed Assessment of Observance
June 11, 2012
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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 and coordination among the three sectoral supervisors have improved. The paper reveals that despite the lack of independence in the regulatory structure, there is no evidence to suggest that the General Directorate of Insurance and Pension Funds is not independent in carrying out its duties.
Subject: Financial institutions, Financial sector policy and analysis, Insurance, Insurance companies, Internal controls, Legal support in revenue administration, Revenue administration, Solvency
Keywords: board of directors, business plan, corporate governance, CR, DGSFP staff, discount rate, Europe, financial market, Global, Insurance, Insurance companies, insurance group, internal audit, Internal controls, ISCR, Legal support in revenue administration, liability insurance, management report, market structure, operating budget, risk management, sales staff, senior management, Solvency
Pages:
83
Volume:
2012
DOI:
Issue:
139
Series:
Country Report No. 2012/139
Stock No:
1ESPEA2012003
ISBN:
9781475504262
ISSN:
1934-7685
