Denmark: Financial Sector Assessment Program: Detailed Assessment of Observance of the Insurance Core Principles
IMF Staff Country Reports, March 23, 2007
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- Canonical URL
- Denmark: Financial Sector Assessment Program: Detailed Assessment of Observance of the Insurance Core Principles
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Bibliographic details
- Published: March 23, 2007
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451811162.002
Overview
- Title: Denmark: Financial Sector Assessment Program: Detailed Assessment of Observance of the Insurance Core Principles
- Publication date: March 23, 2007
- Summary of scope: Discusses key findings of the Detailed Assessment of the Observance of the Insurance Core Principles for Denmark.
- Subjects: Crime, Expenditure, Financial institutions, Insurance, Insurance companies, Labor, Money laundering, Pension spending, Pensions
- Keywords: board of directors, company pension funds, CR, Europe, holding company, Insurance, Insurance companies, interest rate, ISCR, Money laundering, pension funds, Pension spending, Pensions, return on equity, risk assessment, supervisory authority
Key findings
- The Danish Financial Supervisory Authority Finanstilsynet bases its system to assess the appropriateness of key functions on the assumption that it is the core responsibility of senior management to ensure adequate personnel are assigned to relevant tasks in supervised companies.
- The assessment highlights an issue relating to a requirement that internal audit functions should be made compulsory for smaller companies.
Key recommendations and implications
- Address the supervisory assumption that senior management responsibility alone ensures adequacy of personnel for key functions; consider supervisory measures or frameworks that do not rely solely on this assumption.
- Introduce a requirement to make internal audit functions compulsory for smaller insurance companies to strengthen internal controls and governance.