France: Financial Sector Assessment Program—Detailed Assessment of Observance of Insurance Core Principles
IMF Staff Country Reports, July 1, 2013
Source details
- Canonical URL
- France: Financial Sector Assessment Program—Detailed Assessment of Observance of Insurance Core Principles
Other formats
Bibliographic details
- Published: July 1, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484370575.002
Summary findings
- The assessment reveals that insurance regulation and supervision are still predominantly carried out using a Solvency I approach.
- The insurance sector remained resilient through the recent global financial crisis.
- A thorough approach to assessing insurer technical provisions and their coverage by admissible assets has led to financially sound insurers.
- Individual French insurance companies have not needed any government or industry support.
Major themes and analysis
- Regulatory framework
- Predominant use of a Solvency I approach in regulation and supervision.
- Sector resilience
- Sector-level resilience demonstrated during the recent global financial crisis.
- Prudential assessment practices
- Thorough assessment of insurer technical provisions.
- Emphasis on coverage of technical provisions by admissible assets, contributing to financial soundness.
- Market support
- No government or industry support was required by individual French insurance companies.
Subjects and keywords
- Subjects:
- Financial institutions
- Financial regulation and supervision
- Financial sector policy and analysis
- Insurance
- Insurance companies
- Insurance supervision
- Internal controls
- Revenue administration
- Solvency
- Keywords:
- CR
- discount rate
- Europe
- financial crisis
- Global
- Insurance
- Insurance companies
- insurance group
- insurance supervision
- insurance undertaking
- internal audit
- Internal controls
- ISCR
- risk management
- senior management
- Société Générale
- Solvency II
- solvency report
Content in this bundle
- 1. Insurance Premiums Collected