Germany: Financial Sector Assessment Program: Detailed Assessment of Observance on Insurance Core Principles
IMF Staff Country Reports, September 2, 2011
Source details
- Canonical URL
- Germany: Financial Sector Assessment Program: Detailed Assessment of Observance on Insurance Core Principles
Other formats
Bibliographic details
- Published: September 2, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781463902797.002
Executive summary and overall assessment
- Insurance regulation and supervision is of a high standard.
- Most of the enhancements suggested have been put in place.
- Further enhancements will be required in the context of the forthcoming introduction of Solvency II requirements, in such areas as:
- the frequency of onsite inspections,
- the enhancement of resources,
- stability analysis.
- The government acknowledges the need to continue to develop supervisory capacity.
- Most of the requirements and supervisory tools used for the supervision of primary insurers are also applied to reinsurers.
Key findings
- Regulatory and supervisory framework: high standard of regulation and supervision.
- Implementation of prior recommendations: most suggested enhancements have been implemented.
- Solvency II transition challenges: specific areas identified for further enhancement linked to the forthcoming Solvency II requirements:
- frequency of onsite inspections,
- enhancement of resources,
- stability analysis.
- Supervisory capacity: government recognizes ongoing need to develop capacity.
- Reinsurance supervision: supervisory requirements and tools applied to primary insurers are generally extended to reinsurers.
Thematic subjects and keywords (as listed)
- Subjects: Financial institutions; Financial regulation and supervision; Financial sector policy and analysis; Insurance; Insurance companies; Insurance supervision; Internal controls; Revenue administration; Solvency.
- Keywords: accident insurance; advisory council; corporate governance; CR; Global; Insurance; Insurance companies; insurance supervision; Insurance supervision; insurance undertaking; internal audit; Internal controls; ISCR; life insurance; management board; nonlife insurer; remedy insurance fraud; risk management; risk profile; Solvency; supervisory authority.
Document identifiers and publication note
- Publication date: September 2, 2011
- Series: IMF Staff Country Reports
- Issue: 272
- Pages: 50
- DOI: https://doi.org/10.5089/9781463902797.002
- ISBN: 9781463902797
Germany: Financial Sector Assessment Program: Detailed Assessment of Observance on Insurance Core Principles, September 2, 2011.