Portugal: Financial Sector Assessment Program: Detailed Assessment of Observance of IAIS Insurance Core Principles

January 30, 2007

Summary

This Detailed Assessment of the Observance of International Association of Insurance Supervisors (IAIS) Insurance Core Principles for Portugal highlights the market analysis of the insurance market. Investment in domestic government bonds has decreased and is outweighed by nondomestic government bonds. The structure of own funds has been subject to the revaluation reserve that incorporates the changes in the market value of investments. Instituto de Seguros de Portugal (ISP) appreciated the appraisal of efforts undertaken to strengthen insurance supervision on the basis of a forward-looking and risk-based approach.

Subject: Expenditure, Financial institutions, Insurance, Insurance companies, Internal controls, Legal support in revenue administration, Pension spending, Revenue administration

Keywords: board of directors, CR, Global, i. ISP, Insurance, Insurance companies, insurance supervision, insurance undertaking, Internal controls, ISCR, ISP employee, ISP supervision, Legal support in revenue administration, Pension spending, risk management, senior management, statutory auditor, supervisory authority

Pages:
63
Volume:
2007
DOI:
https://doi.org/10.5089/9781451832235.002
Issue:
031
Series:
Country Report No. 2007/031
Stock No:
1PRTEA2007001
ISBN:
9781451832235
ISSN:
1934-7685

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