Portugal: Financial Sector Assessment Program: Detailed Assessment of Observance of IAIS Insurance Core Principles
IMF Staff Country Reports, January 30, 2007
Source details
- Canonical URL
- Portugal: Financial Sector Assessment Program: Detailed Assessment of Observance of IAIS Insurance Core Principles
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Bibliographic details
- Published: January 30, 2007
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451832235.002
Executive 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.
- Key findings include shifts in investment composition and impacts on the structure of own funds.
- 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.
Market analysis and investment structure
- Investment in domestic government bonds has decreased.
- Investment in nondomestic government bonds outweighs investment in domestic government bonds.
- The structure of own funds has been subject to the revaluation reserve that incorporates the changes in the market value of investments.
Supervisory assessment
- ISP appreciated the appraisal of efforts undertaken to strengthen insurance supervision.
- The strengthened supervision is characterized as forward-looking and risk-based.
Subject areas and keywords
- 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