{
  "title": "Spain: Financial Sector Assessment Program-Technical Note-Insurance Sector Supervision and Regulation",
  "publication": "IMF Staff Country Reports, November 13, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/11/13/spain-financial-sector-assessment-program-technical-note-insurance-sector-supervision-and-45389",
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  "summary": "This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Spain in the areas of insurance sector supervision and regulation. The Spanish insurance market is complex owing to the presence of large numbers of insurance groups.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The Technical Note discusses findings and recommendations from the Financial Sector Assessment Program (FSAP) for Spain in the areas of insurance sector supervision and regulation.\n- The Spanish insurance market is complex owing to the presence of large numbers of insurance groups.\n- The supervisory culture in the Directorate General of Insurance and Pension Funds (DGSFP) appears to be reactive or compliance focused.\n- Current supervisory emphasis is insufficiently qualitative; there is a need to complement quantitative checks with qualitative review of insurers’ key methods and assumptions.\n- Supervisory verification should include proportionate verification of technical provisions and capital requirements.\n- The DGSFP should develop areas that are central to the Solvency II framework, including governance and risk management."
    },
    {
      "heading": "Key recommendations",
      "content": "- Shift supervisory focus from predominantly reactive/compliance checks to a mix of qualitative and quantitative review that assesses insurers’ methodologies and assumptions.\n- Implement proportionate verification procedures for technical provisions.\n- Strengthen oversight of capital requirements through targeted supervisory review.\n- Develop supervisory capabilities and frameworks in governance and risk management aligned with Solvency II principles."
    },
    {
      "heading": "Thematic focus and technical terms",
      "content": "- Subjects covered: Expenditure, Financial institutions, Financial sector policy and analysis, Insurance, Insurance companies, Labor, Pension spending, Pensions, Solvency, Systemic risk.\n- Keywords cited in the Note: budget constraint; cash flow; CR; DGSFP supervision; distribution insurance market; Europe; government budget constraint; Group supervision; II regime; Insurance; Insurance companies; insurance creditor; insurance intermediary; interest rate; ISCR; life insurer; Pension spending; Pensions; risk management; Solvency; Solvency II; supervisory Risk Assessment Framework."
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      "content": "- Publication date: November 13, 2017\n- Series: IMF Staff Country Reports\n- Report context: Findings and recommendations emanating from the Financial Sector Assessment Program for Spain.\n\nSource: Spain: Financial Sector Assessment Program-Technical Note-Insurance Sector Supervision and Regulation (IMF Staff Country Reports, November 13, 2017).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 13, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484327104.002",
    "The Technical Note discusses findings and recommendations from the Financial Sector Assessment Program (FSAP) for Spain in the areas of insurance sector supervision and regulation.",
    "The Spanish insurance market is complex owing to the presence of large numbers of insurance groups.",
    "The supervisory culture in the Directorate General of Insurance and Pension Funds (DGSFP) appears to be reactive or compliance focused.",
    "Current supervisory emphasis is insufficiently qualitative; there is a need to complement quantitative checks with qualitative review of insurers’ key methods and assumptions.",
    "Supervisory verification should include proportionate verification of technical provisions and capital requirements.",
    "The DGSFP should develop areas that are central to the Solvency II framework, including governance and risk management.",
    "Shift supervisory focus from predominantly reactive/compliance checks to a mix of qualitative and quantitative review that assesses insurers’ methodologies and assumptions.",
    "Implement proportionate verification procedures for technical provisions.",
    "Strengthen oversight of capital requirements through targeted supervisory review.",
    "Develop supervisory capabilities and frameworks in governance and risk management aligned with Solvency II principles.",
    "Subjects covered: Expenditure, Financial institutions, Financial sector policy and analysis, Insurance, Insurance companies, Labor, Pension spending, Pensions, Solvency, Systemic risk.",
    "Keywords cited in the Note: budget constraint; cash flow; CR; DGSFP supervision; distribution insurance market; Europe; government budget constraint; Group supervision; II regime; Insurance; Insurance companies; insurance creditor; insurance intermediary; interest rate; ISCR; life insurer; Pension spending; Pensions; risk management; Solvency; Solvency II; supervisory Risk Assessment Framework.",
    "Publication date: November 13, 2017",
    "Series: IMF Staff Country Reports",
    "Report context: Findings and recommendations emanating from the Financial Sector Assessment Program for Spain.",
    "**Country Report**"
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