Spain Financial Sector Assessment Program-Technical Note-Insurance Sector Supervision and Regulation

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. The supervisory culture...

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Bibliographic Details
Corporate Author: International Monetary Fund Monetary and Capital Markets Department
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2017
Series:IMF Staff Country Reports
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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651 4 |a Spain 
653 |a Insurance companies 
653 |a Institutional Investors 
653 |a Private Pensions 
653 |a Pension Funds 
653 |a Pension spending 
653 |a Finance 
653 |a Social Security and Public Pensions 
653 |a Industries: Financial Services 
653 |a Nonwage Labor Costs and Benefits 
653 |a Financial sector policy and analysis 
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653 |a Bankruptcy 
653 |a General Financial Markets: Government Policy and Regulation 
653 |a Financial Instruments 
653 |a Debt 
653 |a Labor 
653 |a Expenditure 
653 |a Non-bank Financial Institutions 
653 |a Solvency 
653 |a Systemic risk 
653 |a Financial risk management 
653 |a Liquidation 
653 |a Pensions 
653 |a Actuarial Studies 
653 |a Public Finance 
653 |a Finance: General 
653 |a Insurance Companies 
653 |a Insurance 
653 |a Insurance & actuarial studies 
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520 |a 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. The supervisory culture in the Directorate General of Insurance and Pension Funds (DGSFP) appears to be reactive or compliance focused. The supervisory focus should shift toward qualitative as well as quantitative review of the insurer’s key methods and assumptions, including the proportionate verification of technical provisions and capital requirements. The DGSFP should also develop areas that are now relevant in the Solvency II framework, such as governance and risk management