South Africa : : Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles

• Record Nr.: UNINA9910955869903321
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2015
• ISBN: 9781498327732; 1498327737
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (138 p.)
• Collana: IMF Staff Country Reports
• Disciplina: 332.152
• Soggetti: Insurance - South Africa; Insurance - State supervision - South Africa; Insurance - South Africa - Rules and practice; Insurance law - South Africa; Insurance; Industries: Financial Services; Business and Financial; Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors; Insurance Companies; Actuarial Studies; General Financial Markets: Government Policy and Regulation; Financial Institutions and Services: Government Policy and Regulation; Finance; Insurance & actuarial studies; Financial services law & regulation; Insurance companies; Financial services; Financial regulation and supervision; Insurance supervision; Financial institutions; Financial services industry; Law and legislation; Nonbank financial institutions; South Africa
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di contenuto: Cover; CONTENTS; GLOSSARY; EXECUTIVE SUMMARY; ASSESSMENT OF INSURANCE CORE PRINCIPLES; A. Introduction and Scope; B. Information and Methodology Used for Assessment; C. Overview-Institutional and Macroprudential Setting; TABLES; 1. Insurance Market-Licensed Insurers; 2. Main Activities of Insurance Groups; 3. Composition of Assets-Long-term (Life); 4. Trend in Technical Provisions-Long-term; 5. Solvency: Assets Available Over Required; 6. Free Assets to Capital Adequacy Requirement; 7. Performance Indicators for Short-term Insurers; D. Preconditions for Effective Insurance Supervision E. Recommendations and Authorities' Response; 8. Summary of Compliance with the ICPs; 9. Summary of Observance Level; 10. Recommendations to Improve Observance of the ICPs; DETAILED ASSESSMENT; 11. Detailed Assessment of Observance of the ICPs; APPENDIX; I. Status of Implementation of 2010 FSAP Recommendations
• Sommario/riassunto: This paper discusses key findings of the Detailed Assessment of Observance on the Insurance Core Principles on South Africa. Insurance regulatory and supervisory regime in South Africa is in transition. Currently, the Financial Services Board (FSB-SA) regulates the nonbanking financial services industry, including the insurance sector, in South Africa. With the goal of achieving a safer financial sector to serve South Africa better, the government has proposed major changes in the financial sector. The four policy objectives are: financial stability, consumer protection and market conduct, financial inclusion, and combating financial crime. Market realities in the insurance sector pose significant regulatory challenges, which are well recognized by the authorities.