Israel: Detailed Assessment of Observance of International Association of Insurance Supervisors Insurance Core Principles

April 12, 2012

Summary

A full assessment of Israel’s compliance with the Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors (IAIS) is presented. The Minister of Finance bears the political responsibility for supervisory oversight of the Israeli insurance system. Nonlife insurance accounts for about 50 percent of total premiums in the country, and motor premiums make up about 50 percent of that total. The Israeli insurance sector has been hit hard by the financial crisis. The Israeli stock market has fallen by 51 percent, sharply impacting companies’ earnings in 2008.

Subject: Capital adequacy requirements, Expenditure, Financial institutions, Financial regulation and supervision, Insurance, Insurance companies, Internal audit, Pension spending, Public financial management (PFM)

Keywords: board of directors, Capital adequacy requirements, capital base, CMISD officer, CR, financial crisis, Global, independent auditor, Insurance, Insurance companies, Internal audit, internal auditor, ISCR, line of business, market share, Pension spending, risk management

Pages:
80
Volume:
2012
DOI:
https://doi.org/10.5089/9781475503159.002
Issue:
084
Series:
Country Report No. 2012/084
Stock No:
1ISREA2012005
ISBN:
9781475503159
ISSN:
1934-7685

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