Ireland: Financial Sector Assessment Program: Technical Note-Insurance Sector and Update on the Assessment of Observance of the Insurance Core Principles

September 29, 2016

Preview Citation

Format: Chicago

Ireland: Financial Sector Assessment Program: Technical Note-Insurance Sector and Update on the Assessment of Observance of the Insurance Core Principles, (USA: International Monetary Fund, 2016) accessed December 26, 2024

Summary

This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Ireland’s insurance sector. Insurance in Ireland is well developed, diverse, and has a large international business presence. Insurance penetration in Ireland is almost three times the EU average. Many recommendations have been implemented by the central bank, with Solvency II now the solvency regime in Ireland. In total, 51 Supervisory Review Process guidance papers have been prepared setting out the central bank’s internal supervisory processes and procedures under Solvency II with reference to the technical standards and guidelines and the central bank’s prioritization framework. Forty-seven of these were complete as of the end of 2015.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Financial institutions, Financial sector policy and analysis, Insurance, Insurance companies, Solvency, Stress testing

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Conduct risk, Corporate governance, Cost of capital, CR, Europe, Global, Group firm, Group level, Group supervision, Holding company, IMF finding, Insurance, Insurance companies, ISCR, Manage Central Bank risk, Nonlife company, Return on equity, Risk assessment, Risk management, Solvency, Solvency II, Stress testing, Variable annuity

Publication Details

Pages:

58
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/311
Stock No:

1IRLEA2016005
ISBN:

9781475542158
ISSN:

1934-7685

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