By OECD
ISBN-10: 926409220X
ISBN-13: 9789264092204
ISBN-10: 9264092218
ISBN-13: 9789264092211
This distinctive file assesses the effect of the challenge at the coverage area and reports coverage responses inside of OECD nations. it really is dependent to a wide volume on a quantitative and qualitative questionnaire that used to be circulated to OECD nations in 2009. The record exhibits that in most cases the assurance quarter confirmed resilience to the difficulty, notwithstanding with a few version around the OECD, and concludes with a few coverage conclusions.Table of content material :Introduction effect of the monetary Turmoil-Key stability sheet and funding indicators-Premiums-ClaimsCombined ratio -Profitability-Solvency-Impact of the difficulty on credits assurance markets-Interpretation of statistical dataGovernmental and Supervisory Responses to the hindrance within the assurance Sector-Liquidity and non permanent financing preparations and the detailed case of AIG-Capital degrees and arrangements-Corporate governance, possibility administration, investments, and reporting and disclosure teams and monetary conglomerates-Policy holder safeguard schemes, restructuring and insolvency regimes -Credit coverage marketsKey coverage and Regulatory concerns within the assurance SectorKey coverage Conclusions from the CrisisAnnex A. coverage and Regulatory Responses to the monetary problem
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Some life insurers have been permitted, by state regulators, to deviate from accepted accounting practices, with consequent effects on insurer capital; however, these measures are ad hoc and firm-specific in nature, and are required to be disclosed to the public by these firms in their notes to their financial statements. In the majority of OECD countries that participated in the special survey, no exemptions have been provided or at least have been publicly announced. On the other hand, the financial crisis has been an occasion for authorities in some OECD countries to rethink prudential regulation and assess whether increased conservatism in solvency rules is warranted, including whether a counter-cyclical, or “over the cycle”, approach to regulation should be adopted.
10. 11 Capital levels and arrangements In addition to addressing the liquidity problems raised by the market turmoil, governmental and supervisory authorities in OECD countries have focussed on the implications of the turmoil for the solvency position of financial institutions, including insurers, given their potential holdings of toxic assets and the possible impacts of adverse developments in equity and credit market conditions. Supervisory authorities have sought to adopt a pro-active approach, seeking to identify, assess, and anticipate actual and potential losses and, in some cases, taking actions to ensure that sufficient buffers are in place.
4 .. .. .. .. 4 .. .. 0 Note: There are no composite undertakings in Denmark, Finland, Germany, Iceland, Japan, Korea, Poland, and the United States. In Turkey, composite companies are no longer permitted to operate; therefore, composite companies refer only to those non-life companies that still have outstanding life insurance policies in their portfolio. Source: OECD Insurance Statistics. 15 Possibly the greatest impact, however, has been on the availability of insurance used to facilitate commercial relationships, namely trade credit insurance (hereinafter called “credit insurance”).