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By Eric Burgeat

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Supervisory authorities in Denmark, Germany, Iceland, the Netherlands, Spain and United Kingdom have the power to prohibit the participation of an insurer in a financial conglomerate. In the EU, a directive is drafted to expand supervisory powers and to authorise supervisory interventions against non-insurers. Already today, there is some kind of co-operation among at least the insurance and banking supervisory authorities in most OECD Member countries. 57 As regards insurance groups, more countries have reported the existence of special rules: capital requirements are existing in Australia, Denmark, Germany, Iceland, Luxembourg, Spain and the United States, management requirements are existing in Finland, Germany, Iceland, Spain and the United States, and provisions regarding accounting are established in Australia, Belgium, Denmark, Finland, France, Germany, Iceland, Italy, Luxembourg, Norway, Spain, United Kingdom and United States.

If the state monopoly had been replaced by a marketoriented system, these data were no longer reliable. The Insurance companies in those economies in transition for the purpose of setting technical provisions had to co-operate to establish new databases by first using probable assumptions. , in Czech Republic and Hungary) have been well advised, to ask for submission of the premium rates and products for approval even if the prevailing trend goes away from such controls; tariffs and products have to be submitted in Japan.

Canada, Finland, Germany, Iceland, Italy, Spain and Sweden) or appoint a special commissioner, who will assume special functions on behalf of individual executive bodies for a limited period of time. If foreign insurance companies having their head office in an EU Member country carry on business under the freedom of services provision and violate any legal rule, the applicable procedure inside the EU is as follows: First the supervisory body of the host country requests the insurance company to remedy the irregularity.

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