This certain document assesses the influence of the hindrance at the assurance zone and stories coverage responses inside OECD international locations. it's established to a wide volume on a quantitative and qualitative questionnaire that used to be circulated to OECD nations in 2009. The record exhibits that typically the assurance zone proven resilience to the hindrance, notwithstanding with a few version around the OECD, and concludes with a few coverage conclusions.Table of content material :Introduction impression of the monetary Turmoil-Key stability sheet and funding indicators-Premiums-ClaimsCombined ratio -Profitability-Solvency-Impact of the concern on credits assurance markets-Interpretation of statistical dataGovernmental and Supervisory Responses to the predicament within the assurance Sector-Liquidity and temporary financing preparations and the detailed case of AIG-Capital degrees and arrangements-Corporate governance, hazard administration, investments, and reporting and disclosure teams and monetary conglomerates-Policy holder safety schemes, restructuring and insolvency regimes -Credit coverage marketsKey coverage and Regulatory concerns within the coverage SectorKey coverage Conclusions from the CrisisAnnex A. coverage and Regulatory Responses to the monetary situation
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Extra info for The Impact of the Financial Crisis on the Insurance Sector and Policy Responses
3. See speech by Chairman Ben S. S. , March 24, 2009. 4. Report made pursuant to Section 129 of the Emergency Economic Stabilization Act of 2008: Secured Credit Facility Authorized for American International Group on September 16, 2008, p. 1. 5. At 2007 year end, the securities lending collateral portfolio was composed of the following: mortgage-back securities, asset-backed securities, and collateralised debt obligations (65%); corporate debt securities (19%); and cash and short-term investments (16%).
No specific actions are currently planned but there may be discussions, for instance, on the desirability of requiring insurers to conduct an “Own Risk Solvency Assessment” (ORSA), based on the Solvency II framework in THE IMPACT OF THE FINANCIAL CRISIS ON THE INSURANCE SECTOR AND POLICY RESPONSES © OECD 2011 GOVERNMENTAL AND SUPERVISORY RESPONSES TO THE CRISIS IN THE INSURANCE SECTOR - 41 the EU, in which insurers are required to determine their own solvency needs as part of the risk management framework.
TARP was extended to insurers who have bank or thrift holding companies. Several large insurance groups applied for assistance and were approved. The special recapitalisation programmes for banks (and where relevant, insurers) typically have provisions requiring participants to be bound to certain terms and conditions, for instance in respect of corporate governance, dividend payouts, and remuneration. , as previously described. Corporate governance, risk management, investments, and reporting and disclosure In general, OECD countries already have legislative and regulatory provisions outlining requirements for sound corporate governance and risk management practices.