2012年-IMF国际货币组织全球_Argentina_Detailed_Assessment_of_Observance_of_Principles_for_Insurance_Supervision_56页_919kb

报告摘要

Argentina: Detailed Assessment of Observance of Principles for Insurance Supervision (October 2011)

Core Content Summary

This document provides a detailed assessment of the observance of the Core Principles for Insurance Supervision (ICPs) by the Superintendencia de Seguros de la Nación (SSN) in Argentina, based on the 2007 version of the ICPs. It outlines the current institutional and macro-prudential setting of the insurance sector, identifies challenges, and highlights areas requiring improvement to ensure a robust and effective regulatory framework.

Main Points

1. Overview of the Insurance Market

Argentina's insurance market is the 24th largest globally, with 0.49% of global non-life premiums.
It is the 4th largest in Latin America, behind Brazil, Mexico, and Venezuela.
Insurance penetration was at 2.8% of GDP in 2010, with 0.5% for life insurance and 2.2% for non-life insurance.
The market is fragmented, with 100 active non-life insurers, including 17 workers' compensation specialists and several small niche players.
Motor insurance dominates the market, especially MTPL, which is mandatory.
Competition is fierce, particularly in motor insurance, leading to low and insufficient premium rates that do not reflect actual risk.

2. Regulatory and Supervisory Framework

The SSN, established in 1938, is responsible for regulation and supervision of the insurance sector.
The Insurance Law No. 20.091 (1973) sets the foundation for regulation, including minimum capital requirements, technical reserves, and supervisory duties.
Revised capital requirements were introduced in 1998 and 2006.
The SSN is working on a modern risk-based regulatory model, focusing on solvency, licensing, and consumer protection.
There is a need for capacity building, operational independence, and improved salaries to retain and attract qualified staff.

3. Challenges and Recommendations

Risk-based premiums are not yet implemented, and current premium rates are low and insufficient due to lack of risk assessment and high competition.
Under-reserving is a concern, especially in liability insurance, due to weak underwriting skills and fierce competition.
Bancassurance is an established channel for life insurance, with banks accounting for 15% of new premiums.
The legal system plays a key role in shaping liability insurance.
Supervisory processes need to be modernized, with a risk-based approach, early warning systems, and preventive measures.
Licensing and corporate governance require strengthening, including comprehensive business plans and input from foreign supervisors.
Consumer protection and transparency are important, but current mechanisms need to be enhanced.
Internal controls, market analysis, and data collection are areas for improvement.
Group-wide supervision is not fully implemented and requires legislative changes to define insurance groups and financial conglomerates.
Anti-money laundering (AML) and combating terrorism financing need a specialized supervision scheme.

4. Assessment of ICPs Implementation

ICP Number	Observance Status	Comments
ICP1	LO	The current framework is well-defined but needs to be more risk-based.
ICP2	LO	Supervisory objectives are clear, but progress needs to be monitored.
ICP3	PO	Institutional independence and legal protections for staff require improvement.
ICP4	PO	A more risk-based supervisory process is needed, including expert reviews and impact assessments.
ICP5	LO	Information sharing protocols should be developed with other financial sector supervisors.
ICP6	PO	Licensing should be strengthened with comprehensive business plans and foreign input.
ICP7	PO	There is room for improvement in the suitability of persons.
ICP8	LO	Guidelines for portfolio transfers are needed.
ICP9	PO	Corporate governance requires strengthening.
ICP10	PO	Internal controls need better guidelines and monitoring.
ICP11	PO	Market analysis should be more comprehensive and forward-looking.
ICP12	PO	Reporting and off-site monitoring should be enhanced.
ICP13	LO	More resources are needed for on-site inspections.
ICP14	PO	A ladder of intervention and legal enforcement powers are required.
ICP15	LO	SSN needs full authority to take control of insurers in case of insolvency.
ICP16	LO	No guarantee fund is in place for company insolvency, except for work-related risks.
ICP17	NO	Group-wide supervision is not yet in place and requires legislative changes.
ICP18	PO	Risk-based supervisory approach should be introduced.
ICP19	PO	Detailed inspection manuals and regulatory tools are needed for risk retention.
ICP20	LO	Reserving methods should be updated to avoid under-reserving.
ICP21	LO	Better regulation of investments is required.
ICP22	NA	Not applicable.
ICP23	PO	Solvency tests should be enhanced to include risk-based requirements.
ICP24	LO	Automation of intermediary monitoring is needed.
ICP25	LO	Consumer protection measures should be strengthened.
ICP26	LO	More transparency and disclosure are required.
ICP27	LO	Collaboration with other authorities to counter fraud is needed.
ICP28	LO	AML/CFT supervision scheme should be implemented as soon as possible.

Notes:

O: Observed
LO: Largely Observed
PO: Partly Observed
NO: Not Observed
NA: Not Applicable

Key Information

The SSN has been cooperative and transparent in its responses to the assessment.
The insurance market is fragmented and highly competitive, with low penetration.
Risk-based supervision is recommended to improve solvency and premium adequacy.
Corporate governance, consumer protection, and AML/CFT are areas requiring immediate attention.
Group-wide supervision and systemic risk management are not yet in place and need legislative support.
Data collection, early warning systems, and reporting mechanisms are underdeveloped and require enhancement.
Operational independence and resource allocation are crucial for the SSN to effectively perform its supervisory role.