2011年-IMF国际货币组织全球_United_Kingdom_Insurance_Core_Principles_Detailed_Assessment_of_Observance_88页_809kb

报告摘要

Summary of the United Kingdom Insurance Core Principles Detailed Assessment (July 2011)

Core Content

This document presents a detailed assessment of the observance of the Insurance Core Principles (ICPs) in the United Kingdom, conducted as part of the Financial Sector Assessment Program (FSAP) update in 2011. The assessment is based on the legal, regulatory, and supervisory frameworks in place at the time, with a focus on the evolving structure of the insurance sector and its alignment with the ICPs. It reflects the findings of the staff team and does not represent the views of the UK government or the IMF Executive Board.

Main Findings

Institutional and Market Structure

The UK insurance sector is the third largest globally, behind the US and Japan.
In 2009, total premium income reached £184 billion, with £140 billion from life insurance and £44 billion from nonlife.
The sector is highly diversified, with a wide range of protection and investment products.
There is a strong concentration in the life insurance industry, with the top five insurers accounting for over 60% of the market.
The number of insurers has declined over the past few years, with 934 companies authorized by the FSA at the end of 2009.
The sector is a significant employer, with over 275,000 people, and contributes substantially to tax revenues.

Regulatory and Supervisory Framework

The UK has been a key player in developing Solvency II requirements and is well-prepared for its implementation.
The FSA has adopted a sophisticated, risk-based supervisory approach using the ARROW framework, which allows for effective resource allocation and thematic supervision.
The FSA also conducts "transaction examinations," which are effective in uncovering hidden issues and maintaining a proactive stance in supervision.
The FSA Handbook is comprehensive, updated regularly, and includes detailed guidance and regulatory requirements.
The regulatory process is transparent, with consultation and feedback mechanisms in place.

Challenges and Areas for Improvement

The current level of observance for ICPs is generally strong, but some areas remain underdeveloped.
The market disclosure aspect is still in need of improvement.
There is uncertainty regarding the future structure and approach of the new financial regulatory bodies, which could affect stability.
The consumer protection objective is sometimes interpreted in a way that may conflict with prudential goals, and clarity is needed to ensure alignment.
The FSA's powers under the FSMA are extensive, but there is a need to ensure that the balance between market confidence and financial stability is clearly defined.

Key ICP Observance Grades

Insurance Core Principle	Grading	Notes
ICP1 - Conditions for effective insurance supervision	Observed	Best international practice in several essential criteria.
ICP2 - Supervisory objectives	Largely Observed	Tension between current objectives and principles of good regulation may affect prudential action.
ICP3 - Supervisory authority	Largely Observed	Uncertainty about new regulatory arrangements could be destabilizing.
ICP4 - Supervisory process	Observed	Well-developed and effective supervisory process in place.
ICP5 - Supervisory cooperation and information sharing	Largely Observed	Information sharing is generally strong.
ICP6 - Licensing	Observed	Licensing is well-managed and transparent.
ICP7 - Suitability of persons	Observed	Strong focus on the qualifications and conduct of personnel.
ICP8 - Changes in control and portfolio transfers	Observed	Clear procedures for managing changes in control and portfolio transfers.
ICP9 - Corporate governance	Observed	Corporate governance standards are well-established.
ICP10 - Internal controls	Observed	Internal controls are robust and well-implemented.
ICP11 - Market analysis	Observed	Effective market analysis and monitoring are in place.
ICP12 - Reporting to supervisors and off-site monitoring	Observed	Comprehensive reporting and off-site monitoring mechanisms.
ICP13 - On-site inspection	Partially Observed	Inspections are conducted, but not consistently or comprehensively.
ICP14 - Preventive and corrective measures	Observed	Effective preventive and corrective measures are in place.
ICP15 - Enforcement or sanctions	Largely Observed	Sanctions and enforcement mechanisms are strong and well-structured.
ICP16 - Winding-up or exit from the market	Observed	Clear procedures for winding-up or exiting the market.
ICP17 - Group-wide supervision	Largely Observed	Group supervision is well-structured but needs further development.
ICP18 - Risk assessment and management	Observed	Risk management is robust and well-embedded in the sector.
ICP19 - Insurance activity	Observed	Insurance activities are well-regulated and monitored.
ICP20 - Liabilities	Observed	Liabilities are well-managed and transparent.
ICP21 - Investments	Observed	Investment activities are well-regulated and monitored.
ICP22 - Derivatives and similar commitments	Observed	Derivatives and related commitments are subject to effective oversight.
ICP23 - Capital adequacy and solvency	Largely Observed	Capital adequacy is generally strong, but some firms are questioning Solvency II calibrations.
ICP24 - Intermediaries	Observed	Intermediaries are well-regulated and monitored.
ICP25 - Consumer protection	Observed	Consumer protection is an important objective, but interpretation may need clarification.
ICP26 - Information, disclosure and transparency toward markets	Partially Observed	Market disclosure remains an area needing improvement.
ICP27 - Fraud	Observed	Strong anti-fraud measures are in place.
ICP28 - Anti-money laundering, combating the financing of terrorism	Largely Observed	AML and CFT measures are robust and well-implemented.

Key Recommendations

Improve market disclosure to ensure greater transparency.
Clarify the balance between market confidence, financial stability, and competition in supervisory objectives.
Maintain high standards of centralized supervisory activities, such as licensing and fraud detection, even during restructuring.
Ensure the continued development of a risk-based supervisory approach, including the use of random "transaction examinations."
Accelerate the implementation of Solvency II and ensure that data requirements are aligned with the sector's complexity.

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