Cyprus: Financial Sector Assessment Program Update: Technical Note: Insurance Regulation and Supervision

International Monetary Fund

No 2009/170, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper examines the Insurance Regulation and Supervision for Cyprus’s Financial Sector Assessment Program. The domestic nonlife market is dominated by motor insurance which accounted for 58 percent of net premiums. All Cypriot business is reinsured with nondomiciled reinsurers. Health insurance is regulated as nonlife business when written as add-ons to accident and sickness or as life business when written with life policies. A number of professional bodies and self-regulatory industry associations complement the regulatory regime for the insurance industry.

Keywords: ISCR; CR; life insurer; insurance authority; credit insurance; company procedure; fraud agency; passporting firm; Cypriot insurer; supervision regime; insurance activity; establishment firm; Insurance companies; Insurance; Solvency; Insurance supervision; Financial Sector Assessment Program; Middle East (search for similar items in EconPapers)
Pages: 28
Date: 2009-06-01
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