Israel: Detailed Assessment of Observance of International Association of Insurance Supervisors Insurance Core Principles

International Monetary Fund

No 2012/084, IMF Staff Country Reports from International Monetary Fund

Abstract: A full assessment of Israel’s compliance with the Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors (IAIS) is presented. The Minister of Finance bears the political responsibility for supervisory oversight of the Israeli insurance system. Nonlife insurance accounts for about 50 percent of total premiums in the country, and motor premiums make up about 50 percent of that total. The Israeli insurance sector has been hit hard by the financial crisis. The Israeli stock market has fallen by 51 percent, sharply impacting companies’ earnings in 2008.

Keywords: ISCR; CR; internal auditor; capital base; risk management; board of directors; financial crisis; market share; line of business; independent auditor; CMISD officer; Insurance companies; Insurance; Pension spending; Internal audit; Capital adequacy requirements; Global (search for similar items in EconPapers)
Pages: 80
Date: 2012-04-12
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