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Implementing Risk-Based Solvency for Insurers—Lessons from Kenya, Mexico, and South Africa

Peter Windsor, Suzette Vogelsang, Christiaan Henning, Kerwin Martin, Elias Omondi, Gerardo Rubio and Jooste Steynberg

No 2024/240, IMF Working Papers from International Monetary Fund

Abstract: International standards and best practice supports the implementation of a risk-based solvency regime in the regulation and supervision of insurers. Several emerging market and developing economies are transitioning to such a solvency regime or planning to do so. This paper discusses Kenya, Mexico, and South Africa’s journey to putting in place a risk-based solvency regime which had several common elements notwithstanding significantly different insurance sectors. The transition was a multi-year project requiring dedicated additional resources; restructuring of the regulator, including redesigning supervisory processes and tools and upgrading information technology systems; and significantly greater coordination between the regulator and the insurance industry.

Keywords: Insurance; Risk-based Solvency; Risk-based supervision; solvency regime; Penetration rate; RBS project; solvency assessment; RBS implementation; supervision of insurer; Insurance companies; Solvency; Financial statements; Africa; Global (search for similar items in EconPapers)
Pages: 108
Date: 2024-11-22
New Economics Papers: this item is included in nep-ict and nep-ppm
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