IMF Staff Country Reports

Spain: Financial Sector Assessment Program: Detailed Assessment of Observance of the IAIS Insurance Core Principles

Publication Date:

June 14, 2006

Electronic Access:

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Summary:

This paper presents a detailed assessment of the observance of the Insurance Core Principles (ICP) of the International Association of Insurance Supervisors (IAIS) in Spain. The IMF, for their assessment, consulted the review of a self-assessment prepared by the General Directorate of Insurance and Pension Funds (DGSFP), comments from Private Insurance Organization and Supervision Law (LOSSP) and other secondary regulations on the insurance activity, and notes and presentations on several regulatory and supervisory issues. Also, discusses the recommended action plan and authorities’ response to the assessment.

Series:

Country Report No. 2006/219

Subject:

Financial institutions Financial regulation and supervision Insurance Insurance companies Insurance Core Principles Insurance supervision Internal controls Revenue administration