IMF Staff Country Reports

Spain: IAIS Insurance Core Principles: Detailed Assessment of Observance

Publication Date:

June 11, 2012

Electronic Access:

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Summary:

This paper provides an update on the significant regulatory and supervisory development in the Spanish insurance sector since 2006. The Spanish authorities have taken steps to address a number of shortcomings identified in the 2006 Financial Sector Assessment Program. Most notably, cooperation and coordination among the three sectoral supervisors have improved. The paper reveals that despite the lack of independence in the regulatory structure, there is no evidence to suggest that the General Directorate of Insurance and Pension Funds is not independent in carrying out its duties.

Series:

Country Report No. 2012/139

Subject:

Financial institutions Financial sector policy and analysis Insurance Insurance companies Internal controls Legal support in revenue administration Revenue administration Solvency