Financial Sector Assessment Program : Brazil - IAIS Insurance Core Principles

This report is a full assessment of Brazil's compliance with the Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors (IAIS), as adopted in October 2011. Regulation and supervision of the insurance industry in Brazil is largely the responsibility of the National Council for Private Insurance (CNSP) and the Superintendency of Private Insurance (SUSEP). The assessment is based solely on the laws, regulations, and other supervisory requirements and practices that were in place at the time of assessment. Brazil is one of the first jurisdictions to be assessed under the 2011 version of the ICPs. In the last few years the insurance industry experienced an explosive growth doubling the premium between 2005 and 2010 however, growth potential remains significant. Investments by the insurance sector are conservative and short term, primarily comprising fixed income instruments. Currently around 88 percent of the insurance business is sold by around 70 thousand active brokers, but the supervision and disclosure requirements are thin.

Bibliographic Details

Main Authors:	International Monetary Fund, World Bank
Format:	Financial Sector Assessment Program (FSAP) biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2012-06
Subjects:	ACCESS TO INSURANCE, ACCOUNTING, ACTUARIES, ANNUITY, AUDITORS, AUDITS, BALANCE SHEET, BANK DEPOSITS, BANKRUPTCY, BENEFICIARIES, BENEFICIARY, BROKER, BROKERS, BUDGET CONSTRAINTS, CAPITAL ADEQUACY, CAPITAL MARKETS, CAPITAL REQUIREMENTS, CAPITALIZATION, CEDANTS, CENTRAL BANK, CIVIL CODE, CIVIL LAW, CODE OF CONDUCT, COLLATERAL, COLLATERALS, COMMISSIONS, CONFIDENTIALITY, CONFLICT OF INTEREST, CONFLICT OF INTERESTS, CONSUMER EDUCATION, CONSUMER PROTECTION, CONSUMERS, CONTRACTUAL RIGHTS, CORPORATE GOVERNANCE, CORPORATE GOVERNANCE REGIME, CREDIT AVAILABILITY, CREDIT EXPANSION, CREDIT EXPOSURES, CREDIT RISK, CREDIT RISKS, CROSS-BORDER COOPERATION, CURRENCY, CURRENCY MATCHING, DISCLOSURE REQUIREMENTS, DOMESTIC MARKET, EXPOSURE, FINANCIAL INFORMATION, FINANCIAL REPORTING, FINANCIAL SECTOR, FINANCIAL STABILITY, FINANCIAL SYSTEM, FIXED INCOME, FIXED INCOME INVESTMENT, FIXED INCOME INVESTMENTS, FOREIGN CURRENCY, FOREIGN EXCHANGE, FOREIGN FIRMS, FOREIGN INSURERS, FOREIGN INVESTMENT, FOREIGN INVESTMENTS, FRAUD, GOVERNMENT BONDS, GOVERNMENT POLICIES, GROSS DOMESTIC PRODUCT, HEALTH INSURANCE, HOLDING, INCOME INSTRUMENTS, INFORMATION DISCLOSURE, INFORMATION SHARING, INSOLVENT INSURERS, INSPECTIONS, INSTRUMENT, INSURANCE, INSURANCE ACTIVITIES, INSURANCE ACTIVITY, INSURANCE BROKERS, INSURANCE COMPANIES, INSURANCE FRAUD, INSURANCE INDUSTRY, INSURANCE LAW, INSURANCE MARKET, INSURANCE PENETRATION, INSURANCE POLICIES, INSURANCE POLICY, INSURANCE PREMIUM, INSURANCE PREMIUMS, INSURANCE PRODUCT, INSURANCE PRODUCTS, INSURANCE SUPERVISION, INSURANCE SUPERVISORS, INSURANCES, INSURER, INTANGIBLE, INTANGIBLE ASSETS, INTEGRITY, INTERNAL AUDIT, INTERNAL CONTROLS, INTERNATIONAL BANK, INTERNATIONAL INSURANCE, INTERNATIONAL MARKET, INTERNATIONAL STANDARDS, INVESTMENT FUNDS, INVESTMENT INCOME, INVESTMENT INSTRUMENTS, INVESTMENT POLICY, INVESTMENT REQUIREMENTS, INVESTMENT STRATEGIES, JOINT VENTURE, JOINT VENTURES, JUDICIAL SYSTEM, JURISDICTION, JURISDICTIONS, LAWS, LEGAL FRAMEWORK, LEGAL PROTECTION, LEGAL PROVISIONS, LEGAL SYSTEM, LIABILITY, LIBERALIZATION, LIEN, LIFE INSURANCE, LIFE INSURERS, LIQUIDATION, LIQUIDITY, LONG TERM ASSETS, LONG TERM LIABILITIES, LONG TERM SAVING, LONG TERM SAVINGS, MARKET DATA, MARKET DEVELOPMENT, MARKET DEVELOPMENTS, MARKET DOMINANCE, MARKET PARTICIPANTS, MARKET SHARE, MARKET STRUCTURE, MICROINSURANCE, MONETARY FUND, MONEY LAUNDERING, MORTGAGE, MORTGAGES, MOTOR INSURANCE, NON-LIFE INSURANCE, OPERATIONAL INDEPENDENCE, OPERATIONAL RISK, PENSION, PENSION FUND, PENSION FUNDS, PENSION PLANS, PENSIONS, POLICYHOLDERS, PORTFOLIO, POTENTIAL LIABILITY, PRIVATE INSURANCE, PRIVATE PENSION, PRIVATE SECTOR DEVELOPMENT, PROFESSIONAL LIABILITY, PROFESSIONAL LIABILITY INSURANCE, PROFITABILITY, PROGRAMS, PROTECTION OF POLICYHOLDERS, REAL ESTATE, RECIPROCITY, RECOVERABLES, REGULATION OF INSURANCE, REGULATOR, REGULATORS, REGULATORY AUTHORITY, REGULATORY FRAMEWORK, REGULATORY REQUIREMENTS, REINSURANCE, REINSURANCE BROKER, REINSURANCE CONTRACT, REINSURANCE CONTRACTS, REINSURANCE CREDIT, REINSURERS, RESERVES, RETURN, RISK CAPITAL, RISK CONTROL, RISK EXPOSURES, RISK MANAGEMENT, RISK MANAGEMENT SYSTEMS, RISK PROFILE, RISK TRANSFER, SECURITIES, SELF REGULATION, SELF-REGULATION, SETTLEMENT, SETTLEMENT OF CASES, SOCIAL SECURITY, SOLVENCY, SOLVENCY REQUIREMENTS, STRONG GOVERNANCE, SUPERVISORY AGENCIES, SUPERVISORY AUTHORITY, SUPERVISORY REGIME, SURETY, TAX, TAX BENEFITS, TAX CODE, TAX INCENTIVES, TECHNICAL ASSISTANCE, TERRORISM, TRANSACTION, TRANSPARENCY, UNDERLYING ASSETS, UNDERWRITING, VALUATION, VALUATIONS, WARRANTS,
Online Access:	http://documents.worldbank.org/curated/en/2012/06/18170275/brazil-financial-sector-assessment-program http://hdl.handle.net/10986/15974
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