The Japan Financial Services Agency
|
|
- Elizabeth Pierce
- 5 years ago
- Views:
Transcription
1 The Japan Financial Services Agency at 18 th INDONESIA RENDEZVOUS 2012 (Oct 5 th 2012, Bali) Akie OBA Deputy Director for International Affairs Financial Services Agency, Japan 1
2 Japan FSA as an integrated supervisor Japan FSA was established in July 2000 Its supervisory mandates cover all financial sectors, banking, securities and insurance Given the three-pillar mandates as follows, FSA deploys a single and holistic power over financial sectors Planning and policy making for financial system Inspection as on-site monitoring Supervision as off-site monitoring and prompt corrective action 2
3 Financial Supervisory Regime in Major Countries G 2 0 3
4 Transition of Supervisory and regulatory authorities 4
5 Organization of the FSA FSA Planning & Coordination Bureau Inspection Bureau Supervisory Bureau Planning the regulation On-site inspection Off-site monitoring Supervisory Coordination Division Banks Division 1 Banks Division 2 Insurance Business Division Securities Business Division 5
6 Flow of work at the FSA Diet Submission of bills Planning and Coordination Bureau Inspection Bureau Supervisory Bureau Inspection of private sector financial institutions Financial institutions Monitoring, prompt corrective action and other administrative action 6
7 Legal Framework for Supervision Article 1 (Purpose) in Insurance Business Act The purpose of this Act is, in view of the public nature of the insurance business for the purpose of protecting policyholders, etc. by ensuring sound and appropriate management of person carrying on insurance business and fairness of insurance solicitation, and thereby contributing to the stability of the life of the citizens and to the sound development of the national economy. Insurance Business Act (IBA) Stipulates power and responsibilities by FSA supervision (licensing, supervisory measures etc.) Insurance Business Order Insurance Business Ordinance etc. Supervisory Guideline for Insurance Companies 7
8 Outline of Supervision Feedback Inspection Plan Off-site Monitoring Feedback On-site Inspection Follow-up Follow-up If problems found Administrative Action 8
9 Off-site Monitoring ~ Annual Supervisory Routine and Tasks (Program Year Basis) Routine Supervisory Policy -Annually- (in summer) Significant Tasks (Example) Monitoring Financial Results (End of June) Monitoring Financial Results (End of Sep) Interviews with Insurers** (May-June) Interviews with Insurers** (Nov-Dec) ** Interviews with Board of Directors and officers Monitoring Financial Results (End of March) Monitoring Financial Results (End of Dec) Interaction with Inspection Bureau Examination of Insurance Product Application (License, Merger, Transfer etc.) Insurance Solicitation (Market Conducts) Supervisory Action (Interventions etc.) Compliance Check (Governance and Primary Shareholders) Reviews of auditors, actuaries etc. Political and Social Issues 9
10 On-site inspection Financial Inspection Basic Guidelines Five Basic Principles 1. Users Perspective 2. Complementation 3. Efficiency 4. Effectiveness 5. Process Checking 10
11 On-site inspection Insurance Inspection Manual Guidebook for inspectors (FSA s expectation) Insurers are expected to ensure the sound & appropriate businesses based on the principle of selfresponsibility. Contents i. Governance ii. Legal Compliance iii. Insurance Sales Management iv. Customer Protection Management v. Comprehensive Risk Management vi. Underwriting Risk Management vii. Asset Investment Risk Management viii. Operational Risk Management. 11
12 On-site inspection Procedure Off-site Monitoring Supervisory Bureau Information sharing Advance notice of inspection Preparation Checking the effectiveness of Internal audits On-site inspection Conducted by Front Office of Inspection Bureau Opinion Submission Report of inspection results Evaluation of the report Notice of inspection results Conducted by Back Office of Inspection Bureau 12
13 Procedures after Notice of Inspection Results [Inspection Bureau] Notification of Inspection results [Supervisory Bureau] Require an insurer to report based on Insurance Business Act Join the discussions between Supervisory Bureau and an insurer Examine whether issues/problems identified in the inspection are rectified [if needed] Administrative order 13
14 Transition of the insurance market in Japan Pre-deregulation Maintenance of the industry order by limiting insurers overcompetition Deregulation and liberalization (1996~) The Japan-US Insurance Talks Beginning of Financial Big Bang 14
15 Change of the insurance market in Japan Pre-deregulation Interests of policyholders are ensured by limiting overcompetition among insurers The Rating Organization Act Unified premiums and conditions that all insurers must apply were set by the Rating Organization. Fire, Voluntary Automobile, Personal Accident Anti-trust exemption. Preliminary, supervisory approach was detailed and strict. 15
16 Change of the insurance market in Japan I. Abolition of the tariffs of the Rating Organization. Non-Life Insurance Rating Organization of Japan Insurers are not obliged to use the reference rate which is set by the Rating Organization. Instead of that, they can use the rate as a basis for calculating their own premium rates. "Reference Loss Cost Rates" : Fire, Voluntary Automobile, Personal Accident and Nursing Care (cf. "Standard Full Rates : Residential Earthquake and Compulsory Automobile) Ins. Report data in uniformed formats Calculate, File to JFSA 39 member 16
17 Change of the insurance market in Japan II. Distribution channels and sales methods Distribution of certain types of insurance products by banks, etc. III. Change in market structure M&A Foreign Capital IV. Broadened business areas Mutual entry into general and life insurance businesses. V. Change in supervisory structure 17
18 Better Regulation J-FSA promotes Better Regulation to efficiently achieve the objectives of financial regulation. Four Pillars of Better Regulation 1. Optimal combination of rule-based and principle-based approaches. 2. Prompt and effective responses to high-priority issues. 3. Encouraging voluntary efforts by companies and emphasis on incentives 4. Improving transparency and predictability of regulatory actions Five Areas to Focus on 1. Enhanced dialogue with financial institutions. 2. Effective disclosure of information. 3. Further cooperation with foreign authorities. 4. Enhanced research functions for prompt recognition of market developments. 5. Human resource development. 18
19 Initiatives by Japan FSA Clear and transparent regulatory actions FSA s perspective and focuses are clearly presented in advance Inspection Manual Supervisory Guideline Annual plan of on-site inspection Annual off-site supervisory plan FSA s view on administrative action Q&A on interpretation of the regulation No action letter Public consultation process 19
20 Initiative by Japan FSA Credibility and integrity Ethical code We shall not treat citizens in an unfair or discriminatory manner and shall perform out duties fairly We shall not abuse our status for our own or our organization's benefits We shall not act in a manner which may invite the mistrust of public by, for example, receiving donation from a relevant entity We are prohibited from investing in financial institutions in which we directly have stake to gain short-term profit Close communication with the industry Monthly meeting among senior people of authority and the insurance industry 20
21 Annex: Earthquake insurance system in Japan Insurable property Limited to buildings for residential (included condos) use and/or movables for living Losses covered Covers losses from fire, destruction, burial and flood directly and indirectly caused by earthquake, volcanic eruption and tsunami. Payment method of insurance claims Insured properties damaged by earthquakes are investigated and classed into following 3 categories. Total loss (100% of amount insured will be paid.) Half loss (50%) Partial loss (5%) 21
22 Annex: Earthquake insurance system in Japan After the Great East Japan Earthquake, Japanese government revised the liability sharing to reduce the insurers responsibility, according to the decline of EQ reserve. At the time of the Great East Japan Earthquake of March 11, 2011 \ 115billion \ 1trillion 925billion \ 5.5trillion 50% Government: 4 trillion 301 billion Private Sectors:\1 trillion 199 billion 5% After the Great East Japan Earthquake (From May, 2011) \ 115 billion \ 871billion From April, 2012 \ 5.5trillion Government: 4 trillion 776 billion Private Sectors:724 billion 5% \ 104 billion \ 691billion \6.2 trillion Government: 5 trillion 712 billion 22 Private Sectors:488 billion 1.6%
23 Thank you! 23
2. Deregulation and Liberalization of the Japanese Non-Life Insurance Market
2. Deregulation and Liberalization of the Japanese Non-Life Insurance Market The Japanese non-life insurance market entered an epoch-making era with the new Insurance Business Law which took effect on
More informationTypical management indicators
Typical management indicators More and more earthquake insurance contracts have been entered into, and the net premiums written recorded a 22.2% increase over the previous year. In addition, the assets
More informationGENERAL INSURANCE IN JAPAN
FACT BOOK FACT BOOK 2006 2007 GENERAL INSURANCE IN JAPAN THE GENERAL INSURANCE ASSOCIATION OF JAPAN CONTENTS Part I Business Results Page I. Key Figures of the General Insurance Business for Fiscal 2006
More informationEnterprise risk management in Japan
Enterprise risk management in Japan Japan Introduction The Japanese insurance market is the second largest in the world and the largest one overseen by a single supervisor. Figures collected by the General
More informationFINANCIAL SERVICES AGENCY GOVERNMENT OF JAPAN
FINANCIAL SERVICES AGENCY GOVERNMENT OF JAPAN Keynote Address As Prepared for Delivery Key issues and challenges for a global capital standard - 4 th Conference on Global Insurance Supervision - Frankfurt
More informationJFSA s Supervision in the time of Globalization and Market Integration -Past, Present and Future-
JFSA s Supervision in the time of Globalization and Market Integration -Past, Present and Future- Motonobu Matsuo Deputy Director-General (Credit & Insurance System) Planning and Coordination Bureau Financial
More informationTreatment of Catastrophic Risk (Experience of the Great East Japan Earthquake)
CNSF s XXII International Seminar 24 November, 2011, Mexico City Treatment of Catastrophic Risk (Experience of the Great East Japan Earthquake) Takashi Hara Director for International Insurance Services
More informationOverview of Standard Full Rates for Compulsory Automobile Liability Insurance
Overview of Standard Full Rates for Compulsory Automobile Liability Insurance General Insurance Rating Organization of Japan (GIROJ) As of February 2016 1 Introduction Automobile insurance is designed
More informationENHANCING OJK REGULATION ON LICENSING, GOOD COORPORATE GOVERNANCE, AND FAIR COMPETITION IN NATIONAL INSURANCE POLICY
ENHANCING OJK REGULATION ON LICENSING, GOOD COORPORATE GOVERNANCE, AND FAIR COMPETITION IN NATIONAL INSURANCE POLICY Edy Setiadi Deputy Commissioner of Non Bank Financial Institution Supervision I Financial
More informationOverview of Results of ERM 1 Assessment based on ORSA 2 Reports and ERM Hearings
Overview of Results of ERM 1 Assessment based on ORSA 2 Reports and ERM Hearings 1. Background Based on the equation below, assuming that the amount of capital is constant, insurance companies can improve
More informationGuidelines for Supervision of Credit Rating Agencies
Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc. (Supplement) Guidelines for Supervision of Credit Rating Agencies April 2015 Securities Business Division, Supervisory
More informationOutline of the Regulatory Review on Investment Trust and J-REITs PROVISIONAL TRANSLATION
Outline of the Regulatory Review on Investment Trust and J-REITs PROVISIONAL TRANSLATION December 2012 Introduction In June 2010, the Cabinet decided to comprehensively review the Law on Investment Trusts
More informationRevised Guidelines on the recognition of External Credit Assessment Institutions
30 November 2010 Revised Guidelines on the recognition of External Credit Assessment Institutions Executive Summary 1. The Capital Requirements Directive 1 (CRD) allows institutions to use external credit
More informationPRESIDENT OF THE REPUBLIC OF INDONESIA LAW OF THE REPUBLIC OF INDONESIA NUMBER 40 YEAR 2014 INSURANCE BY THE GRACE OF ALMIGHTY GOD
PRESIDENT OF THE REPUBLIC OF INDONESIA LAW OF THE REPUBLIC OF INDONESIA NUMBER 40 YEAR 2014 ON INSURANCE BY THE GRACE OF ALMIGHTY GOD PRESIDENT OF THE REPUBLIC OF INDONESIA, CHAPTER I GENERAL PROVISIONS
More informationBERMUDA MONETARY AUTHORITY
BERMUDA MONETARY AUTHORITY CONSULTATION PAPER THE ENHANCED REPORTING REQUIREMENTS FOR LIMITED PURPOSE INSURERS JANUARY 2012 TABLE OF CONTENTS I. INTRODUCTION 3 II. EXECUTIVE SUMMARY 4 III. BACKGROUND 5
More informationCOMPREHENSIVE SUPERVISORY GUIDELINES FOR FINANCIAL INSTRUMENTS FIRMS, ETC.
COMPREHENSIVE SUPERVISORY GUIDELINES FOR FINANCIAL INSTRUMENTS FIRMS, ETC. The Financial Services Agency September 30, 2007; Partially amended on July 3, 2009; 4 March 2010; 31 March 2010; April 16, 2010;
More informationGL ON COMMON PROCEDURES AND METHODOLOGIES FOR SREP EBA/CP/2014/14. 7 July Consultation Paper
EBA/CP/2014/14 7 July 2014 Consultation Paper Draft Guidelines for common procedures and methodologies for the supervisory review and evaluation process under Article 107 (3) of Directive 2013/36/EU Contents
More informationKarel VAN HULLE. Head of Unit, Insurance and Pensions, DG Markt, European Commission
Solvency II: State of Play Guernsey, 18th December 2009 Karel VAN HULLE Head of Unit, Insurance and Pensions, DG Markt, European Commission 1 Why do we need Solvency II? Lack of risk sensitivity in existing
More informationUNOFFICIAL TRANSLATION
FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA COPY REGULATION OF THE FINANCIAL SERVICES AUTHORITY NUMBER 23/PFSA.05/2015 CONCERNING INSURANCE PRODUCT AND INSURANCE PRODUCT DISTRIBUTION BY THE
More informationASIA REGION FUNDS PASSPORT
ASIA REGION FUNDS PASSPORT Annual Report 2016-2017 Chair Report Jumpei Miwa Chair of the Asia Region Funds Passport Joint Committee Director for International Capital Market Regulation Financial Services
More informationGOOD CORPORATE GOVERNANCE
GOOD CORPORATE GOVERNANCE Good Corporate Governance (GCG) is bank governance which is applying transparency, accountability, responsibility, independency and fairness in implementing business activities.
More informationInsurance and reinsurance in Japan: overview
GLOBAL GUIDE 2015/16 INSURANCE AND REINSURANCE Country Q&A Insurance and reinsurance in Japan: overview Shinichi Takahashi and Takahiro Sato Nishimura and Asahi global.practicallaw.com/0-501-3163 MARKET
More informationOSFI Supervisory Model
OSFI Supervisory Model IAIS-ASSAL Regional Seminar 2003 Unclassified Agenda Achieving OSFI s Mission Key Supervisory Framework Principles Development of Rating Sharing of Supervisory Ratings Composite
More informationAnnual Report for the Year Ended March 31, 2006
2006 Annual Report for the Year Ended March 31, 2006 Financial Highlights... 1 Millea Group Corporate Philosophy / CSR Charter... 2 To Our Shareholders... 3 Recent Developments... 6 Financial Section...
More informationCorporate Governance Guideline
Office of the Superintendent of Financial Institutions Canada Bureau du surintendant des institutions financières Canada Corporate Governance Guideline January 2003 EFFECTIVE CORPORATE GOVERNANCE IN FEDERALLY
More informationThe Authority for the Financial Markets
Insider dealing The Authority for the Financial Markets The AFM promotes fairness and transparency within financial markets. We are the independent supervisory authority for the savings, lending, investment
More informationFinal Report Technical advice on CRA regulatory equivalence CRA 3 update
Final Report Technical advice on CRA regulatory equivalence CRA 3 update 17 November 2017 ESMA33-9-207 Contents 1 Executive Summary... 3 2 Definitions... 4 3 Introduction... 5 4 Purpose and use of the
More informationOECD GUIDELINES ON INSURER GOVERNANCE
OECD GUIDELINES ON INSURER GOVERNANCE Edition 2017 OECD Guidelines on Insurer Governance 2017 Edition FOREWORD Foreword As financial institutions whose business is the acceptance and management of risk,
More informationCode: 8754 Results of the First Half of 2007 and Business Strategy November 30, 2007
Code: 8754 http://www.nipponkoa.co.jp/ Results of the First Half of 2007 and Business Strategy November 30, 2007 Part I Financial Highlights of 1H FY2007 Analysis of Year-on-Year Changes (Underwriting)
More informationInternational Insurance Regulation 101: International Association of Insurance Supervisors
The Academy Capitol Forum: Meet the Experts International Insurance Regulation 101: International Association of Insurance Supervisors George Brady, Deputy Secretary General, IAIS Moderator: Jeffrey S.
More informationSolvency II: Orientation debate Design of a future prudential supervisory system in the EU
MARKT/2503/03 EN Orig. Solvency II: Orientation debate Design of a future prudential supervisory system in the EU (Recommendations by the Commission Services) Commission européenne, B-1049 Bruxelles /
More informationPETCO INTERNATIONAL, LLC FOREIGN CORRUPT PRACTICES ACT AND ANTI-BRIBERY POLICY. Effective: January 1, 2012
PETCO INTERNATIONAL, LLC FOREIGN CORRUPT PRACTICES ACT AND ANTI-BRIBERY POLICY Effective: January 1, 2012 ( PETCO ) must comply with all anti-bribery laws, including the U.S. Foreign Corrupt Practices
More informationStatus of Risk Management
Status of Upgrading Basic Stance In today s environment, characterized by ongoing liberalization and internationalization of financial services and development of financial and information technology,
More informationStewardship Principles for Institutional Investors Draft for Public Comment
Stewardship Principles for Institutional Investors Draft for Public Comment I. Preamble To enhance corporate governance of listed companies in Taiwan, facilitate sound development of companies and protect
More informationHedge Fund Survey Results (2006)
(Provisional Translation) Hedge Fund Survey Results (2006) March 2007 Financial Services Agency, Government of Japan CONTENTS Introduction 1 1 Survey Results (2006) 2 (1) Survey results for investments
More informationBusiness Activities. Individual Insurance Marketing. New Market Development
Business Activities Individual Insurance Marketing New Market Development In the area of product development, we made efforts to strengthen our product line-up, centering on the Life Account L.A. Double.
More informationInternational Standard on Auditing (Ireland) 250
International Standard on Auditing (Ireland) 250 Section B The Auditor s Statutory Right and Duty to Report to Regulators of Public Interest Entities and Regulators of Other Entities in the Financial Sector
More informationBERMUDA MONETARY AUTHORITY
BERMUDA MONETARY AUTHORITY BANKING, TRUST & INVESTMENT DEPARTMENT GUIDANCE NOTES THE INVESTMENT BUSINESS ACT 2003 GUIDANCE FOR PROSPECTIVE APPLICANTS February 2011 TABLE OF CONTENTS Page No. 1.0 Introduction
More informationMaterials for FY2014 2Q Results Briefing - Conference Call
Materials for 2Q Results Briefing - Conference Call Nov. 19, 2014 (Wed) Contents Summary of FY 2014 2Q Results Consolidated Earnings for FY 2014 2Q Page 1-3 Domestic Non-life Insurance Companies Page 4-8
More informationMarket Conduct Supervision in Small Countries: The Case of Armenia
Public Disclosure Authorized Financial Inclusion & Infrastructure Global Practice Market Conduct Supervision in Small Countries: The Case of Armenia KEY MESSAGES Public Disclosure Authorized Public Disclosure
More informationAutomobile Insurance Market Conduct Assessment Report. Part 1: Statutory Accident Benefits Schedule Part 2: Rating and Underwriting Process
Automobile Insurance Market Conduct Assessment Report Part 1: Statutory Accident Benefits Schedule Part 2: Rating and Underwriting Process Phase 2 2013 Financial Services Commission of Ontario Market Regulation
More informationRecommendation of the Council for Further Combating Bribery of Foreign Public Officials in International Business Transactions
Working Group on Bribery in International Business Transactions Recommendation of the Council for Further Combating Bribery of Foreign Public Officials in International Business Transactions 26 NOVEMBER
More informationSolvency II. Insurance and Pensions Unit, European Commission
Solvency II Insurance and Pensions Unit, European Commission Introduction Solvency II Deepened integration of the EU insurance market 14 existing Directives on insurance and reinsurance supervision, insurance
More informationPolicy 1-1-1: Initiatives aimed at achieving greater efficiency in public finance, etc. through prioritized allocations of budget
Policy Goal 1-1: Improve the efficiency and quality of public finance through prioritized allocations of budget General outline of the goal The government is conducting numerous activities in a broad range
More informationGuideline G9 DIRECT MARKETING
Guideline G9 DIRECT MARKETING This Guideline has been approved by the Board of Directors of the Canadian Life and Health Insurance Association Inc. (CLHIA). Member Companies are expected to adopt this
More informationCIMD OTF RULEBOOK. Organised Trading Facility FIXED INCOME AND DERIVATIVES
CIMD OTF RULEBOOK Organised Trading Facility FIXED INCOME AND DERIVATIVES December 2017 Contents TITLE I GENERAL PROVISIONS... 4 Article 1. Purpose and scope of application... 4 Article 2. Legal Framework...
More informationPolicy Goal 1-1: Improve the efficiency and quality of public finance through prioritized allocations of budget.
Goal 1-1: Improve the efficiency and quality of public finance through prioritized allocations of budget. Thinking behind the The government conducts many activities in a wide range of fields; these are
More informationOverview of Japan s Life Insurance Market
Overview of Japan s Life Insurance Market 1. Market Scale In fiscal 2017, life insurance companies in Japan* had a total of 33.7 trillion in income from insurance premiums. Although this amount had been
More informationOffice of Inspector General
Audit Report OIG-14-036 Treasury Made Progress to Stand Up the Federal Insurance Office, But Missed Reporting Deadlines May 14, 2014 Office of Inspector General Department of the Treasury Contents Audit
More informationInternational Standard on Auditing (UK) 560
Standard Audit and Assurance Financial Reporting Council June 2016 International Standard on Auditing (UK) 560 Subsequent Events The FRC s mission is to promote transparency and integrity in business.
More informationINTRODUCTION TO INDONESIA FINANCIAL SERVICES AUTHORITY (OJK) Japan, October 2018
1 INTRODUCTION TO INDONESIA FINANCIAL SERVICES AUTHORITY (OJK) Japan, October 2018 2 Outline Indonesia Financial Services Authority (OJK) Non-Bank Financial Institutions (NBFI) NBFI - Insurance Background
More informationPreamble. The Government of Japan and the Government of the Republic of Indonesia (hereinafter referred to as Indonesia ),
IMPLEMENTING AGREEMENT BETWEEN THE GOVERNMENT OF JAPAN AND THE GOVERNMENT OF THE REPUBLIC OF INDONESIA PURSUANT TO ARTICLE 13 OF THE AGREEMENT BETWEEN JAPAN AND THE REPUBLIC OF INDONESIA FOR AN ECONOMIC
More informationRISK MANAGEMENT 5 SAMPO GROUP'S STEERING MODEL 7 SAMPO GROUP S OPERATIONS, RISKS AND EARNINGS LOGIC
Risk Management RISK MANAGEMENT 5 SAMPO GROUP'S STEERING MODEL 7 SAMPO GROUP S OPERATIONS, RISKS AND EARNINGS LOGIC 13 RISK MANAGEMENT PROCESS IN SAMPO GROUP COMPANIES 15 Risk Governance 20 Balance between
More informationAnnex 2: SSHF Memorandum of Understanding [Template] STANDARD MEMORANDUM OF UNDERSTANDING (MOU) FOR SOUTH SUDAN HUMANITARIAN FUND
A Annex 2: SSHF Memorandum of Understanding [Template] STANDARD MEMORANDUM OF UNDERSTANDING (MOU) FOR SOUTH SUDAN HUMANITARIAN FUND Memorandum of Understanding between Participating UN Organizations 1,
More informationEUROPEAN UNION. Brussels, 4 April 2014 (OR. en) 2011/0359 (COD) PE-CONS 5/14 DRS 2 CODEC 36
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 4 April 2014 (OR. en) 2011/0359 (COD) PE-CONS 5/14 DRS 2 CODEC 36 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: REGULATION OF THE EUROPEAN PARLIAMT
More informationNOTICE OF REQUEST FOR PROPOSAL FOR AUDIT
NOTICE OF REQUEST FOR PROPOSAL FOR AUDIT Purpose: This Request for Proposals (RFP) is issued by Mobile Works, Inc. in order to procure the services of a qualified accounting firm to conduct an organization-wide
More informationCONSULTATION PAPER P June Proposed Amendments To The Monetary Authority Of Singapore Act And Trust Companies Act
CONSULTATION PAPER P007-2014 June 2014 Proposed Amendments To The Monetary Authority Of Singapore Act And Trust Companies Act PREFACE To strengthen the regulatory framework for combating money laundering
More informationFinancial Services Agency
Guideline for Financial Conglomerates Supervision March 2007 Financial Services Agency Guideline for Financial Conglomerates Supervision I Basic Concepts concerning Financial
More informationFacts. Business conspectus. Accounting conspectus. Glossary
Facts Business conspectus 1. Business results in the last fiscal year... 24 2. Indicators showing the main business results over the last five fiscal... 25 3. Indicators showing the business results in
More informationDeposit Insurance Premium Rates from the Medium- to Long-Term Perspective
Deposit Insurance Premium Rates from the Medium- to Long-Term Perspective January 30, 2015 The Study Group on Deposit Insurance Premium Rates 1 I. Introduction Under the deposit insurance system of Japan,
More informationKEYNOTE SPEECH BUILDING A COMMON SUPERVISORY CULTURE. 2 nd IVASS CONFERENCE SOLVENCY II AND SMALL AND MEDIUM-SIZED INSURERS
KEYNOTE SPEECH Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) BUILDING A COMMON SUPERVISORY CULTURE 2 nd IVASS CONFERENCE SOLVENCY II AND SMALL AND MEDIUM-SIZED
More informationEuropean Union Pension Directive
Cornell University ILR School DigitalCommons@ILR Law Firms Key Workplace Documents June 2003 European Union Pension Directive The European Parliament and the Council of the European Union Follow this and
More informationSupervision of Non-Banking Payment Service Providers
Supervision of Non-Banking Payment Service Providers Ninth Conference on Payment and Securities Settlement Systems 5-8 June 2016, Ohrid Antonio Barzashki Head of Licensing and Prudential Supervision Division
More informationFINANCIAL SECTOR BLUEPRINT FOR
FINANCIAL SECTOR BLUEPRINT FOR 2001-2010 I.I. The Banking Sector VISION: A competitive, integrated, and efficient banking system that is properly regulated and supervised and effectively mobilizes savings
More informationRecent Developments in Japan on Resolution Regimes for Financial Institutions
Recent Developments in Japan on Resolution Regimes for Financial Institutions March 6, 2013 7th DICJ Round Table Hiroyuki Obata Deputy Governor Different Approach, but (California Roll) 2 Presentation
More informationEU BANKING SUPERVISION ROEL THEISSEN. 6 9 international Publishing
EU BANKING SUPERVISION ROEL THEISSEN 6 9 international Publishing Opening Remarks xi Part A Overview 1 An Overall Picture of Current Banking Supervision 1 2 The Legislative Response to the 2007-2013 Subprime
More informationSolvency Regulation in the UAE: A Benchmark and Impact Study
: A Benchmark and Impact Study RAGHAV OHRI, ASA CONSULTING ACTUARY 14 NOV 16 DUSIT THANI HOTEL DUBAI AGENDA Principles of new Regulations Risk Based Capital Approach Solvency Capital Requirements (SCR):
More informationProposal for a Directive on Reinsurance Supervision Frequently Asked Questions (see also IP/04/513)
MEMO/04/90 Brussels, 21 April 2004 Proposal for a Directive on Reinsurance Supervision Frequently Asked Questions (see also IP/04/513) What are the main objectives of the proposal? The proposed Directive
More informationA first EU response to Enron related policy issues
NOTE FOR THE INFORMAL ECOFIN COUNCIL OVIEDO 12 AND 13 APRIL Subject: A first EU response to Enron related policy issues The Enron affair whatever the outcome of the ongoing investigations in the US - has
More informationFINANCIAL ADVISORY AND INTERMEDIARY SERVICES
FINANCIAL ADVISORY AND INTERMEDIARY SERVICES About The Financial Advisory and Intermediary Services (FAIS) Division was responsible for the administration of the Financial Advisory and Intermediary Services
More informationAppendix 1. Questionnaire on Enforcement mechanisms
Appendix 1 Questionnaire on Enforcement mechanisms Question 1 Definition and purpose of enforcement What is the definition and purpose of enforcement of compliance with the relevant GAAP in your country?
More informationDraft Application Paper on Group Corporate Governance
Public Draft Application Paper on Group Corporate Governance Draft, 3 March 2017 3 March 2017 Page 1 of 33 About the IAIS The International Association of Insurance Supervisors (IAIS) is a voluntary membership
More informationCONSULTATION DOCUMENT
CONSULTATION DOCUMENT CONSULTATION ON INSURANCE RULES TO BE ISSUED UNDER THE INSURANCE BUSINESS ACT [MFSA REF: 09-2015] 30 October 2015 Closing Date: 27 November 2015 Note: The documents circulated by
More informationKey Development in the Hong Kong Insurance market. David Alexander Governing Committee Member
Key Development in the Hong Kong Insurance market David Alexander Governing Committee Member Agenda HKFI Corporate Structure Proposed Voluntary Health Insurance Scheme (VHIS) Independence of Insurance
More informationREPUBLIC OF SERBIA INSURANCE LAW. Official Gazette of the Republic of Serbia, No.55/04 Published May 24 th 2004 Date of enforcement May 29 th 2004
REPUBLIC OF SERBIA INSURANCE LAW Official Gazette of the Republic of Serbia, No.55/04 Published May 24 th 2004 Date of enforcement May 29 th 2004 Table of Contents I. BASIC REGULATIONS... 1 Subject of
More informationECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 28 June on credit agreements for consumers relating to residential immovable property
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 28 June 2016 on credit agreements for consumers relating to residential immovable property (CON/2016/34) Introduction and legal basis On 31 May 2016
More informationELEMENTS FOR A MINES AND MINERALS DEVELOPMENT BILL CENTRE FOR ENVIRONMENTAL POLICY AND ADVOCACY
ELEMENTS FOR A MINES AND MINERALS DEVELOPMENT BILL CENTRE FOR ENVIRONMENTAL POLICY AND ADVOCACY JUNE 2014 1 SUMMARY The Department of Mines has prepared a draft Mines and Minerals Bill 2013. The draft
More informationAnnouncement of New Mid-term Business Plan. Mid-term business plan toward a new growth stage 5 years after start-up
DD NEWS RELEASE May 15, 2013 Haruaki Deguchi, President/Founder LIFENET INSURANCE COMPANY (Securities Code: 7157, TSE Mothers) Announcement of New Mid-term Business Plan Mid-term business plan toward a
More informationTHE FRAMEWORK OF SUPERVISION OF INSURANCE AND REINSURANCE COMPANIES
THE FRAMEWORK OF SUPERVISION OF INSURANCE AND REINSURANCE COMPANIES INSURANCE & PENSIONS SUPERVISION UNIT 1 TABLE OF CONTENTS 1. INTRODUCTION... 3 2. REGULATED ENTITIES... 3 3. THE INSURANCE AND PENSIONS
More informationSolvency Assessment and Management: Steering Committee Position Paper 9 1 (v 3) The Communications strategy
Solvency Assessment and Management: Steering Committee Position Paper 9 1 (v 3) The Communications strategy 1. INTRODUCTION The Financial Services Board is developing a new risk-based solvency regime for
More informationING feedback on the IOSCO consultation document on financial benchmarks
ING feedback on the IOSCO consultation document on financial benchmarks 8 February 2013 About ING ING is a global financial institution of Dutch origin, offering banking, investments, a variety of life
More informationIAIS Standards Setting Activities
London 3 Secretary General International Association of Insurance Supervisors (IAIS) Website: www.iaisweb.org Overview 1. IAIS structure and process 2. Insurance Core Principles 3. IAIS views on IASB standards
More informationOn the Establishment of the Financial Services Agency
On the Establishment of the Financial Services Agency Masaharu Hino, Commissioner of the Financial Services Agency, Japan At the Bank of England, September 2000 INTRODUCTION It is a great honor to be able
More informationBERMUDA MONETARY AUTHORITY
BERMUDA MONETARY AUTHORITY BANKING, TRUST & INVESTMENT DEPARTMENT GUIDANCE NOTES Trusts (Regulation of Trust Business) Act 2001 INFORMATION FOR PROSPECTIVE APPLICANTS February 2011 TABLE OF CONTENTS Page
More informationPolicy Statement 07/15. Financial Services Authority. Best execution. Feedback on DP06/3 and CP06/19 (part)
Policy Statement 07/15 Financial Services Authority Best execution Feedback on DP06/3 and CP06/19 (part) August 2007 Contents 1. Overview 3 2. The CESR Q&A and feedback on issues it does not address 5
More informationDraft Guideline. Corporate Governance. Category: Sound Business and Financial Practices. I. Purpose and Scope of the Guideline. Date: November 2017
Draft Guideline Subject: Category: Sound Business and Financial Practices Date: November 2017 I. Purpose and Scope of the Guideline This guideline communicates OSFI s expectations with respect to corporate
More informationJAPAN. Chapter 21 INTRODUCTION
Chapter 21 JAPAN Shinichi Takahashi and Takahiro Sato 1 I INTRODUCTION The Japanese life and non-life insurance markets have been very competitive, involving a large number of companies. Although Japanese
More informationPrinciples and Regulations for Research-Related Conflicts of Interest 1
1 2 EU Forum Group Recommendations U.S. Regulations and Global Settlement U.K. Regulations 3 I. Scope of Regulations: A. Equity and fixed income Fixed income and other non-equity securities Equity, except
More informationGuidelines for National Administrative Organs Handling of Report Based on the Whistleblower Protection Act (Report from Internal Personnel and Others)
Note This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall
More informationThe FSA's Approach to Introduce the TLAC Framework
(Provisional Translation) April 15, 2016 Financial Services Agency The FSA's Approach to Introduce the TLAC Framework Based on the experience of the recent global financial crisis, international efforts
More informationRegulation of the Insurance Industry in the Caribbean Trinidad and Tobago
Regulation of the Insurance Industry in the Caribbean Trinidad and Tobago Presented by: Marcia Tam-Marks, FSA 16 th Annual Conference Caribbean Actuarial Association Paramaribo, Suriname Dec 7-8, 2006
More informationRe: Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Re: Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Written Submissions of the Australian Prudential Regulation Authority (APRA) Round 2: Financial Advice
More informationIndependent Guideline for Proper Performance of Contract Services Proposed by the Japanese CRO Association (Revision 6)
Independent Guideline for Proper Performance of Contract Services Proposed by the Japanese CRO Association General Incorporated Japan CRO Association TABLE OF CONTENTS 1. Background of Japanese CRO Association
More informationConsolidated Financial Results. and Sony Life s Market Consistent Embedded Value as of September 30, 2015
Presentation Material Consolidated Financial Results for the Six Months Ended September 3, 215 and Sony Life s Market Consistent Embedded Value as of September 3, 215 Sony Financial Holdings Inc. November
More informationMTPL importance in developing countries Albanian Case
MTPL importance in developing countries Albanian Case Protecting consumers Promoting markets Global Insurance Conference 2011 Washington, DC Enforcing law Elisabeta Gjoni 1-2 June, Washington, DC Contents
More information44 NJR 2(2) February 21, 2012 Filed January 26, Proposed New Rules: N.J.A.C. 11:2-28.7A through 28.7D, 28.13, 28.
INSURANCE 44 NJR 2(2) February 21, 2012 Filed January 26, 2012 DEPARTMENT OF BANKING AND INSURANCE OFFICE OF SOLVENCY REGULATION Credit for Reinsurance Proposed New Rules: N.J.A.C. 11:2-28.7A through 28.7D,
More informationCountry Comparative Legal Guides. Ireland: Insurance & Reinsurance
Country Comparative Legal Guides Ireland: Insurance & Reinsurance Country Author: Matheson Sharon Daly, Partner sharon.daly@ma theson.com April McClements, Partner april.mcclement s@matheson.co m Darren
More informationSupervision and Regulation of Microfinance Institutions in Indonesia. OJK International Seminar on Microfinance & Financial Inclusion, March 2016
Supervision and Regulation of Microfinance Institutions in Indonesia OJK International Seminar on Microfinance & Financial Inclusion, March 2016 Contents FSA Indonesia (OJK) MFIs in Indonesia MFIs Regulations
More informationQuestions and Answers. On the Market Abuse Regulation (MAR)
Questions and Answers On the Market Abuse Regulation (MAR) ESMA70-145-111 Version 10 Last updated on 14 December 2017 Table of Contents 1. Purpose and status... 3 2. Legislative references and abbreviations...
More informationRISK AND INSURANCE MANAGEMENT POLICY. Policy 576 i
RISK AND INSURANCE MANAGEMENT POLICY Policy 576 Table of Contents.1 PURPOSE AND POLICY... 1.4 PRACTICES AND PROCEDURES... 1 4.1 DIRECTOR RESPONSIBLE FOR RISK MANAGEMENT FUNCTION... 1 4.2 CLAIMS SETTLEMENT
More information