Capital Regimes What s appropriate for the Caribbean. Marcia Tam-Marks, FSA Caribbean Actuarial Association December 2-4, 2015 Trinidad and Tobago
|
|
- Lionel McKenzie
- 6 years ago
- Views:
Transcription
1 Capital Regimes What s appropriate for the Caribbean Marcia Tam-Marks, FSA Caribbean Actuarial Association December 2-4, 2015 Trinidad and Tobago
2 Outline IAIS ICP 17 Current capital regimes Valuation Methods Statutory Funds Considerations for Capital Models 2
3 IAIS ICP 17 3
4 ICP 17 Capital Adequacy The supervisor establishes capital adequacy requirements for solvency purposes so that insurers can absorb significant unforeseen losses and to provide for degrees of supervisory intervention. Total Balance Sheet approach 4
5 ICP 17 Capital Adequacy The supervisor establishes regulatory capital requirements at a sufficient level so that, in adversity, an insurer s obligations to policyholders will continue to be met as they fall due and requires that insurers maintain capital resources to meet the regulatory capital requirements. In adversity, an insurer s obligations to policyholders will continue to be met 5
6 ICP 17- Capital Adequacy Purpose and role of regulatory capital requirements and resources Board capital to support risks Regulator - ensure that, in adversity, an insurer s obligations to policyholders will continue to be met ORSA Understand own risks; Going concern or run off Macroeconomic safety and soundness of industry and financial system; reasonable cost 6
7 Current Capital Regimes in the Caribbean 7
8 Regional Insurance Space Made of many countries, each with its own legislation Large insurance companies registered to do business in several countries Subject to each country s legislation and requirements How would they fare if domiciled in each jurisdiction? 8
9 Solvency Select Caribbean Countries Country Year Solvency Anguilla 2004 Assets Liabilities >??? Antigua 2007 Admissible Assets > Liabilities Bahamas 2010 Admissible Assets - Liabilities>=Max(BAH$500,000,20% NPI y-1 )+Capital Barbados 2011 Admissible Assets Liabilities>??? Belize 2004 Admissible Assets Liabilities>BZ$200,000 British Virgin Islands 2009 Allowable Assets Liabilities>US$250,000 Cayman Islands 2010 Assets Liabilities>CI$200,000 Dominica 1978 Assets > Liabilities Grenada 2010 Admissible Assets Liabilities>5% Liabilities Guyana 1998 Admissible Assets > Liabilities Jamaica 2001 Minimum Continuing Capital Surplus Requirement St. Kitts / Nevis 2009 Admissible Assets > Liabilities Trinidad and Tobago 2015 d Capital Adequacy requirement Turks and Caicos Islands 2011 d Admissible Assets Liabilities>max(US$1,000,000, 20% NPI y-1) 9
10 Paid-up Capital Select Caribbean Countries Country Yr. of legislation Paid up Capital / Deposit Anguilla 2004 EC$200,000 Antigua 2007 EC$2,000,000 Bahamas 2010 BAH$3,000,000 Barbados 2011 BD$3,000,000 Belize 2004 BZ$1,000,000 British Virgin Islands 2009 US$200,000 Cayman Islands 2010 CI$200,000 Dominica 1978 EC$50,000 Grenada 2010 EC$2,000,000 Guyana 1998 GUY$5,000,000 + infl d Jamaica 2001 JA$150,000,000 St. Kitts / Nevis 2009 EC$2,000,000 Trinidad and Tobago 2011 d TT$3,000,00 Turks and Caicos Islands 2011 d US$1,000,000 10
11 Solvency and Paid Up Capital Sample Companies Sample Company A Assets: US$1,000,000 Liabilities: US$ 985,000 Net premium y-1 : US$ 300,000 11
12 Solvency and Paid Up Capital US$ Company A $3,500,000 Anguilla $3,000,000 $2,500,000 Antigua Dominica Grenada $2,000,000 $1,500,000 St. Kitts / Nevis Turks and Caicos Islands British Virgin Islands $1,000,000 Bahamas Cayman Islands $500,000 $0 Solvency US$ (Company A) Capital US$ Barbados Belize Guyana Jamaica Trinidad and Tobago 12
13 Solvency and Paid Up Capital Company B Sample Company B Assets: US$100,000,000 Liabilities: US$ 98,500,000 Net premium y-1 : US$ 30,000,000 13
14 Solvency and Paid Up Capital US$ Company B $9,000,000 $8,000,000 Anguilla Antigua $7,000,000 $6,000,000 $5,000,000 $4,000,000 Dominica Grenada St. Kitts / Nevis Turks and Caicos Islands British Virgin Islands $3,000,000 $2,000,000 $1,000,000 $0 Solvency US$ (Company B) Capital US$ Bahamas Cayman Islands Barbados Belize Guyana Jamaica Trinidad and Tobago 14
15 Solvency Results Country Solvency (Company A) Solvency (Company B) Anguilla Solvent Solvent Antigua Solvent Solvent Dominica Solvent Solvent Grenada Insolvent Insolvent St. Kitts / Nevis Solvent Solvent Turks and Caicos Islands Insolvent Insolvent British Virgin Islands Insolvent Solvent Bahamas Insolvent Insolvent Cayman Islands Insolvent Solvent Barbados Solvent Solvent Belize Insolvent Solvent Guyana Solvent Solvent Jamaica MCCSR MCCSR Trinidad and Tobago RCRR d RCRR d 15
16 Assumptions All assets are admissible / allowable Consistent asset valuation method Consistent liability valuation method and assumptions Sample Company A Assets: US$1,000,000 Liabilities: US$ 985,000 Net premium y-1 : US$ 300,000 Assets Liabilities = US$15,000 Sample Company B Assets: US$100,000,000 Liabilities: US$98,500,000 Net premium y-1 : US$ 30,000,000 Assets Liabilities = US$1,500,000 16
17 Observations Company A 3,000,000 Anguilla Antigua 2,000,000 1,000,000 0 Dominica Grenada St. Kitts / Nevis Turks and Caicos Islands British Virgin Islands -1,000,000 Bahamas Cayman Islands -2,000,000 Barbados Belize -3,000,000 Paid Up Capital US$ Retained Earnings US$ Guyana Jamaica Trinidad and Tobago 17
18 Observations Company B 3,000,000 2,500,000 2,000,000 Anguilla Antigua Dominica Grenada 1,500,000 1,000, ,000 St. Kitts / Nevis Turks and Caicos Islands British Virgin Islands Bahamas 0-500,000-1,000,000-1,500,000 Paid Up Capital US$ Retained Earnings US$ Cayman Islands Barbados Belize Guyana Jamaica Trinidad and Tobago 18
19 Observations Company A Small company Assets > Liabilities by US$15,000 (1.5% of Assets) For all countries, net retained earnings are negative to varying degrees Bahamas stands out, Barbados and BVI to a lesser extent Insolvent in Grenada, TCI, BVI, Bahamas, Cayman Islands and Belize (Jamaica and Trinidad excluded for now) Solvent in other countries Company B Larger company (Company A x 100) Assets > Liabilities by US$ 1.5m (1.5% of assets) Net retained earnings positive for all except Bahamas Result is statutory insolvency in Grenada, TCI and Bahamas (exclude Jamaica and Trinidad for now) Solvent in all other countries 19
20 Observations Companies A and B insolvent in Grenada, Bahamas and TCI These 3, have solvency requirements that change with size of liabilities / premiums - outcome appears to be consistent Where solvency requirement is fixed dollar amount, results change once threshold attained (BVI, Cayman, Belize) Other countries where both companies are solvent, the thresholds are low For Company A, net retained earnings negative in all countries and significantly so for most countries, given the small size of the company should all indicate insolvent? For Company B, where retained earnings are positive, should they all be solvent? What is an appropriate threshold and should it capture the company size and risk exposure? 20
21 Observations Solvency threshold as a % of Assets, Liabilities and Premiums Country Company A Company B % of Assets % of liabs % of premiums % of Assets % of liabs % of premiums Anguilla 0% 0% 0% 0% 0% 0% Antigua 0% 0% 0% 0% 0% 0% Dominica 0% 0% 0% 0% 0% 0% Grenada 5% 5% 16% 5% 5% 16% St. Kitts / Nevis 0% 0% 0% 0% 0% 0% Turks and Caicos Islands 100% 102% 333% 6% 6% 20% British Virgin Islands 25% 25% 83% 0% 0% 1% Bahamas 350% 355% 1167% 9% 9% 30% Cayman Islands 25% 25% 83% 0% 0% 1% Barbados 0% 0% 0% 0% 0% 0% Belize 10% 10% 33% 0% 0% 0% Guyana 0% 0% 0% 0% 0% 0% 21
22 Observations Fixed dollar amount does not adequately address size and risk Results from Grenada most consistent as threshold expressed as a percentage of liabilities TCI and Bahamas threshold related to fixed dollar amount and premiums results more volatile as size of company and risk change If using a % of liabilities what is an appropriate / adequate percentage? May need to do impact studies on various companies Economic environment may vary from country to country Product profile may vary Size of the market place Availability of assets % of liability does not address risks on the asset side 22
23 Considerations Does the solvency measure address company scale? Does the measure give the comfort that policyholders are adequately protected in adverse situations? What is an appropriate and adequate benchmark? Market players product profile, economic environment, valuation methodology, branch vs. domiciled Model Complexity Resources available to regulator Fixed dollar benchmark not directly related to risk % of liability gives some consistency but may be too simplistic % of premium some inconsistency - for a mature portfolio, premium income may not adequately reflect risk exposure 23
24 Valuation Methods 24
25 Valuation Methods Used CALM PPM CRVM Net Premium Need for consistent valuation method if capital model is based on risk exposure 25
26 Valuation Method - Legislation Country Method Negative Reserves Anguilla Int, Exp, Comm, proper Not Allowed Antigua Int, Exp, Comm, proper Not Allowed Bahamas GAAP, appropriate Allowed Barbados Adequate Not stated Belize Int, Exp, Comm, proper Not Allowed British Virgin Islands Accounting Standards Allowed Cayman Islands None specified n/a Dominica Int, Exp, Comm, proper Not Allowed Grenada Int, Exp, Comm, proper Not Allowed Guyana Int, Exp, Comm, proper Not Allowed Jamaica PPM Allowed St. Kitts / Nevis Int, Exp, Comm, proper Not Allowed Trinidad and Tobago CPPM (proposed) Allowed Turks & Caicos Islands Prospective; approval Not Specified 26
27 Assumptions Mortality Expenses Morbidity Lapses Interest Rates Generally based on experience Industry experience?? for smaller companies Expense assumption usually pose the biggest challenge when valuing liabilities for branch operations Most volatile assumption 27
28 Case Study Year Stat Solvency Ratio RBC Ratio Own method Negative Reserves $m Note Y1 (70%) 157% (A) $13 RBC Neg Res impact Y2 55% 195% (A) $14 Capital Injected Y4 33% 95% (B) $15 RBC Negative Reserves removed Y5 105% $20 Expense Assumption reduced 28
29 Observations Volatile solvency and risk based ratios Different factor based RBC methods give different results Varying valuation methods used Significant changes in assumptions (expenses) Need for standard valuation methodology Need for guidance on assumption setting 29
30 Statutory Funds 30
31 Statutory Funds Assets pledged to Regulator Usually by line of business Policyholder protection Policy Liabilities major component Valuation method is therefore significant In adverse situations, statutory fund is critical to Branch regulators 31
32 Case Study Branch in Country A Liabilities: $40 m Neg Res: $8 m Statutory Fund: $40 m Company Capital Adequacy Ratio: 192% Liabs take credit for Neg Res Act A does not allow Neg Res Company domiciled in Country B; Val method not specified; no limits; Neg Res used Branch Stat Liabs understated by $8m or 20% Statutory Fund understated by 16% Stat Fund should be $58m 32
33 Case Study Branch operation Liabilities $100m Expense $50 per pol True Expense $100 per pol Exp. sensitivity: 2% inc. in liabs for 10% change in exp Liability Inc: 20% New Liabilities: $120m Initial Statutory Fund: $120m New Statutory Fund: $140m Statutory Fund 20% deficient 33
34 Considerations for Capital Models 34
35 What s appropriate Simple factor based RBC model - already practiced Consistent valuation methodology is critical Guidance on assumption setting; how to treat branch operations Impacts statutory funds Focus on risks specific to the region interest; real estate; expenses Consider regional risks when determining value of factors to be used (assets) Larger companies may be ready for ORSA However, many regulators not equipped to deal with ORSA or complex RBC model 35
36 Thank you Marcia Tam-Marks, FSA Principal Visit us: morneaushepell.com Follow 36
CARIBBEAN DEVELOPMENT BANK TOTAL PUBLIC DEBT BORROWING MEMBER COUNTRIES VOLUME XIII
CARIBBEAN DEVELOPMENT BANK TOTAL PUBLIC DEBT 1999-2004 BORROWING MEMBER COUNTRIES VOLUME XIII The Bank does not accept responsibility for the accuracy or completeness of this publication. Economics Department
More informationPamella McLaren, President CARADEM
Pamella McLaren, President CARADEM Order Of Presentation Why an association? Who we are? Regional Challenges Proposed Steps and Accomplishments Why an Association? Debt problems of small states differ
More informationCARIBBEAN DEVELOPMENT BANK
SDF 8/1 PM-4 CARIBBEAN DEVELOPMENT BANK PREPARATORY MEETING OF CONTRIBUTORS ON A REPLENISHMENT OF RESOURCES OF THE UNIFIED SPECIAL DEVELOPMENT FUND FOR THE EIGHTH CONTRIBUTION CYCLE TO BE HELD IN BARBADOS
More informationFinancial Stability Institute. The implementation of the new capital adequacy framework in the Caribbean
Financial Stability Institute The implementation of the new capital adequacy framework in the Caribbean Summary of responses to the Basel II Implementation Assistance Questionnaire July 2004 The implementation
More informationBest Practices in Assessing, Reporting and Policy Making in Financial Stability The Basel II Approach
Best Practices in Assessing, Reporting and Policy Making in Financial Stability The Basel II Approach Assessing Macro-Prudential Vulnerabilities and Policy Frameworks in a Regional Context Hosted by The
More informationNANP FUND BUDGET AND CONTRIBUTION FACTOR FOR JULY 2007 TO JUNE 2008
NANP FUND BUDGET AND CONTRIBUTION FACTOR FOR JULY 2007 TO JUNE 2008 To: Billing & Collection Working Group The budget has been prepared to determine the funding requirements and the contribution factor
More informationCDB - A catalyst for development resources in the Caribbean
CDB - A catalyst for development resources in the Caribbean High-Level Roundtable on International Cooperation for Sustainable Development in Caribbean Small Island Developing States Bridgetown, Barbados
More informationShould Social Security Funds Invest in Government Securities? Derek Osborne CAA Conference, Dec. 2 nd, 2010, Barbados
Should Social Security Funds Invest in Government Securities? Derek Osborne CAA Conference, Dec. 2 nd, 2010, Barbados Today s Agenda Features of Caribbean social security schemes Social security investments
More informationR E S I L I E N C E : B U I L D I N G B E T T E R. Dr. Justin Ram December 8, 2017
R E S I L I E N C E : B U I L D I N G B E T T E R Dr. Justin Ram December 8, 2017 AGENDA 01 Why we are vulnerable: Regional Challenges 02 Cost of Natural Disasters 03 Resilience Building: Stepping back
More informationMonitoring Private Sector External Debt in the Caribbean: An updated and revised analysis
Monitoring Private Sector External Debt in the Caribbean: An updated and revised analysis Joseph Jason Cotton Vishana Jagessar Conference on the Economy 2018 University of the West Indies, St. Augustine
More informationQuarterly Public Sector Debt Statistics in the Caribbean
Quarterly Public Sector Debt Statistics in the Caribbean Reproductions of this material or any parts of it should refer to the IMF Statistics Department as the source Background Important lessons for public
More informationCARIBBEAN ECONOMIC REVIEW AND OUTLOOK
CARIBBEAN ECONOMIC REVIEW AND OUTLOOK Dr. Justin Ram Director of Economics Caribbean Development Bank Conference Centre February 7, 2018 Agenda 01 The global picture 02 Caribbean economic review and outlook
More informationCCMF 47th Annual Conference
Credit Risk and Basel II Implementation in the Caribbean CCMF 47th Annual Conference Bank of Guyana, Georgetown, Guyana November 18-20, 2015 Presenter: Courtney Christie-Veitch Caribbean Regional Technical
More informationSolar PV in the Caribbean Opportunities and Challenges
Solar PV in the Caribbean Opportunities and Challenges Also See: Latin America PV Playbook The Latin America PV Playbook explores the budding Latin American PV Market, specifically Mexico, Brazil, Chile,
More informationBank of america overdraft fees phone number
Home Bank of america overdraft fees phone number Deposits and payments may not be available at some ATMs. We charge an Overdraft Item Fee when you make a transaction for an amount that is more than the
More informationDebt Burden and Fiscal Sustainability in the Caribbean Region (Updated notes)
Debt Burden and Fiscal Sustainability in the Caribbean Region (Updated notes) Meeting of Experts on Debt Burden in the Caribbean Region Port of Spain, Trinidad and Tobago 24 February 2014 Intra-Regional
More informationCARIBBEAN DEVELOPMENT BANK LENDING POLICIES
CARIBBEAN DEVELOPMENT BANK LENDING POLICIES P.O. Box 408, Wildey, St. Michael Barbados, West Indies Telex: WB 2287 Telefax: (246) 426-7269; (246) 228-9670 Telephone: (246) 431-1600 Internet Address: http://www.caribank.org
More information3 rd Caribbean Conference on the International Financial Services Sector Overview of Global Regulatory Developments Calvin Wilson Executive Director
Financial Services Sector Overview of Global Regulatory Calvin Wilson Executive Director Caribbean Financial Action Task Force. CARIBBEAN FINANCIAL ACTION TASK FORCE A GROWING SUCCESS STORY The CFATF has
More informationCSME & SOCIAL SECURITY
CSME & SOCIAL SECURITY The Impact of the CSME on Regional Social Security Systems CAA 16 th Annual Conference Paramaribo, Suriname December 7-8, 2006 Derek M. Osborne 1 What is CARICOM? Caribbean Community
More informationStatus of regional activities and risks
6th Meeting ofthe ICP IACG September 24-28, 2018 World Bank, Washington DC Status of regional activities and risks Maria Paz Collinao, Bruno Lana and Giovanni Savio Unidad de Estadísticas Económicas y
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 informationCERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS [OMB Control Number ]
CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS [OMB Control Number 1505-0184] The information contained in this Certification is sought pursuant to Sections 5318(j) and 5318(k) of Title
More informationDeposited on 11 January 2019
I hereby transmit the reservations and notifications of Belize for the purposes of the signature of the Multilateral Convention on Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
More information13352/1/18 REV 1 AS/AR/fm 1 ECOMP.2.B
Council of the European Union Brussels, 31 October 2018 (OR. en) 13352/1/18 REV 1 FISC 423 ECOFIN 949 'I/A' ITEM NOTE From: To: Subject: General Secretariat of the Council Permanent Representatives Committee/Council
More information11763/2/18 REV 2 AS/AR/fm 1 ECOMP.2.B
Council of the European Union Brussels, 27 September 2018 (OR. en) 11763/2/18 REV 2 FISC 335 ECOFIN 789 'I/A' ITEM NOTE From: To: Subject: General Secretariat of the Council Permanent Representatives Committee/Council
More informationAttention: Owners of Flexible Premium Annuity ( FPA ) Policies. British American Insurance Company Limited (in Judicial Management) ( BAICO )
Attention: Owners of Flexible Premium Annuity ( FPA ) Policies issued by British American Insurance Company Limited (in Judicial Management) ( BAICO ) The Governments of the Eastern Caribbean Currency
More informationIntroduction. Key Findings of Judicial Managers. The reports of the Judicial Managers reveal that:
GOVERNMENTS OF THE EASTERN CARIBBEAN CURRENCY UNION (ECCU) AGREE ON STRATEGY FOR BRANCHES OF BRITISH AMERICAN INSURANCE COMPANY IN THE EASTERN CARIBBEAN Introduction For several months, the Governments
More informationCARIBBEAN AND CENTRAL AMERICAN PARTNERSHIP FOR CATASTROPHE RISK INSURANCE POOLING RISK TO SAFEGUARD AGAINST CATASTROPHES GENERATED BY NATURAL EVENTS
CARIBBEAN AND CENTRAL AMERICAN PARTNERSHIP FOR CATASTROPHE RISK INSURANCE POOLING RISK TO SAFEGUARD AGAINST CATASTROPHES GENERATED BY NATURAL EVENTS May 2014 NINE COUNTRIES IN THE CARIBBEAN AND CENTRAL
More informationCOMMONWEALTH OF DOMINICA
COMMONWEALTH OF DOMINICA CITIZENSHIP BY INVESTMENT Simply Perfect CITIZENSHIP BENEFITS UNITED ST ATES MEXICO ATEMALA THE BAHAMAS CUBA DOMINICAN REPUBLIC PUERTO RICO SAINT KITTS and NEVIS GU EL SALVADOR
More informationTerms of Reference. 1. Background
Terms of Reference Peer Review of the Actuarial Soundness of CCRIF SPC s Loss Assessment Models for Central America and the Caribbean (i) Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA)
More informationINTERNATIONAL MONETARY FUND
INTERNATIONAL MONETARY FUND Offshore Financial Centers Report on the Assessment Program and Proposal for Integration with the Financial Sector Assessment Program Supplementary Information Prepared by the
More informationEXTERNAL PUBLIC DEBT OF CARICOM MEMBER STATES
EXTERNAL PUBLIC DEBT OF CARICOM MEMBER STATES 1990-2000 PREPARED AND COMPILED BY: STATISTICS SUB-PROGRAMME INFORMATION AND COMMUNICATION PROGRAMME CARIBBEAN COMMUNITY (CARICOM) SECRETARIAT GEORGETOWN,
More informationSt. Martin 2013 SERVICES AND RATES
SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation
More informationRemarks. Dr. William Warren Smith President Caribbean Development Bank Annual News Conference
AS PREPARED FOR DELIVERY Remarks Dr. William Warren Smith President Caribbean Development Bank 2019 Annual News Conference February 7, 2019 CDB Conference Centre, St. Michael, Barbados Good morning all
More informationSession 4, Stream 6. Global regulation of lending. John Paul Zammit. 07 & 08 October 2015
Session 4, Stream 6 Global regulation of lending John Paul Zammit 07 & 08 October 2015 This document sets out a high level summary only of the information received from local counsel for the purposes of
More informationMeasuring Systemic Risk in the Caribbean: a Preliminary Analysis. D. Tracy Polius & DeLisle Worrell
Measuring Systemic Risk in the Caribbean: a Preliminary Analysis D. Tracy Polius & DeLisle Worrell Outline of Presentation Introduction Systemic Risk The Concept Review on Systemic Risk Models Overview
More informationA Time to Act. Small States Debt and Financing
A Time to Act Small States Debt and Financing Panel Discussion: UN PrepCom on Small Island Developing States 24 th February 2014 United Nations, New York Commonwealth Level Advocacy Mission I promise that
More informationIS DISASTER-RELATED MICROINSURANCE A VIABLE DISASTER RISK REDUCTION STRATEGY?: LEARNING FROM CARIBBEAN SIDS
IS DISASTER-RELATED MICROINSURANCE A VIABLE DISASTER RISK REDUCTION STRATEGY?: LEARNING FROM CARIBBEAN SIDS By Denise D.P. Thompson, PhD John Jay College of Criminal Justice American Society for Public
More informationOFFERING CIRCULAR AUGUST 26, 2002 CIBC WEST INDIES HOLDINGS LIMITED FIRSTCARIBBEAN INTERNATIONAL BANK LIMITED
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended to seek your own personal financial advice from your stockbroker,
More informationDebt Burden and Fiscal Sustainability in the Caribbean Region
Debt Burden and Fiscal Sustainability in the Caribbean Region (24/02/2014) Pág. 1 1.- Introduction The main objective of the paper is to examine the issue of debt burden and fiscal sustainability in the
More informationFSF reviews its Offshore Financial Centres (OFCs) initiative 1
FINANCIAL STABILITY FORUM Press release Press enquiries: Basel +41 61 280 8188 Press.service@bis.org Ref no :7/2004E 5 April 2004 FSF reviews its Offshore Financial Centres (OFCs) initiative 1 The Financial
More informationCouncil of the European Union Brussels, 22 November 2018 (OR. en)
Council of the European Union Brussels, 22 November 2018 (OR. en) 6236/5/18 REV 5 FISC 68 ECOFIN 121 NOTE From: To: Subject: General Secretariat of the Council Delegations The EU list of non-cooperative
More informationUnderstanding the Caribbean Financial Action Task Force Mutual Evaluation Process Jamaica is slated to undergo its
Understanding the Caribbean Financial Action Task Force Mutual Evaluation Process Jamaica is slated to undergo its next Mutual Evaluation (MEV) during the period June 1-15, 2015. As such, the Financial
More informationThe press and the United States government
Economic Advantages of Life Reinsurance by Kent Scheiwe and Margaret O Connor The press and the government have paid attention to the negative connotations of offshore, particularly regarding tax avoidance
More informationFedEx International Priority. FedEx International Economy 3
SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation
More informationClimate Change and Natural Disasters in Small Island Developing States
Climate Change and Natural Disasters in Small Island Developing States Sofia Bettencourt Rolande Simone Pryce Habiba Gitay Lead Adaptation Specialist Sr. Operations Officer Sr. Environmental Specialist
More informationSUPERVISION PROFILE EASTERN CARIBBEAN CENTRAL BANK (ECCB)
SUPERVISION PROFILE EASTERN CARIBBEAN CENTRAL BANK (ECCB) 1. (a) SUPERVISORY AGENCY Eastern Caribbean Central Bank (ECCB) (b) CATEGORIES OF FINANCIAL INSTITUTIONS FOR WHICH IT HAS REGULATORY OVERSIGHT
More informationFinancing Universal Health Coverage (UHC) in the Caribbean: The Fiscal Space Issue
Financing Universal Health Coverage (UHC) in the Caribbean: The Fiscal Space Issue Stanley Lalta Health Economics Unit, UWI Presented at PAHO/WHO Workshop Barbados, 22-23 October 2012 Organisation of Presentation
More informationToday s Presentation. Background. Objectives
Today s Presentation GLOBAL LABOUR MARKET INEQULITIES AND POPULATION HEALTH: An analysis of American countries Carles Muntaner DLSPH, University of Toronto Edwin Ng Centre for Research in Inner City Health,
More informationFOREWORD. Trinidad and Tobago
2016/17 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are
More informationReforming Tax Incentives to Support Sustainable Development
Reforming Tax Incentives to Support Sustainable Development A Caribbean Perspective: Saint Lucia s Roadmap Dr. Reginald Darius Permanent Secretary, Ministry of Finance Saint Lucia Background Revenue performance
More informationBelize FedEx International Priority. FedEx International Economy 3
SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation
More informationBelize FedEx International Priority. FedEx International Economy 3
SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation
More informationSTATEMENT OF INTERIM FINANCIAL POSITION (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018
STATEMENT OF INTERIM FINANCIAL POSITION (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 STATEMENT OF FINANCIAL POSITION As of September 30, 2018 (expressed in thousands of United States dollars)
More informationWhen will CbC reports need to be filled?
Who will be subject to CbCR? Country by Country Reporting (CbCR) applies to multinational companies (MNCs) with a combined revenue of euros 750 million or more When will CbC reports need to be filled?
More informationOIC & ORSA. Thanita Anusonadisai Director of Capital and Solvency Standard Department Office of Insurance Commission, Thailand
OIC & ORSA Thanita Anusonadisai Director of Capital and Solvency Standard Department Office of Insurance Commission, Thailand Agenda http://www.oic.or.th Changes in insurance regulatory approach Update
More informationTURKS & CAICOS ISLANDS FINANCIAL SERVICES COMMISSION Capital Adequacy and Solvency Guidelines for Domestic Insurers
TURKS & CAICOS ISLANDS FINANCIAL SERVICES COMMISSION Capital Adequacy and Solvency Guidelines for Domestic Insurers 1. Introduction This Guideline applies specifically to all domestic insurers 1, licensed
More informationSUMMARY OF THE RESULTS OF THE COMMERCIAL BANK SENIOR LOAN OFFICERS OPINION SURVEY ON CREDIT MARKET CONDITIONS IN THE ECCU (JULY TO DECEMBER 2016)
SUMMARY OF THE RESULTS OF THE COMMERCIAL BANK SENIOR LOAN OFFICERS OPINION SURVEY ON CREDIT MARKET CONDITIONS IN THE ECCU (JULY TO DECEMBER ) EASTERN CARIBBEAN CENTRAL BANK ST KITTS SUMMARY OF THE RESULTS
More informationAnalyzing the Impact of the Global Financial Crisis on the Government of Trinidad and Tobago Fiscal Accounts
Analyzing the Impact of the Global Financial Crisis on the Government of Trinidad and Tobago Fiscal Accounts Presented by: Richard Cassie and Kester Thompson XLIV (44 th) Annual Conference of Monetary
More informationNon-XIS Return for 2016: Business not processed through Xchanging or via the Lloyd s Direct Reporting process
market bulletin Ref: Y5045 Title Non-XIS Return for 2016: Business not processed through Xchanging or via the Lloyd s Direct Reporting process Purpose To arrange the collection of all premiums and claims
More informationInternational Title Insurance Products. By: James L. Gosdin Stewart Title Guaranty Company (800)
International Title Insurance Products By: James L. Gosdin Stewart Title Guaranty Company (800) 729-1902 jgosdin@stewart.com March 2009 TABLE OF CONTENTS I. International Title Insurance Products...1 II.
More informationSUPERVISION GUIDELINE NO. 4
SUPERVISION GUIDELINE NO. 4 ISSUED UNDER THE AUTHORITY OF PART II, SECTION 7(4) OF THE FINANCIAL INSTITUTIONS ACT 1995, (NO. 1 OF 1995) CAPITAL ADEQUACY RATIO Issued : Bank of Guyana To all depository
More informationMACROECONOMIC EFFECTS OF FOREIGN EXCHANGE RESERVES. By: Kevin Greenidge, Roland Craigwell, Sashana Whyte and Sidonia McKenzie
MACROECONOMIC EFFECTS OF FOREIGN EXCHANGE RESERVES By: Kevin Greenidge, Roland Craigwell, Sashana Whyte and Sidonia McKenzie Introduction Stylised Facts Literature Review Methodology Results Conclusions
More informationNon-XIS Return for 2015: Business not processed through Xchanging or via the Lloyd s Direct Reporting process
market bulletin Ref: Y4945 Title Non-XIS Return for 2015: Business not processed through Xchanging or via the Lloyd s Direct Reporting process Purpose To arrange the collection of all premiums and claims
More informationInternational Monetary Fund Washington, D.C.
28 International Monetary Fund March 28 IMF Country Report No. 8/92 Belize: Selected Issues This Selected Issues paper for Belize was prepared by a staff team of the International Monetary Fund as background
More informationUpdate on Regulatory Changes in the Eastern Caribbean Currency Union
Update on Regulatory Changes in the Eastern Caribbean Currency Union 24th Annual CAA Conference Hilton Barbados Resort Bridgetown, Barbados December 3 to December 5, 2014 Update on Legislative Changes
More information1. Background. CCRIF SPC s sustainability relies on certain key factors:
Terms of Reference Peer Review of the Financial Module of the Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA) for Central America and the Caribbean 1. Background In 2007, the Caribbean Catastrophe
More informationNew Generalized Systems of Preferences: What does it mean for you? Countries excluded from new scheme
Customs & Global Trade 2013 New Generalized Systems of Preferences: What does it mean for you? Countries excluded from new scheme In October last year, the Council adopted a regulation amending the European
More informationSCHEDULE OF REVIEWS (DECEMBER 2017)
2016-2020 SCHEDULE OF REVIEWS (DECEMBER 2017) 2016-2021 SCHEDULE OF EOIR REVIEWS 1. At its meeting in Jakarta on 21-22 November 2013, the Global Forum agreed that a new round of peer reviews for the Exchange
More informationLICAT Overview. December 1 st, Jacques Tremblay, FCIA, FSA, MAAA
LICAT Overview December 1 st, 2017 Jacques Tremblay, FCIA, FSA, MAAA 1. Introduction Choosing a risk based capital framework Will the new LICAT fit the bill for Caribbean regulators? Versions of MCCSR
More informationTHE CARIBBEAN: RETHINKING POLICY FRAMEWORKS IN THE WAKE OF THE RECENT FINANCIAL FAILURES
THE CARIBBEAN: RETHINKING POLICY FRAMEWORKS IN THE WAKE OF THE RECENT FINANCIAL FAILURES Michael DaCosta DaCosta Associates Kari Grenade Caribbean Development Bank Tracy Polius Caribbean Centre for Money
More informationTHE CHANGING FACE OF REGULATION IN THE EASTERN CARIBBEAN
THE CHANGING FACE OF REGULATION IN THE EASTERN CARIBBEAN PRESENTED BY ANGUS SMITH FCCA, MSM, CGA AT THE 29 TH ANNUAL INSURANCE ASSOCIATION OF THE CARIBBEAN CONFERENCE EL CONQUISTADOR HOTEL PUERTO RICO
More informationCommonwealth Regulatory Workshop Caribbean Countries and Global Financial Regulation A Practitioner s Forum Port of Spain, Trinidad and Tobago Friday
Commonwealth Regulatory Workshop Caribbean Countries and Global Financial Regulation A Practitioner s Forum Port of Spain, Trinidad and Tobago Friday 26 th August 2011 1 Transparency and Exchange of Information
More informationArgentina Tax amnesty: the day after
Argentina Tax amnesty: the day after Walter C. Keiniger December 2016 YES to amnesty: exchange of Information DTTs (Art. 26 OECD Model) Provisions or agreements signed by Argentina Bilateral Agreements
More informationJuly 2017 CASH MARKET TRANSACTION SURVEY 2016
July 2017 CASH MARKET TRANSACTION SURVEY 2016 CONTENTS Page Key findings... 1 Figures and tables... 4 1. Distribution of market trading value by investor type... 4 2. Distribution of overseas investor
More informationA M Best s Rating Report. United Insurance Company Limited. Revision Date: August 17, United Insurance Co. Ltd. has a Rating of A- (Excellent)
A M Best s Rating Report United Insurance Company Limited Bridgetown, Barbados Revision Date: August 17, 2011 United Insurance Co. Ltd. has a Rating of A- (Excellent) Non-Life Business Ultimate Parent:
More informationUPDATE. COMMON REPORTING STANDARD IN THE CAYMAN ISLANDS. What is CRS? Participating Jurisdictions
www.kensington-trust.com UPDATE COMMON REPORTING STANDARD IN THE CAYMAN ISLANDS The Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015
More informationTerms of Reference Technical Expert for CCRIF SPC Central America SP
Terms of Reference Technical Expert for CCRIF SPC Central America SP 1. Background In 2007, the Caribbean Catastrophe Risk Insurance Facility was formed as the first multi-country risk pool in the world,
More informationFEBRUARY 28, 2018 FEES FOR INTERNATIONAL PAYMENT OPERATIONS SERVICES (NON-RESIDENTS) PODGORICA, MONTENEGRO
FEBRUARY 28, 2018 FEES FOR INTERNATIONAL PAYMENT OPERATIONS SERVICES (NON-RESIDENTS) PODGORICA, MONTENEGRO LEGAL ENTITIES (NON-RESIDENTS) No Type of service Fee 1. Current account maintenance 1.1 Account
More informationInternational Regulatory Developments
International Regulatory Developments An Introduction to Solvency II Simone Brathwaite, FSA, FCIA, CERA Principal Oliver Wyman December 2, 2010 Many bodies driving global regulatory change A simplification
More informationTHE COMMON REPORTING STANDARD ("CRS") UPDATE FOR OCORIAN CLIENTS
JERSEY BRIEFING November 2015 THE COMMON REPORTING STANDARD ("CRS") UPDATE FOR OCORIAN CLIENTS At present 93 countries will implement CRS over a two year period commencing 1 January 2016. The CRS initiative
More informationOECD Common Reporting Standard Getting into the Detail STEP / GAT
OECD Common Reporting Standard Getting into the Detail STEP / GAT Jo Huxtable Martin Popplewell 11 February 2016 Agenda Introduction CRS and the wider regulatory environment CRS latest developments and
More informationApplicant Guidelines CCRIF Regional Internship Programme 2018
Applicant Guidelines CCRIF Regional Internship Programme 2018 About CCRIF SPC In 2007, the Caribbean Catastrophe Risk Insurance Facility was formed as the first multi-country risk pool in the world, and
More informationInsurance Summit Mr Raymond Tam Executive Director (Policy and Development) Insurance Authority 21 September 2017
Insurance Summit 2017 Mr Raymond Tam Executive Director (Policy and Development) Insurance Authority 21 September 2017 Priority of Policy Initiatives Development of risk-based capital regime Facilitation
More informationINVESTOR S INFORMATION ABOUT THE KNOWLEDGE AND EXPERIENCE IN THE FIELD OF INVESTMENT
INVESTOR S INFORMATION ABOUT THE KNOWLEDGE AND EXPERIENCE IN THE FIELD OF INVESTMENT Prior to the purchase of investment units, we recommend providing information about your investment knowledge and experience.
More informationInternational Monetary Fund Washington, D.C.
211 International Monetary Fund March 211 IMF Country Report No. 11/74 ` January 29, 21 21 January 18, 211 Trinidad and Tobago: Selected Issues This selected issues paper on Trinidad and Tobago was prepared
More informationTerms of Reference GIS Review of the Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA) for Central America and the Caribbean
Terms of Reference GIS Review of the Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA) for Central America and the Caribbean 1. Background In 2007, the Caribbean Catastrophe Risk Insurance
More informationis one of the most beautiful and lush islands in the West Indies, sometimes referred to as the Spice Isle due to the vast locally grown spices.
Grenada Citizenship by Investment GRENADA Grenada is the most southerly of the Windward Islands in the Caribbean, and is a tiny point on most world maps with an area of only 133 square miles with a population
More informationTRANS WORLD COMPLIANCE, INC. CARIBBEAN ASSOCIATION OF BANKS, INC. & BARBADOS INTERNATIONAL BUSINESS ASSOC. Presents: FATCA compliance update
TRANS WORLD COMPLIANCE, INC. IN PARTNERSHIP WITH CARIBBEAN ASSOCIATION OF BANKS, INC. & BARBADOS INTERNATIONAL BUSINESS ASSOC. Presents: FATCA compliance update AGENDA Current FATCA status / update FATCA
More informationCOTE 2017 ARMCHAIR DISCUSSION ECONOMIC PERSPECTIVES ON THE REGION. Anthony Peter Gonzales
COTE 2017 ARMCHAIR DISCUSSION ECONOMIC PERSPECTIVES ON THE REGION Anthony Peter Gonzales 11/10/2017 GROWTH RATES Since 2009 the majority of Caribbean countries have grown on average 1.2% per year, compared
More informationHome Insurance Solutions
Home Insurance Solutions A guide to how our home insurance solutions are designed to offer peace of mind by providing solid, reliable coverage that best suits your needs. More than a house, a home! Owning
More informationField Tests of Economic Value-Based Evaluation and Supervisory Method. - Summary of the Results -
March 28, 2017 Financial Services Agency Field Tests of Economic Value-Based Evaluation and Supervisory Method - Summary of the Results - Table of Contents I. Background and objectives... 2 I.1. Background...
More informationAUTOMATIC EXCHANGE OF INFORMATION (AEOI)
AUTOMATIC EXCHANGE OF INFORMATION (AEOI) As the world becomes increasingly globalised, money can be transferred from one jurisdiction to another with ease. While this may help to facilitate trade and boost
More informationInternational Trade Data System (ITDS) Source: Last Updated: 4/23/2004
International Trade Data System (ITDS) Source: http://www.itds.treas.gov/gsp.html Last Updated: 4/23/2004 The United States of America under the Generalized System of Preferences (GSP), provides preferential
More informationThe Solvency II project and the work of CEIOPS
Thomas Steffen CEIOPS Chairman Budapest, 16 May 07 The Solvency II project and the work of CEIOPS Outline Reasons for a change in the insurance EU regulatory framework The Solvency II project Drivers Process
More informationWelcome. Page 3 Page 4 Page 5 Page 7 Page 8 Page 9 Page 10 Page 11 Page 13 Page 18 Page 19 Page 21 Page 22
Welcome Justis Page 2 JustisOne, our flagship legal research platform, gives you access to the most comprehensive collection of common law cases, including a large selection of exclusive cases and an extensive
More informationPublic Procurement networks in Latin America and the Caribbean
Session #7: Cross regional Learning: Cases in Caribbean and Latin American Countries Public Procurement networks in Latin America and the Caribbean Asia Pacific Public Electronic Procurement Network 2nd
More informationTHE CARIBBEAN SUBRCGTON
Ia r i b b e a n Ie v e l o p m e n t AND IO-OPERATION lommittee THE CARIBBEAN SUBRCGTON CT7 o o Antigua and Barbuda Aruba Bahamas % Barbados Belize Br. Virgin Islands Cuba Dominica t>> Dominican Republic
More informationBOARDS OF GOVERNORS 2008 ANNUAL MEETINGS WASHINGTON, D.C.
BOARDS OF GOVERNORS 2008 ANNUAL MEETINGS WASHINGTON, D.C. INTERNATIONAL MONETARY FUND WORLD BANK GROUP INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL
More informationDebt Burden and Fiscal Sustainability in the Caribbean Region IMF- Presentation
Debt Burden and Fiscal Sustainability in the Caribbean Region IMF- Presentation Trevor Alleyne Division Chief Caribbean I Division Western Hemisphere Department International Monetary Fund- IMF Meeting
More information