Related items
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The Insurance Sector in the Middle East and North Africa : Challenges and Development AgendaThis paper studies the causes of the low
 development of the insurance sector in the Middle East and
 North African (MENA) region, particularly for long term
 insurance. The paper shows that life and non-life premiums,
 as well as assets, are very low relative to expected levels
 given per capita income and demographic characteristics, and
 examines the causes of such poor performance. There is a
 wide range of factors constraining the development of the
 industry, including the absence of mandatory insurance in
 key areas, the predominant presence of the state in some
 countries, gaps in regulation and supervision, unsupportive
 tax regimes, fragmented market structures, a chronic lack of
 suitably skilled people, as well as the absence of products
 that conform with cultural/religious preferences, especially
 in the case of life insurance. The lack of development of
 the insurance sector is a matter of concern, as research
 shows that the sector can contribute to both financial and
 economic development. Key recommendations to accelerate the
 development of the sector include wider introduction of
 mandatory insurance lines that have clear positive
 externalities, continuing the privatization process for
 government owned insurers, employing non capital techniques
 to force rationalization of insurance sectors with too many
 small and inefficient players, removing tax distortions,
 taking steps to stabilize motor third party liability
 markets (typically the largest line of business),
 strengthening reporting and disclosure, regulating
 banc-assurance, improving consumer protection, further
 developing Takaful long term insurance ('Family
 Insurance'), and establishing regional centers of
 excellence for skills development.
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Financial Sector Assessment Program Update - Albania : Insurance Core PrinciplesThis assessment of Albania's compliance with the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICP) was carried out as part of the 2013 Financial Sector Assessment Program (FSAP). Although this is the second FSAP for Albania, this is the first external assessment of Albania's compliance with the ICPs. The Albanian Financial Supervisory Authority (AFSA) has all the responsibility for insurance regulation and supervision in Albania. This assessment is based upon information made available to the assessor in preparation for and during the November 2013 FSAP mission. The AFSA contributed its self-assessment and a detailed update thereof at the individual criterion level. Further sectoral information (including responses to a questionnaire sent out in advance) was provided before and during the mission. Comprehensive documentation, including all relevant laws, by-laws and regulations were: (i) available on the AFSA's web-site; or (ii) provided to the assessor by the AFSA's management.
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Slovenia : Pilot Diagnostic Review of Governance of the Insurance SectorThis review looks at the governance of
 the insurance sector in Slovenia, analyzing the legal
 framework and its enforcement and the adoption of corporate
 governance principles by firms. It is intended to provide
 policy makers and insurers in Slovenia, and other countries,
 with insight into existing corporate practices, and to offer
 a framework of good practices that can assist lawmakers in
 their efforts to strengthen governance in the insurance
 sector. The report may also contribute to the ongoing
 international debate on good corporate governance practices
 in insurance sector companies worldwide. It has three
 objectives: improving the description of good practices
 related to governance of insurance sectors; conducting a
 diagnostic review of Slovenian insurance governance against
 these benchmarks, and providing recommendations on ways of
 further improving the corporate governance of the Slovenian
 insurance sector. The review concludes with recommendations
 for auditing and risk evaluation, and advises that, although
 Slovenia's three finance regulators have served it well
 to date, the regulatory and supervisory structure for the
 finance sector is in need of more review before a joint
 working group could be established to implement the legal,
 organizational, media, and sequencing issues involved in
 creating an integrated regulatory agency.