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 industr...
| Main Authors: | , |
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2012/06/18170275/brazil-financial-sector-assessment-program http://hdl.handle.net/10986/15974 |
| Summary: | 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. |
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