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市場調查報告書

亞太地區的保險業的治理、風險、合規性

Insight Report: Insurance Governance, Risk and Compliance in Asia-Pacific

出版商 Timetric 商品編碼 304964
出版日期 內容資訊 英文 76 Pages
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亞太地區的保險業的治理、風險、合規性 Insight Report: Insurance Governance, Risk and Compliance in Asia-Pacific
出版日期: 2014年05月26日 內容資訊: 英文 76 Pages
簡介

在歐洲和南北美洲的保險市場上國際金融危機之後,推進強化透明度和導入新標準(新清償能力制度等),這種治理、風險、合規性(GRC)體制的強化策略。因此,亞太地區各國的保險市場也試圖整備GRC體制。域內各國的經濟水準和保險制度的整備水準雖然有很大的差異,不過國際組織(保險監督者國際機構(IAIS)、國際貨幣基金組織(IMF)、金融穩定化理事會(FSB)、亞洲發展銀行(ADB)等)促使各國政府,亞太地區也推進著GRC組成架構的整備。具體來說,包含提升清償能力邊際,及強化消費者保護的市場活化,國際會計準則(IFRS)的引進,適用群組層級的審核方等式。另一方面,伴隨GRC組成架構複雜化、巨大化,高技術的人力資源是必須的。

本報告提供亞洲的保險業的治理、風險、合規性(以下GRC)體制的整頓現狀相關分析、全世界的GRC體制整備的趨勢,及各國的GRC組成架構現況、今後的整備項目、附隨的課題等調查。

第1章 摘要整理

第2章 亞太地區市場上治理、風險、合規性

  • 治理、風險、合規性(GRC)的概要
  • 左右GRC組成架構的主要因素
    • IAIS、IMF、FSB、ADB所扮演的角色
    • 國際標準的修訂
    • 防止「看不見的危機」的損失
    • 產業的急速成長
  • 課題、問題
    • 法規結構的規模和複雜性
    • 專家的必要條件
    • 各國政府、保險企業的不確定性與準備不足

第3章 各國的GRC組成架構的概要

  • 先進國家市場
    • 澳洲
    • 日本
    • 新加坡
    • 台灣
    • 印尼
  • 新興國家市場
    • 中國
    • 印度
    • 香港
    • 斯里蘭卡
  • 發展中國家市場
    • 越南
    • 巴基斯坦
    • 澳門
    • 孟加拉國
    • 汶萊

第4章 主要GRC指標分析

  • 執照的許可必要條件與外資進入
    • 先進國家市場
    • 新興國家市場
    • 發展中國家市場
  • 海外直接投資
  • 最低股本必要條件
  • 清償能力(支付能力)必要條件
    • 先進國家市場
    • 新興國家市場
    • 發展中國家市場

第5章 GRC組成架構的新趨勢與其影響

  • 風險為基礎的清償能力標準的適用
  • 新會計標準的引進
  • 保險統計法的風險評估、保險費估計方式的適用
  • 對消費者保護的著重
  • 在群組層級的監督體制

第6章 附錄

圖表一覽

目錄
Product Code: IS0874MR

The report provides insights into the governance, risk and compliance framework in the Asia-Pacific region:

  • It provides an overview of the insurance regulatory framework in various Asia-Pacific countries.
  • It describes key factors driving changes in the GRC framework in the Asia-Pacific region.
  • It provides insights into key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, and solvency requirements.
  • It outlines escribes emerging trends and developments shaping the GRC framework in the Asia-Pacific region.

Summary

As the insurance markets in the countries of the European Union work towards achieving greater transparency, enhanced ability in identifying exposure to risk, greater process efficiency and control (by adopting Solvency II standards) and other governance, risk and compliance (GRC) initiatives, many countries of the Asia-Pacific region are also following suit. The Asia-Pacific region comprises diverse economies with significantly varying GRC frameworks governing the respective insurance industries. The region consists of economies with highly developed and complex regulatory environments, and those with only basic regulatory standards. The pace of regulatory developments and changes has increased in the Asia-Pacific region in recent times, as insurance regulators are focusing on enhancing their GRC frameworks.

After the global financial crisis, insurance regulators in Europe and America markets are strengthening their GRC frameworks with specific focus on prudential standards and consumer protection standards. Key initiatives in this area include the implementation of Solvency II in Europe region, and the adoption of risk-based solvency frameworks and IFRS standards by many countries. These developments have influenced Asia-Pacific insurance regulators to enhance their own GRC frameworks to keep pace with international trends.

International and regional organizations, including the International Association of Insurance Supervisors (IAIS), International Monetary Fund (IMF), Financial Stability Board (FSB) and Asian Development Bank (ADB), promote the adoption of international best practices across insurance industries. Insurance regulators receive help from such organizations in developing and enhancing GRC frameworks and implementing new standards in line with the international best practices.

Most countries in the Asia-Pacific region are strengthening their solvency frameworks and consumer protection standards. Countries which have already implemented risk-based capital adequacy standards, such as Australia and Singapore, are enhancing their standards by incorporating internal models for risk assessment, enterprise risk management standards, new public disclosure requirements and additional risks for solvency margin calculation. Other countries which have a factor-based solvency margin framework, such as China, Hong Kong and Sri Lanka, are moving towards adopting risk-based capital adequacy standards.

Insurance regulators are strengthening consumer-protection standards to boost consumer confidence and promote growth in the Asia-Pacific insurance industry. Insurance regulators in the Asia-Pacific region are implementing new regulatory standards for the protection of policyholders' data collected by insurance organizations for various purposes. Most regulators are educating customers by creating awareness about various insurance products, and most countries have either established, or are in the process of establishing, policyholders' protection funds in order to compensate policyholders in the case of insolvency of an insurer.

In an effort to standardize accounting standards across the world, the International Accounting Standard Board is continuously developing the existing ones and releasing IFRS standards. The IASB has published IFRS 9 standards which will be effective from January 1, 2015, and is expected to publish IFRS 4 Phase II standards in 2015, with an expected implementation date of January 1, 2018. Many Asia-Pacific countries have already adopted IFRS standards, or are in the process of converging their accounting standards with IFRS standards. Countries that have already adopted or are adopting IFRS standards will be required to implement these new ones.

Group-level supervision is the next level of supervisory standards, which provides full protection to the policyholders from any type of risk that may arise from the parent company, or any of its subsidiaries, in a complex group structure. This provides an immense challenge for the regulator, in terms of developing and implementing a comprehensive group level supervision, and also for the insurance group companies to comply with the new standards. Within the Asia-Pacific region, Japan, Australia and China have adopted group level supervision framework, which are in their nascent stage of development, while Singapore is in the process of implementing - and Hong Kong considering the implementation of - a group-level supervisory framework.

GRC frameworks for insurance businesses are highly complex, and require expertise with necessary skill sets and knowledge to understand and implement regulatory standards. It takes years to develop and implement complex regulatory standards specifically related to prudential matters, and implementation of new regulatory standards requires a huge amount of time and expenditure over a period of time. A lack of qualified resources is a major challenge for the development and implementation of regulatory standards. Integrating and complying with the ever-changing regulatory requirements with existing business processes is a major challenge for insurance companies. The requirement of additional investments to implement new regulatory standards puts immense capital pressure on insurance companies that are financially not sound.

Scope

  • This report covers the insurance regulatory frameworks of Australia, Japan, Singapore, Taiwan, Indonesia, China, India, Hong Kong, Sri Lanka, Vietnam, Pakistan, Macau, Bangladesh and Brunei.
  • The insurance regulatory frameworks of Asia-Pacific countries are analyzed on the basis of their stage of development, complexity level and effectiveness to regulate their respective insurance industries.
  • The report analyzes key factors influencing reforms in the insurance regulatory framework across the Asia-Pacific region.
  • The report analyzes key trends and developments in the GRC framework in the Asia-Pacific region, and their impacts on the insurance industry.

Reasons To Buy

  • Gain insights into the insurance regulatory framework in the Asia-Pacific region.
  • Understand factors driving reforms in the insurance regulatory framework in the Asia-Pacific region.
  • Gain information about key regulatory parameters governing insurance industries in various Asia-Pacific countries.

Table of Contents

1. Executive Summary

2. Governance, Risk and Compliance in Asia-Pacific

  • 2.1. Understanding GRC
  • 2.2. Key Factors Influencing Changes in GRC Framework
    • 2.2.1. Role of IAIS, IMF, FSB and ADB
    • 2.2.2. Development in international standards
    • 2.2.3. Prevention of loss due to unforeseen crisis
    • 2.2.4. Rapid industry growth
  • 2.3. Issues and Challenges
    • 2.3.1. Size and complexity of regulatory frameworks
    • 2.3.2. Requirement of expert professionals
    • 2.3.3. Uncertainties and unpreparedness of the government and insurance companies

3. Regional Overview of GRC Framework

  • 3.1. Developed Markets
    • 3.1.1. Australia
    • 3.1.2. Japan
    • 3.1.3. Singapore
    • 3.1.4. Taiwan
    • 3.1.5. Indonesia
  • 3.2. Emerging Markets
    • 3.2.1. China
    • 3.2.2. India
    • 3.2.3. Hong Kong
    • 3.2.4. Sri Lanka
  • 3.3. Underdeveloped Markets
    • 3.3.1. Vietnam
    • 3.3.2. Pakistan
    • 3.3.3. Macau
    • 3.3.4. Bangladesh
    • 3.3.5. Brunei

4. Analysis of Key GRC Parameters

  • 4.1. Licensing Requirements and Foreign Participation
    • 4.1.1. Developed markets
    • 4.1.2. Emerging markets
    • 4.1.3. Underdeveloped markets
  • 4.2. Foreign Direct Investment
  • 4.3. Minimum Capital Requirements
  • 4.4. Solvency Requirements
    • 4.4.1. Developed markets
    • 4.4.2. Emerging markets
    • 4.4.3. Underdeveloped markets

5. Emerging Trends and Developments in the GRC Framework, and their Impacts

  • 5.1. Adoption of Risk-Based Solvency Standards
  • 5.2. Introduction of New Accounting Standards
  • 5.3. Implementation of Actuarial Methods for Risk Assessment and Tariff Determination
  • 5.4. Focus on Consumer Protection
  • 5.5. Group-Level Supervision

6. Appendix

  • 6.1. Methodology
  • 6.2. Contact Timetric
  • 6.3. About Timetric
  • 6.4. Timetric's Services
  • 6.5. Disclaimer"

List of Tables

  • Table 1: Major Natural Disasters Across the Asia-Pacific Region - Estimated Losses
  • Table 2: FDI in Insurance Industry
  • Table 3: Minimum Capital Requirement in US$
  • Table 4: Solvency Standards in the Asia-Pacific Region - A Snapshot
  • Table 5: IFRS Adoption in Asia-Pacific Countries
  • Table 6: Policyholders' Protection Funds in Asia-Pacific Countries
  • Table 7: Group-Level Supervision in Asia-Pacific Countries

List of Figures

  • Figure 1: Key Drivers of Regulatory Change in the Asia-Pacific Region
  • Figure 2: Total Insured Loss due to Natural Disasters in the Asia-Pacific Region (US$ Billion)
  • Figure 3: Licensing Requirements and Ease of Doing Business
  • Figure 4: Three Pillars of LAGIC Reforms
  • Figure 5: Three Pillar Structure of C-ROSS
  • Figure 6: Trends and Developments in Regulatory Standards Across the Asia-Pacific Region
  • Figure 7: Adoption of Risk Based Solvency Standards in the Asia-Pacific Region
  • Figure 8: IFRS 4 Phase II Implementation - A Roadmap
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