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Kingdom of the Netherlands-Netherlands: Financial Sector Assessment Program:: Technical Note-Insurance and Pension Sectors

Autor: Fondo Monetario Internacional (FMI)
Año: 2017
Resumen: The governance, accountability, and internal processes of the supervisors, operating under a well-functioning twin-peaks model, are robust. Nevertheless, further coordination in some areas could boost the efficiency of supervision. Important positive regulatory developments have taken place in the insurance and the pension sectors since the FSAP. However, elements affecting the operational independence of the supervisors remain present in the legislation. The supervisory approaches of the DNB and AFM have increased in forward-looking and riskbased aspects. The current approach to on-site supervision requires strong confidence in the off-site tools. Group supervision has significantly improved but, in some cases, important powers for a comprehensive group supervision are not available. The focus on Solvency II implementation remains strong; however, supervisory arbitrage remains a risk that needs to be addressed at the EU level. Notwithstanding the Solvency II ratios well above 100 percent, the life sector is fragile. The DNB should remain vigilant and closely monitor the transition into Solvency II. The non-life sector is highly competitive and nonprofitable if investment income is excluded. The winding up of insurers can be a lengthy process that requires a strengthening of current resolution tools at the national and the EU levels to protect policyholders. The second pillar pension system is under stress with over ninety percent of the pension funds in terms of assets to be subject to a recovery plan as of Q2-2016. The pension system is in transition and a new model is under discussion. When designing the new pension system consideration should be made to reinstate the qualities that existed in the system and add portability.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries

Autor: Nozaki, Masahiro
Año: 2017
Resumen: How much of an internal rate of return would a sustainable pay-as-you-go pension system offer current and future generations equally? The answer is the sum of the Long-Run Biological Interest Rates (LBIR), the real-world equivalent of Samuelson’s (1958) biological interest rate, and future productivity growth. Reflecting global population ageing, the median LBIR across 172 countries is as low as 1 percent per year. The LBIRs are particularly low in advanced countries, estimated to be negative in many of them, and require ample financial reserves today or future productivity growth to maintain participation in pension schemes. On the other hand, the LBIRs in less developed regions, such as in sub-Saharan Africa, are relatively high, indicating a potential to use a pay-as-you-go scheme to expand the coverage of public pensions. Raising the retirement age by five years brings up the LBIR by 40 basis points, significantly improving the long-run budget constraint of a pension scheme.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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Bulgaria Financial Sector Assessment Program: Insurance and Pensions Supervision

Autor: Grupo Banco Mundial
Año: 2017
Resumen: This technical note results from the Financial Sector Assessment (FSAP) conducted in the period 17 January 2017 and 1 February 2017. The note covers the activities of the Financial Supervision Commission (FSC), the state of the pension and insurance sectors and the challenges to their development. The exercise for insurance did not involve a full assessment against the Insurance Core Principles of the International Association of Insurance Supervisors. During the FSAP, meetings were held with the Chairperson, Deputy Chairpersons and senior staff of the FSC and representatives of both the pension and insurance sectors.

Fuente: Banco Mundial
Clasificación: Seguro
Tipo de Publicación: Notas de Pensiones
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Social Citizenship for Older Persons?: Measuring the Social Quality of Social Pensions in the Global South and Explaining their Spread

Autor: Böger, Tobias; Leisering, Lutz
Año: 2017
Resumen: Social pensions - non-contributory provisions for old age, mostly means-tested—have mushroomed in the global South since the 1990s, and have also been advocated by international organizations. Using the data base FLOORCASH constructed by the authors and their research team, they cover all countries of the global South, to go beyond existing case studies and selective comparisons. The authors investigate the contribution of social pensions to rights-based social protection and seek to explain their spread across the global South. While in Northern welfare states universal social services and social insurance are seen as the hallmarks of social citizenship as conceived by T.H. Marshall, measured by indices such as Esping-Andersen’s decommodification index, this paper advances a conceptualization of social rights that includes means-tested benefits, in order to recognize the bigger role of non-contributory transfers in developing countries. Applying a new measure of the social quality of social pensions, the authors detect considerable differences between countries, which are not reducible to the common distinction universal vs. means-tested benefits. Combing the social quality measure with the dimension of scale (population covered), the authors identify four normative models of old-age security. One of these models might herald a new social model for the South. Finally the paper applies event history analysis to explain the spread of social pensions across the global South, finding that standard domestic variables, subscription to international norms, and pension reform events were central drivers of social pension expansion.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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A Comprehensive Multi-Sector Tool for Analysis of Systemic Risk and Interconnectedness (SyRIN)

Autor: Fabio Cortes; Peter Lindner; Sheheryar Malik; Miguel Angel Segoviano
Año: 2017
Resumen: This paper presents the Systemic Risk and Interconnectedness (SyRIN) tool. SyRIN allows a comprehensive assessment of systemic risk via quantification of the impact of risk amplification mechanisms, due to interconnectedness structures across banks and other financial intermediaries—insurance, pension fund, hedge fund and investment fund sectors, which cannot be captured when analyzing sectors independently. The tool produces various metrics to evaluate systemic risk from complementary perspectives, including tail risk, crossentity interconnectedness and the contribution to systemic risk by different entities and sectors. SyRIN is easily implementable with publicly available data and can be adapted to cater to different degrees of institutional granularity and data availability. The framework is designed to be a tool to identify vulnerabilities from a top-down perspective that can lead to deeper analysis in specific sectors for policy formulation.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Regulación y Supervisión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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