Financial markets

Insurance and Private Pensions Compendium for Emerging Economies

 

January 2002

The importance of the economic and social role played by private insurance and pensions in domestic economies cannot be denied, especially since insurance companies and pension funds will be increasingly called upon to complement public systems in their social role as providers of retirement and health benefits. Furthermore, insurance companies and pension funds play a pivotal role in financial markets and the economy in general. They are the largest institutional investors in the OECD area and, therefore, have a decisive impact on the development of the economic infrastructure as well as the financial stability of countries. Environmental and technology risks will also generate additional need for insurance. These factors, combined with the internationalisation and globalisation of markets, as well as with the rise in electronic commerce, will cause additional pressure to liberalise insurance and pensions markets, and to strengthen the regulatory and supervisory framework within which the institutions concerned operate, on the basis of national and international experiences.

The aim of this compendium, undertaken in the framework of the activities of the Centre for Co-operation with Non-Members (CCNM), is to take advantage of the OECD's accumulated work and experience in the insurance and private pensions fields. It offers background information and analysis for policy dialogue, training courses and seminars organised by insurance and private pensions supervisors and regulators in non-Member economies. It seeks to facilitate an exchange of experience on market developments and promote 'best practices' in the regulation and supervision of insurance and private pensions activities, which are essential for the sustainable development of our economies.

This is the first time that such a huge amount of information and analysis has been made available to insurance and private pensions regulators and supervisors world-wide. The diffusion of this unique material reflects the OECD's decision to give to non-Member economies wider access to its accumulated analytical database. I am confident that this compendium will provide a useful tool to insurance and private pensions authorities around the world.

I would wish to thank the Japanese Government for its financial support to this project, as well as all of the contributors: the Delegates to the Insurance Committee and its Working Party on Private Pensions; the various consultants who worked on several reports; and the Insurance and Private Pensions unit of the Financial Affairs Division, which was in charge of this compendium.

Seiichi Kondo, OECD Deputy Secretary-General

Introduction

For the sake of this series, former papers have been updated and new studies have been launched on some specific issues. This is an on-going work since new questions are arising, and changes are rapidly occurring in the markets as well as in regulations due to the increasing globalisation of economies and improvements in technologies. Thus, the compendium will probably require updates and additions in future years.

For this purpose, the compendium brings together a wide range of issues, comparative surveys and reports on insurance and private pensions activities and is articulated around two books: one dealing with the insurance sector and the other with private pensions issues. Both subjects are organised in two parts: one analytical and a more empirical one.

The first book focuses on major policy issues and comparative reports in OECD as well as in non-OECD members in the insurance sector. It contains two main parts: an in-depth analysis of relevant regulatory issues and developments at stake in OECD countries in insurance, such as solvency and taxation, accounting issues and actuarial matters, investment regulation, corporate governance, financial convergence, liberalisation and competition in the insurance market. This first part also presents OECD guidelines on the regulation, supervision and liberalisation of the insurance and reinsurance that provide a basic framework for emerging countries regulators. This part concludes with a glossary of insurance policy terms used in this publication. The second part of the book on insurance activities provides four sets of comparative reports: regulation and supervision, liberalisation, solvency and private health insurance.

The second book highlights in a first part private pensions policy issues such as solvency, or investment regulation of pension funds, pension fund governance, annuities and administrative costs in private pensions markets. It also provides major guidelines on the regulation of private pension schemes. The second part of the second book finally features the main regulatory patterns and evolutions of private pension funds and their regulation and supervision in OECD countries as well as in non-Member economies such as Latin America, Eastern Europe and central Asia.

The views expressed in this series do not necessarily reflect those of the OECD, or the governments of its Members or non-Member economies. These documents have been gathered by the Insurance and Private Pensions Unit of the Financial Affairs Division (Directorate for Financial, Fiscal and Enterprise Affairs). The Compendium has been prepared under the aegis of the activities of the Centre for Co-operation with non-Members and is available on the OECD website under the responsibility of the Secretary-General of the OECD.

Table of Contents

Most of the documents listed below can be downloaded in pdf file format.  Some of the links are to publications currently on sale at the OECD Bookshop. Clicking on the title will take you to details of the publication and a link to the Bookshop.

BOOK 1: INSURANCE SELECTED POLICY ISSUES AND COMPARATIVE STUDIES

Part 1: Selected policy issues

1)  OECD Insurance Guidelines

a) Twenty guidelines for insurance regulation and supervision in emerging economies
b) Detailed principles for the regulation and supervision of insurance markets in emerging economies
c) OECD recommendation of the council on assessment of reinsurance companies
d) Framework for insurance market liberalisation
e) Selected principles for the regulation of investments by insurance companies and pension funds

2)  Solvency issues in insurance companies

a) The supervision of insurance solvency: comparative analysis in OECD countries
b) Policyholder protection funds: rationale and structure

3)  Insurance accounting and actuarial issues

a) Insurance accounting principles
b) The role of the actuary in the supervision of insurance
c) Actuarial issues related to the regulation of pension schemes and life insurance

4)  Investments in insurance companies

a) Portfolio regulation of life insurance companies and pension funds
b) Investment regulation of insurance companies and pension funds
c) Principles for investment regulation of pension funds and life insurance companies

5)  Financial convergence

a) Convergence in the financial services industry
b) Financial services integration worldwide: promises and pitfalls
c) Mergers and acquisitions in the financial services sector

6)  Liberalisation and competition in the insurance market

a) Liberalisation of international insurance operations
b) Liberalisation of insurance markets: issues and concerns
c) Cross-border trade in financial services: economics and regulation
d) Competition issues arising in the insurance industry

7)  Insurance taxation

a) Taxing insurance companies
b)The taxation of life insurance policies in OECD countries: implications for tax policy and planning

8)  Glossary of insurance policy terms

Part 2: Comparative studies and reports

1)  Insurance regulation and supervision

a) Insurance regulation and supervision in OECD countries
b) Insurance regulation and supervision in OECD countries, Asian Economies, Latin-America countries and CEEC and NIS countries
d) Insurance regulation and supervision in Latin America
d) Insurance regulation and supervision in Latin America

2)  Comparative studies on liberalisation

Liberalisation of international insurance operations: comparative tables

3)  Insurance solvency supervision: compilation of country reports

4)  Private health insurance in OECD countries: compilation of national reports

BOOK 2: PRIVATE PENSIONS POLICY ISSUES AND COMPARATIVE STUDIES AND REPORTS

Part 1: Selected policy issues

1)  OECD Private Pension Guidelines

a) Fifteen principles for the regulation of private occupational pension schemes
b) Selected principles for the regulation of investments by insurance companies and pension funds

2)  Solvency in Private pensions

The containment of bankruptcy risk in private pension plans

3)  Investments in pension funds

a) Portfolio regulation of life insurance companies and pension funds
b) Investment regulation of insurance companies and pension funds
c) Principles for investment regulation of pension funds and life insurance companies

4)  Corporate governance and pension fund governance

a) Corporate governance and collective investment instruments
b) Pension fund governance

5)  Annuities in private pensions

a) Private annuities in OECD countries
b) Annuities in comparative perspective: do consumers get their money's worth?

6)  Administrative costs in private pensions

a) Administrative costs and the organisation of individual account systems: a comparative perspective
b) Administrative charges for funded pensions: comparison and assessment of 13 countries

Part 2: comparative studies and reports

1)  Pension regulation and supervision in OECD countries

a) Comparative tables on private pensions schemes
b) Private pensions: selected country profiles
c) Private pension systems: general features
d) Private pensions: regulatory issues

2)  Pension regulation and supervision in other countries

a) Pension funds in Latin America: recent trends and regulatory challenges
b) Pension funds in Latin America: features and limits
c) Public-private interaction in the structural pension reform in Eastern Europe and Latin America
d) The evolution of pension systems in Eastern Europe and Central Asia: opportunities, constraints, dilemmas and emerging practices

 

 

 

Countries list

  • Afghanistan
  • Albania
  • Algeria
  • Andorra
  • Angola
  • Anguilla
  • Antigua and Barbuda
  • Argentina
  • Armenia
  • Aruba
  • Australia
  • Austria
  • Azerbaijan
  • Bahamas
  • Bahrain
  • Bangladesh
  • Barbados
  • Belarus
  • Belgium
  • Belize
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  • Bermuda
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  • Bolivia
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  • Botswana
  • Brazil
  • Brunei Darussalam
  • Bulgaria
  • Burkina Faso
  • Burundi
  • Cambodia
  • Cameroon
  • Canada
  • Cape Verde
  • Cayman Islands
  • Central African Republic
  • Chad
  • Chile
  • China (People’s Republic of)
  • Chinese Taipei
  • Colombia
  • Comoros
  • Congo
  • Cook Islands
  • Costa Rica
  • Croatia
  • Cuba
  • Cyprus
  • Czech Republic
  • Côte d'Ivoire
  • Democratic People's Republic of Korea
  • Democratic Republic of the Congo
  • Denmark
  • Djibouti
  • Dominica
  • Dominican Republic
  • Ecuador
  • Egypt
  • El Salvador
  • Equatorial Guinea
  • Eritrea
  • Estonia
  • Ethiopia
  • European Union
  • Faeroe Islands
  • Fiji
  • Finland
  • Former Yugoslav Republic of Macedonia (FYROM)
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