The Chinese insurance sector is experiencing rapid growth, posing particular challenges to effective supervision. The sector has been growing by over 20 percent a year and there are ambitious government targets for further development.
... See More + Many individual, often newer, companies are growing at rates far in excess of the average. New entrants, products and distribution channels, combined with the liberalization of pricing, have increased competition. At the same time, slower economic growth and reduced investment returns are exposing many established life insurers to the risk of loss due to the rising value of their liabilities. Many non-life companies are moving into new lines of business as margins in established lines erode. While their customers continue to benefit from a dynamic market, there are risks to insurance companies’ business models, performance and to solvency as well as risks of misconduct in the treatment of insurance customers. There are particular challenges for insurance supervisors to remain abreast of developing risks, while continuing to strengthen the regulatory and supervisory system for the longer term. The China Insurance Regulatory Commission (CIRC) has been undertaking far-reaching reforms and modernization since the 2011 FSAP. It has focused its work on improving corporate governance, enforcing sound market conduct and reshaping the solvency standards into a modern, risk-based approach. The China-Risk Oriented Solvency Standards (C-ROSS) draw on international practices and experience in the Chinese market to define solvency requirements that generally reflect risk as well as rewarding sound risk management. By linking the framework to an in-depth assessment of risk management, C-ROSS has also equipped CIRC with a strengthened overall supervisory framework for solvency risk. As a result, CIRC has felt confident to relax or remove less risk-based requirements such as new product (and reinsurance contract) approval as well as detailed limits on insurers’ investments. In parallel with regulatory changes, it has been working to reform and develop the insurance market, liberalizing pricing controls and accommodating the development of new products, although restrictions remain on the access of foreign insurers, especially in life insurance.
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Mind, Behavior, and Development Unit project showed that it is possible to encourage low-income Tanzanians to increase savings by up to 11 percent using the right messages.
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This FOCUS 2 publication provides an in-depth examination of a major corporate governance policy, initiative, or issue through a combination of research, case studies, and expert opinion.
... See More + Unlike a traditional academic research paper, FOCUS aims to provide practical insight or guidance for CG practitioners. This manual, for present and prospective directors of noncomplex banks, is intended to provide a guide to emerging international best practice. It is designed to help boards of directors in a practical way attain, and maintain a high standard of internal governance. A directorship of a complex bank, especially a large one, implies a further dimension; even so, the basic considerations set out in this manual still apply. The paper supplements a country's laws, rules and other local guidance; together, their aim is to set banks and financial institutions on the path towards enduring prosperity. Directors in all countries are advised to familiarize themselves with the scope of the relevant legislation, noting that they may be personally liable for breaches of certain provisions. The intention of the manual is to ensure that the underlying principles are not swamped by the detail, and to give directors a fundamental understanding of their tasks and the context. This document brings home the point that membership of a board of directors of a financial institution is not a matter of personal prestige; it carries a significant burden of personal responsibilities.
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Working Paper (Numbered Series) 34668 JAN 01, 2018
The Executive Directors are hereby notified that the Board record noted in paragraph 2 of this consultation memorandum is responsive to a public request for access to certain records (Access to Information Case No.
... See More + AI5324). The record has been identified by the Corporate Secretariat to be eligible for immediate declassification and disclosure under the Bank’s Policy on Access to Information (“AI Policy”).This public request is for Chairman’s Summing-up of Board meeting of November 26, 1991 – Policy on Tobacco, dated December 10, 1991 (SecM91-1565). Under the AI Policy, information restricted under the “Deliberative Information” exception is eligible for immediate declassification and disclosure in accordance with the AI Policy’s declassification schedule, if the documents concerned do not also contain or refer to restricted information not eligible for declassification. The declassification schedule for Chairman’s Summings-up of Board meetings prepared before January 1, 2002 is five years. Because the requested Board record is restricted only under the “Deliberative Information” exception and satisfies its corresponding declassification schedule age requirements, it is eligible for immediate declassification and disclosure. The requested Board record can be accessed through the link provided in the second paragraph and through the EDs’ Portal under “Access to Information Requests”. Assistance can also be arranged through the Corporate Secretariat’s Board Resource Center.
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A Toolkit for Out-of-Court Workouts was created to achieve two objectives: (1) to provide policy makers with tools to develop a corporate restructuring framework and culture in their country; and (2) to help stakeholders implement informal corporate restructuring principles to try to rescue failing enterprises.
... See More + It is accordingly aimed primarily at policy makers, financial institutions, and insolvency representatives, as well as enterprises. The Toolkit generally examines different models for restructuring, in the understanding that there is no such thing as a "one size fits all" approach, and countries have the ability to develop flexible and varied solutions to meet their specific financial sector needs. Specifically, the focus of the Toolkit is on workouts, which for the purposes of this publication is taken to mean two types of restructuring models: (1) those that involve no judicial involvement (i.e., that are purely out-of-court mechanisms [OCWs]); and (2) those that involve some institutional or judicial involvement (hybrid procedures). Focusing on these models is designed to provide stakeholders with a broader understanding of restructuring and the varied models that different countries are implementing. Included in the Toolkit are sample documents typically used in a workout. These are included only to illustrate certain practicalities and considerations in conducting a workout, and should not be used without legal advice in the jurisdiction of their intended use.
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Since the 2011 financial sector assessment program (FSAP), China’s economic growth has remained strong, although a necessary economic transformation is underway.
... See More + China now has the world’s largest gross domestic product (GDP) in purchasing power parity, and poverty rates have fallen. However, medium-term growth prospects have moderated. The economic transformation requires a fundamental change in the role of the financial system. Although longer-term objectives are clear, policymakers continue to face challenges in balancing short-term growth concerns with long-term financial stability and sustainability. The slow pace of state-owned enterprise (SOEs) reform and limited exit of weak firms have resulted in efficiency losses and reinforced the perception of implicit guarantees. Contingent fiscal liabilities have also grown rapidly. Addressing these tensions is challenging in the context of the strong presence of the state in the financial sector. Maintaining financial stability will also require that remaining gaps in regulatory frameworks be addressed. Further enhancements to crisis management frameworks are needed to allow financial institutions to fail in a manner that minimizes the impact on financial stability and public resources.
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Financial Sector Assessment Program (FSAP) 121926 NOV 01, 2017
On October 13, 2017, International Bank for Reconstruction and Development (IBRD) Board of Governors adopted resolution number six hundred and fifty nine.
... See More + It was resolved that: (a) the Report of the Executive Directors dated August 3, 2017 is hereby noted with approval; (b) the addition to the General Reserve of the IBRD of 672 million dollars, plus or minus anyrounding amount less than $1 million, is hereby noted with approval; and (c) the IBRD transfers to the International Development Association, by way of a grant out of the FY17 allocable net income of the IBRD, 123 million dollars, which amount may be used by the Association to provide financing in the form of grants in addition to loans; such transfer is to be drawn down by the Association immediately upon approval by the Board of Governors of the IBRD.
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On October 13, 2017, the International Bank for Reconstruction and Development (IBRD) Board of Governors adopted resolution number two hundred and forty.
... See More + It was resolved that, the Board of Governors of the Bank consider the Financial Statements, Accountants' Report and Administrative Budget, included in the 2017 Annual Report, as fulfilling the requirements of Article VI, Section 11, of the Articles of Agreement and of Section 8 of the By-Laws of the Association.
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On October 13, 2017, International Bank for Reconstruction and Development (IBRD) Board of Governors adopted resolution number six hundred and fifty eight.
... See More + It was resolved that: the Board of Governors of the bank consider the financial statements, accountants’ report and administrative budget, included in the 2017 annual report, as fulfilling the requirements of article V, section 13, of the articles of agreement and of section 18 of the by-laws of the bank.
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The Chinese insurance sector is experiencing rapid growth, posing particular challenges to effective supervision. The sector has been growing by over 20 percent a year and there are ambitious government targets for further development.
... See More + Many individual, often newer, companies are growing at rates far in excess of the average. New entrants, products and distribution channels, combined with the liberalization of pricing, have increased competition. At the same time, slower economic growth and reduced investment returns are exposing many established life insurers to the risk of loss due to the rising value of their liabilities. Many non-life companies are moving into new lines of business as margins in established lines erode. While their customers continue to benefit from a dynamic market, there are risks to insurance companies’ business models, performance and to solvency as well as risks of misconduct in the treatment of insurance customers. There are challenges for insurance supervisors to remain abreast of developing risks, while continuing to strengthen the regulatory and supervisory system for the longer term. The China Insurance Regulatory Commission (CIRC) has been undertaking far-reaching reforms and modernization since the 2011 FSAP. It has focused its work on improving corporate governance, enforcing sound market conduct and reshaping the solvency standards into a modern, risk-based approach. The China-Risk Oriented Solvency Standards (C-ROSS) draw on international practices and experience in the Chinese market to define solvency requirements that generally reflect risk as well as rewarding sound risk management. By linking the framework to an in-depth assessment of risk management, C-ROSS has also equipped CIRC with a strengthened overall supervisory framework for solvency risk. Thus, CIRC has felt confident to relax or remove less risk-based requirements such as new product (and reinsurance contract) approval as well as detailed limits on insurers’ investments. In parallel with regulatory changes, it has been working to reform and develop the insurance market, liberalizing pricing controls and accommodating the development of new products, although restrictions remain on the access of foreign insurers, especially in life insurance.
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The development objective of the access to finance for micro, small, and medium sized enterprises project for cabo verde is to increase access to finance for micro, small andMedium sized enterprises.
... See More + Some of the negative impacts are includes : (I) deterioration in the air quality due to dust and gas emissions from industries; (ii) increase in ambient noise; (iii) variation in groundwater levels or decline of surface water due to water pumping for industrial needs; (iv) deterioration in the quality of groundwater and surface water following discharges of industrial wastewater; (v) use of fertile land for agriculture or forestry purposes; (vi) use of land adjacent to the industrial area as a dumping ground; (vii) degradation of surrounding ecosystems through exploitation of natural resources (raw materials industries); (viii) in case of significant and permanent drawdown in levels of static fossil groundwater, vegetation growth is reduced, which can accelerate desertification; (ix) habitat degradation of avian wildlife due to the degradation of air quality and noise generated; (x) temporary imbalance between men and women because of the influx of male workers and immigrants, especially during periods of site development and construction of factories; (xi) increased incidence of STDs, especially HIV / AIDS due to the influx of workers; (xii) possible increase in school dropout rates for both girls and boys in rural and urban areas due to new job opportunities in factories. Some of the mitigation measures are includes : (i) plan the implementation of industrial zones so that prevailing winds will push the pollutants towards inhabited areas; (ii) close to residential areas, avoid carrying out noisy work outside normal working hours; (iii) promote the development of closed systems and, especially, for cooling water systems and steam production systems (maximum recovery of condensate); (iv) install separate systems for water collection: rainwater (rainwater from uncontaminated areas), domestic water and industrial contaminated water. This type of collection allows the design of water treatment systems that are better suited to the type of pollution to be treated; (v) use existing borrow pits rather than create new ones; after the work, restore the borrow pits stabilizing slopes and facilitating the regeneration of vegetation; (vi) put in place measures to limit the spread of harmful species that may feed of released industrial waste; (vii) provide control mechanisms in the project to reduce the possibility of a spill or release of hazardous materials; (viii) collect forest products derived from deforestation and identify redistribution mechanisms for local population; (ix) for implantation of food processing or textile industries, promote an ecological agriculture that is respectful of plant diversity for the supply of raw materials; (x) set up a fence around the industrial area to restrict access to the site for wildlife; (xi) provide good spatial organization and an adequate management plan for a balanced spread of population; (xii) awareness and implementation of preventive measures to limit the spread of STDs and to fight against AIDS; (xiii) create awareness for young people around the need for proper training in order to improve their working conditions and living standards.
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