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Cyprus :, Financial Sector Assessment Program Update: Technical Note: Insurance Regulation and Supervision

This paper examines the Insurance Regulation and Supervision for Cyprus’s Financial Sector Assessment Program. The domestic nonlife market is dominated by motor insurance which accounted for 58 percent of net premiums. All Cypriot business is reinsured with nondomiciled reinsurers. Health insurance is regulated as nonlife business when written as add-ons to accident and sickness or as life business when written with life policies. A number of professional bodies and self-regulatory industry associations complement the regulatory regime for the insurance industry
Table Of Contents
Cover; Contents; Glossary; Executive Summary; I. Background; II. Market Structure and Performance; III. Implementation of IAIS Insurance Core Principles; A. Conditions for Effective Insurance Supervision; B. The Supervisory System; C. The Supervised Entities; D. Ongoing Supervision; E. Prudential Requirements; F. Markets and Consumers; IV. Recommended Action Plan; Table; 1. Recommended Action Plan to Improve Observance of Insurance Core Principles; V. Authorities' Response to the Assessment; Appendixes; I. List of Companies and Industry/Professional Associations Interviewed
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (29 p.)
Specific Material Designation
Form Of Item

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