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アジア太平洋地域の保険業におけるガバナンス・リスク・コンプライアンス

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

発行 Timetric 商品コード 304964
出版日 ページ情報 英文 76 Pages
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アジア太平洋地域の保険業におけるガバナンス・リスク・コンプライアンス Insight Report: Insurance Governance, Risk and Compliance in Asia-Pacific
出版日: 2014年05月26日 ページ情報: 英文 76 Pages
概要

欧州や南北アメリカの保険市場では国際金融危機の後に、透明性の強化や新基準(ソルベンシーIIなど)の導入といった、ガバナンス・リスク・コンプライアンス(GRC)体制の強化策が進められてきました。それを受けて、アジア太平洋地域諸国の保険市場でもGRC体制の整備が図られています。域内各国の経済水準や保険制度の整備水準には大きな差が存在しますが、国際機関(保険監督者国際機構(IAIS)、国際通貨基金(IMF)、金融安定化理事会(FSB)、アジア開発銀行(ADB)など)が各国政府を促して、アジア太平洋地域でもGRCフレームワークの整備を推進しています。具体的には、ソルベンシー・マージンの引き上げや、消費者保護の強化による市場活性化、国際会計基準(IFRS)の導入、グループレベルでの監査方式の適用などが挙げられます。他方、GRCフレームワークが複雑化・巨大化するのに伴い、高いスキルを有する人材が必要となってきています。

当レポートでは、アジアの保険業におけるガバナンス・リスク・コンプライアンス(以下GRC)体制の整備状況について分析し、世界的なGRC体制整備の傾向や、各国のGRCフレームワークの現状、今後の整備項目、付随する課題などを調査しております。

第1章 エグゼクティブ・サマリー

第2章 アジア太平洋地域市場におけるガバナンス・リスク・コンプライアンス

  • ガバナンス・リスク・コンプライアンス(GRC)の概略
  • GRCフレームワークを左右する主な要素
    • IAIS・IMF・FSB・ADBの役割
    • 国際基準の改訂
    • 「見えざる危機」による損失の防止
    • 業界の急速な成長
  • 課題・問題
    • 規制枠組みの規模と複雑性
    • 専門家の要件
    • 各国政府・保険企業の不確実性と準備不足

第3章 各国のGRCフレームワークの概略

  • 先進国市場
    • オーストラリア
    • 日本
    • シンガポール
    • 台湾
    • インドネシア
  • 新興国市場
    • 中国
    • インド
    • 香港
    • スリランカ
  • 途上国市場
    • ベトナム
    • パキスタン
    • マカオ
    • バングラデシュ
    • ブルネイ

第4章 主なGRC指標の分析

  • 免許の許可要件と外資参入
    • 先進国市場
    • 新興国市場
    • 途上国市場
  • 海外直接投資
  • 最低自己資本要件
  • ソルベンシー(支払い能力)要件
    • 先進国市場
    • 新興国市場
    • 途上国市場

第5章 GRCフレームワークの新たな動向とその影響

  • リスクベースのソルベンシー基準の適用
  • 新会計基準の導入
  • 保険統計法によるリスク評価・保険料算定方式の適用
  • 消費者保護への注力
  • グループレベルでの監督体制

第6章 付録

図表一覧

目次
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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