Insight Report Insurance Governance, Risk and Compliance in Asia-Pacific by
Timetric
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Insight Report Insurance Governance, Risk and Compliance in Asia-Pacific Synopsis 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. Inquire for discount @ http://marketreportsstore.com/discount/?rname=13565 . Š Market Reports Store / Contact sales@marketreportsstore.com
Insight Report Insurance Governance, Risk and Compliance in Asia-Pacific Continued‌ 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. Buy a Copy of Report @ http://marketreportsstore.com/purchase?rname=13565 . Š Market Reports Store / Contact sales@marketreportsstore.com
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Insight Report Insurance Governance, Risk and Compliance in Asia-Pacific
Continued… 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. For more reports on Banking & Financial Services Click Here Contact sales@marketreportsstore.com / Call +1 888 391 5441 for further information on “Insight Report Insurance Governance, Risk and Compliance in Asia-Pacific” report OR for any other market research and intelligence needs you may have for your business. © Market Reports Store / Contact sales@marketreportsstore.com
Insight Report Insurance Governance, Risk and Compliance in Asia-Pacific
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