IMF paper: Governance Practices at Financial Regulatory and Supervisory Agencies
30 July 2009
Almost 90 % of banking-only supervisors view monitoring systemic risks and maintaining financial stability as mandates.
The IMF has published a paper summarising the results of a survey of financial supervisory agencies in IMF member countries conducted in 2007. The survey asked respondents about their governance structure and practices, as well as practices and policies related to public transparency and accountability.
The survey results are summarised below:
Specific findings for Insurance Supervisors:
- Most insurance supervisors did not consider monitoring systemic risks and maintaining financial stability as mandates.
- Insurance supervisors appear to be less independent than other types of supervisors.
- 44% of insurance-only supervisors have industry representatives on their governing body (much higher than other agencies).
- Less than half of insurance supervisors have the ability to set salary levels for their staff.
- More dependent on fees for funding than most other supervisory types.
General Findings:
- Legal protection for supervisors does not continue after they leave office. This can act as a deterrent to supervisors exercising supervisory powers.
© International Monetary Fund
