Basel Committee on Banking Supervision Joint Forum

The final version of this document was published in August 2013.

Basel Committee on Banking Supervision

Joint Forum Mortgage insurance: market structure, underwriting cycle and policy implications

Consultative document

February 2013

The final version of this document was published in August 2013.

The final version of this document was published in August 2013.

This publication is available on the BIS website (). ? Bank for International Settlements 2013. All rights reserved. Brief excerpts may be reproduced or

translated provided the source is cited. ISBN 92-9131 918-X (print) ISBN 92-9197- 918-X (online)

The final version of this document was published in August 2013.

The final version of this document was published in August 2013.

THE JOINT FORUM

BASEL COMMITTEE ON BANKING SUPERVISION INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS

C/O BANK FOR INTERNATIONAL SETTLEMENTS CH-4002 BASEL, SWITZERLAND

Mortgage insurance: market structure, underwriting cycle and policy implications

Consultative document

February 2013

The final version of this document was published in August 2013.

The final version of this document was published in August 2013.

Contents

Executive summary ............................................................................................................... 1 Introduction and background.................................................................................................. 1 Market structure overview ...................................................................................................... 2 Regulatory framework that applies to mortgage insurers ....................................................... 5 Mortgage underwriting standards and the underwriting cycle ................................................. 5 Recommendations for policymakers and supervisors ............................................................ 8 Annex A: Background to the work ? regulatory and supervisory impetus ............................. 11 Annex B: Overview of individual country MI markets............................................................ 13 References .......................................................................................................................... 34

Mortgage insurance: market structure, underwriting cycle and policy implications

The final version of this document was published in August 2013.

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