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Other direct insurance
covers all other forms of
casualty insurance. Included are term life insurance;
accident and health insurance (unless these are provided
as part of government social security schemes); marine,
aviation and other transport insurance; fire and other
property damage; pecuniary loss insurance; general
liability insurance; and other insurance, such as travel
insurance and insurance related to loans and credit cards.
3.106.
Reinsurance
is the process of subcontracting
parts of the insurance risk, often to specialized operators,
in return for a proportionate share of the premium
income. Reinsurance transactions may relate to packages
that mix several types of risks.
3.107.
Auxiliary services
comprises transactions that are
closely related to insurance and pension fund operations.
Included are agents’ commissions, insurance brokering
and agency services, insurance and pension consultancy
services, evaluation and adjustment services, actuarial
services, salvage administration services, and regulatory
and monitoring services on indemnities and recovery
services.
51
Insurance costs up to the customs frontier of the exporting
economy are included in the f.o.b. value of the goods
exported. In this case, if the insurance services are provided
by non-residents of the exporting economy, they should be
included in
insurance services-debits
of the exporting
economy and
insurance services-credits
of the economy that
provides the services.
6. Financial services
3.108.
Financial services
covers financial
intermediation and auxiliary services, except those of
life insurance enterprises and pension funds (which are
included in
life insurance and pension funding
) and
other insurance services that are conducted between
residents and non-residents. Such services may be
provided by banks, stock exchanges, factoring
enterprises, credit card enterprises and other
enterprises.
52
Included are services provided in
connection with transactions in financial instruments, as
well as other services related to financial activity, such
as advisory, custody and asset management services. In
addition, two memorandum items are recommended,
financial intermediation services indirectly measured
and
financial services including FISIM
. These are
included to provide a means by which total financial
services may be more completely compared
internationally, because financial institutions in some
countries may charge explicitly for services that can be
measured only indirectly in others.
3.109.
In general, financial intermediaries incur
liabilities that they then lend to other entities on terms
and conditions different from those applicable to their
incurrence of liabilities. That is, they intermediate
between lenders and borrowers by channelling funds
from one to the other, putting themselves at risk in the
process. The liabilities incurred and the assets acquired
through this process are shown on the balance sheets of
the intermediaries. These activities comprise
financial
intermediation
.
3.110. In principle,
financial intermediation
services
should also include FISIM, reflecting services that are
not explicitly charged. FISIM is described briefly in box
5. The 1993 SNA recommends the allocation of FISIM
to consuming sectors, including as a component of the
external account of goods and services, in effect
reclassifying a portion of interest income as financial
services. However, the 1993 SNA also allows countries
not to allocate any production of FISIM, consistent with
the approach in the 1968 SNA. For practical reasons
and reflecting the views of national balance of payments
compilers at the time of its writing, BPM5 does not
recommend including an estimate of FISIM in exports
and imports of services. In consonance with the principle
52
A more detailed breakdown of the component
financial
services
, appropriate to the particular need to provide data
useful for negotiations under GATS, may be developed after
publication of the present
Manual
.
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