The MSCI emerging market equity index rose  2  BIS Review 44/2007  by almost 30 per cent in 2006 and by approximately 7 per cent thus far in 2007. Emerging market credit ratings have also improved since the end of 2004, marginally to below BB+, while there were 38 sovereign rating upgrades compared to only two downgrades.
In addition, the Reserve Bank has followed up with individual insurers whose compliance levels were assessed as low or poor – 19 of the 36 insurers sampled. These insurers were provided with specific feedback and required to provide a written response on the findings, actions taken and timeframes.