IAIS published the April issue of its newsletter. This issue highlights that IAIS held a public discussion session to provide background information on the resolution of comments received during the public consultation on ComFrame, answer stakeholder questions on the outcome of the consultation, and present the next steps in the development of ComFrame. The newsletter further highlights that the Executive Committee discussed the issues related to the 2018 field testing of the Insurance Capital Standard (ICS).
The Executive Committee also discussed the status update on the IAIS’ Systemic Risk Assessment and Policy Workplan, including progress on the development of an activities-based approach to the mitigation of systemic risk in the insurance sector, and plans for the 2018 Global Systemically Important Insurers (G-SII) assessment exercise. The newsletter also notes the agenda of the upcoming meeting of the Accounting and Auditing Working Group, which includes finalizing draft revised Insurance Core Principle (ICP) 20 on Public Disclosure, IFRS 17 related discussions, dialog with various external organizations, and an interested stakeholder call-in session to provide updates and gather feedback on the key matters of interest.
The newsletter also highlights that IAIS collaborated with the Sustainable Insurance Forum in releasing draft issues paper on climate change risks to the insurance sector. The paper aims to raise awareness, among insurers and supervisors, about the challenges related to climate change, including the current and contemplated supervisory approaches for addressing the climate change risks.
Keywords: International, Insurance, ComFrame, ICP, Newsletter, IAIS
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EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.