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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PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.
EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.
EC launched a consultation to revise the network and information systems (NIS) Directive (2016/1148), which was adopted in July 2016 and is the first horizontal internal market instrument aimed at improving the resilience of the EU against cybersecurity risks.
PRA published a statement that outlines its view on the implications of LIBOR transition for contracts in scope of the “Contractual Recognition of Bail-In” and “Stay in Resolution” parts of the PRA Rulebook.
PRA published the policy statement PS15/20 to reflect additional resilience associated with higher macro-prudential buffers in a standard risk environment with a reduction in Pillar 2A capital requirements.
BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.
FCA announced proposals that would provide continued support for certain consumer credit products to users, who are facing a financial impact because of the exceptional circumstances arising from the COVID-19 pandemic.
ACPR published a draft version of taxonomy RAN 1.4.0_PWD1, along with the related documentation, for Solvency II reporting.
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).