IAIS published the newsletter for April 2019, which highlights that IAIS published the aggregate report on "Phase 2 Implementation Assessment of the Global Systemically Important Insurers (G-SII) Policy Measures (Liquidity Management Plan)" in April 2019. Phase 2 builds on the Phase 1 annual self-assessment, with more intensive reviews on the consistency of implementation of G-SII policy measures.
This newsletter also contains an article that describes the preparations of the Implementation and Assessment Committee (IAC) to deliver on the high-level goals of the next strategic plan of IAIS. Additional key updates for this month are as follows:
- The Supervisory Forum met on April 16-17 in Bermuda and discussed a variety of topics, including the use of new technology by supervisory bodies, trends in reinsurance, management of legacy insurance (run-off) portfolios, and supervision of insurers’ exposure to climate risk and cyber risk. The Forum also received presentations from local industry speakers on topics such as reinsurance and global trends in insurance markets.
- At its meeting on April 03-04, the Resolution Working Group discussed outcomes on the 2018 public consultation on ComFrame material related to recovery and resolution integrated into the Insurance Core Principle (ICP) 12 on exit from the market and resolution and ICP 16 on enterprise risk management for solvency purposes. The Working Group also discussed the resolution of comments on the public consultation on the application paper on recovery planning. Both materials are expected to be adopted by the Annual General Meeting in November.
- The Standards Assessment Working Group met on April 08-09 and discussed the development of the Self-Assessment Tool (in cooperation with the A2ii). The working group also discussed the progress of the Peer Review Process on ICPs 1 and 2 (Supervisor) as well as on ICPs 4, 5, 7, and 8 (Corporate Governance and Risk Management).
- The Supervisory Material Review Task Force met on March 27-28 to discuss, among other items, the consistency of revisions (by other subcommittees) to ICPs and ComFrame, including those related to the holistic framework for systemic risk in the insurance sector, review of the IAIS glossary, and introduction and assessment methodology to ICPs and ComFrame.
Keywords: International, Insurance, Newsletter, ComFrame, ICP, G-SII, Recovery and Resolution, IAIS
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The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.