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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OSFI proposed revisions to the Basel Capital Adequacy Reporting (BCAR) and leverage requirements returns for the 2023 reporting, with the comment period ending on July 09, 2021.
EBA published a discussion paper on review of the standardized nonperforming loans (NPL) transaction data templates, along with the proposed revised NPL data templates.
Bundesbank updated AnaCredit reporting requirements for banks, with reference to the Notice 8001/2020.
CBUAE has issued a regulation that introduces the licensing and supervision framework for low-risk, specialized banks.
APRA is consulting on CPG 511—the draft Prudential Practice Guide on remuneration for banks, insurers, and superannuation licensees—with the comment period ending on July 23, 2021.
MAS announced a new RegTech grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector.
PRA published a letter that sets out findings from the 2020 Internal Audit Review of the Collections function of a sample of non-systemic banks and building societies.
EIOPA launched a consultation on the Interbank Offered Rate (IBOR) transitions, in context of the EU Benchmarks Regulation.
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BCB amended the resolution that establishes technical requirements and operational procedures for the implementation of open banking in Brazil, with the amended resolution entering into force on its publication date.