Featured Product

    IAIS Publishes Newsletter for April 2019

    April 30, 2019

    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

    Related Articles
    News

    EU Amends CRD4 and CRD5 as Part of Capital Markets Recovery Package

    EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.

    February 26, 2021 WebPage Regulatory News
    News

    EU Committee Recommends Systemic Risk Buffer of 4.5% in Norway

    The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.

    February 25, 2021 WebPage Regulatory News
    News

    PRA Clarifies Approach to Onshoring of Credit Risk Rules for UK Banks

    In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.

    February 25, 2021 WebPage Regulatory News
    News

    FSB Sets Out Work Priorities for 2021

    In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.

    February 25, 2021 WebPage Regulatory News
    News

    EU Publishes Corrigendum to Revised Capital Requirements Regulation

    EU published, in the Official Journal of the European Union, a corrigendum to the revised Capital Requirements Regulation (CRR2 or Regulation 2019/876).

    February 25, 2021 WebPage Regulatory News
    News

    ESAs Issue Statement on Application of Sustainability Disclosures Rule

    ESAs published a joint supervisory statement on the effective and consistent application and on national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR).

    February 25, 2021 WebPage Regulatory News
    News

    EC Consults on Crisis Management and Deposit Insurance Frameworks

    EC published a public consultation on the review of crisis management and deposit insurance frameworks in EU.

    February 25, 2021 WebPage Regulatory News
    News

    HKMA Enhances Loan Guarantee Scheme to Alleviate Pressure on SMEs

    HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.

    February 24, 2021 WebPage Regulatory News
    News

    EBA Proposes Standards for Supervisory Cooperation Under IFD

    EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.

    February 24, 2021 WebPage Regulatory News
    News

    BoE Addresses Banks in Scope of First Resolvability Assessment

    BoE issued a letter to the CEOs of eight major UK banks that are in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle.

    February 24, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6629