Featured Product

    IAIS Publishes Newsletter for Summer 2019

    August 12, 2019

    IAIS publishes the Summer issue of its newsletter. The newsletter highlights that IAIS published its a review of its work in 2018, the strategic plan for 2020–2024, and the public roadmap for 2019. The review of the work in 2018 highlights that IAIS moved closer to finalizing the post-crisis reform agenda. The strategic plan for 2020–2024 incorporates strategies to respond to the trends and developments in ways that best add value to members and leverage the potential for effective collaboration with partner organizations, other standard-setting bodies, and industry stakeholders. The public roadmap for 2019 serves to inform stakeholders of the key activities of IAIS and to facilitate greater awareness and engagement in these activities.

    The newsletter highlights that the consultation on revisions to the Insurance Core Principles (ICPs) and ComFrame related to the holistic framework for systemic risk in the insurance sector is underway. IAIS is seeking feedback on supervisory review and reporting (ICP 9) and ComFrame in ICP 9; preventive measures, corrective measures, and sanctions (ICP 10); enterprise risk management for solvency purposes (ICP 16) and ComFrame in ICP 16; public disclosure (ICP 20); and macro-prudential supervision (ICP 24). IAIS has also issued a public consultation on IAIS supervisory material, including draft revised IAIS glossary; draft ComFrame assessment methodology; changes in the introduction to ICPs and ICP 7 (corporate governance) for consistency with ComFrame development.

    The Accounting and Auditing Working Group held a conference call on August 02 to obtain stakeholder views on the IASB exposure draft amendments to IFRS 17 on insurance contracts. The Working Group will consider stakeholder comments as it drafts the IAIS comment letter to IASB during August. The Working Group will next meet on September 23-24 to discuss the IASB agenda, audit quality issues, and jurisdictional implementation activities of IFRS 17. The newsletter also mentions that IAIS, in July, released the sixth edition of the Global Insurance Market Report (GIMAR), discussing (re)insurance market developments as well as several topics of interest. The 2018 GIMAR discusses how U.S. life insurers use derivatives for hedging and how insurers tend to favor their home jurisdictions as investment destinations. In addition, the report looks at the liquidity of insurance asset portfolios as well as the macro-prudential tools supervisors are employing to test for system-wide shocks.

     

    Keywords: International, Insurance, Reinsurance, ICPs, ComFrame, GIMAR, IFRS 17, Insurance Contracts, Macro-Prudential Tools, Strategic Plan, Roadmap, IAIS

    Featured Experts
    Related Articles
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Methodology and Draft Templates for Stress Tests in 2020

    EBA published a package for the 2020 EU-wide stress test exercise for banks.

    November 07, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of Plenary Meeting in Paris

    At the meeting, the Plenary reviewed vulnerabilities in the global financial system, fintech developments (including developments in the crypto-asset markets), ongoing work of FSB, and the work program for 2020.

    November 07, 2019 WebPage Regulatory News
    News

    EC Publishes Results of Fitness Check of Reporting Requirements in EU

    EC published results of the fitness check of supervisory reporting requirements in financial services legislation in EU.

    November 07, 2019 WebPage Regulatory News
    News

    BCBS Assesses NSFR and LE Rules in Argentina and China as Compliant

    BCBS published reports that assess the implementation of net stable funding ratio (NSFR) and large exposures, or LE, framework in Argentina and China.

    November 07, 2019 WebPage Regulatory News
    News

    HKMA Highlights Technology Initiatives at the Hong Kong FinTech Week

    HKMA co-organized, with InvestHK, the Hong Kong FinTech Week 2019, which was a five-day flagship fintech event that attracted thousands of attendees worldwide.

    November 06, 2019 WebPage Regulatory News
    News

    ECB Report on Fallback Provisions in Contracts Referencing EURIBOR

    ECB published a report, by private sector working group on euro risk-free rates, presenting recommendations for fallback provisions in contracts for cash products and derivative transactions referencing EURIBOR.

    November 06, 2019 WebPage Regulatory News
    News

    EC Regulation on Homogeneity of Underlying Exposures in Securitization

    EC published the Delegated Regulation 2019/1851 regarding the regulatory technical standards on the homogeneity of the underlying exposures in securitization.

    November 06, 2019 WebPage Regulatory News
    News

    FSI Examines Regulatory Approaches on Climate Risk Assessment

    The Financial Stability Institute (FSI) of BIS published a paper that examines the regulatory approaches being used for climate risk assessment in the insurance sector, in particular through enterprise risk management (ERM) frameworks.

    November 06, 2019 WebPage Regulatory News
    News

    SRB Launches Q&A Process for Resolution Reporting

    SRB has setup a dedicated solution for raising questions on the resolution reporting.

    November 06, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4112