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
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EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.
ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.
EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).
PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.
The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.
FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.
OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.
To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).
HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.