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August 24, 2018

The August issue of the IAIS newsletter highlights the conclusion of the 11th Annual Global Seminar, which featured two days of discussion on topics such as ComFrame, the Insurance Capital Standard (ICS), and the holistic framework for the mitigation of systemic risk. Also examined were emerging issues such as climate risk and cybersecurity, along with the role of insurance in promoting inclusive economic development.

The Executive Committee achieved key milestones on several current commitments to the post-financial crisis reform agenda, including approval of the consultation documents for the draft overall ComFrame and ICS Version 2.0. It approved consultation on the draft issues paper on the increasing use of digital technology in insurance, adopted the issues paper on climate change risks to the insurance sector, approved the mandate of the FinTech Forum, discussed the status of the 2018 global systemically important institution (G-SII) data collection exercise and approved the draft strategic plan  (for 2020-2024) to be released for member comment. Additional key updates for this month are as follows:

  • On September 12 in Basel, IAIS will hold a stakeholder meeting on recovery planning and resolution to discuss revisions to supervisory material on recovery planning in Insurance Core Principle (ICP) 16 (Enterprise Risk Management for Solvency Purposes) and the ComFrame material integrated therein, as well as on the ComFrame material integrated into ICP 12 (Exit from the Market and Resolution). There will also be an opportunity for stakeholders to provide inputs for the development of an application paper on recovery planning.
  • At its meeting on July 23, the Policy Development Committee agreed to recommend certain items to the Executive Committee for approval for public consultation. These include draft issues paper on the increasing use of digital technology in insurance and its potential impact on consumer outcomes; overall comFrame for a 90-day public consultation; and ICS Version 2.0 consultation document, along with the 2018 Field Testing Package. The Committee also agreed to publish a summary of the main comments from the public consultation launched in November 2017 on ComFrame material in ICP 8 (Risk Management and Internal Controls), ICP 15 (Investment), and ICP 16 and the resolution thereof.
  • At its meeting, the Capital, Solvency and Field Testing Working Group discussed proposed revisions to ICP 15s and 16 as a result of the public consultation in November 2017. The Working Group will next meet in Basel from October 16-19 to discuss preliminary results from 2018 Field Testing.

Keywords: International, Insurance, Newsletter, ComFrame, ICP, ICS, Fintech, Climate Change Risks, IAIS

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