Featured Product

    IAIS Publishes Newsletter for August 2018

    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

    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