General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
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 Insights

BCBS Finds Liquidity Risk Management Principles Remain Fit for Purpose

BCBS completed a review of its 2008 Principles for sound liquidity risk management and supervision. The review confirmed that the principles remain fit for purpose.

January 17, 2019 WebPage Regulatory News

HKMA Urges Local Banks to Start Working on FRTB Implementation

HKMA announced that it plans to issue a consultation paper on the new market risk standard in the second quarter of 2019.

January 17, 2019 WebPage Regulatory News

EBA Finalizes Guidelines for High-Risk Exposures Under CRR

EBA published the final guidelines on the specification of types of exposures to be associated with high risk under the Capital Requirements Regulation (CRR). The guidelines are intended to facilitate a higher degree of comparability in terms of the current practices in identifying high-risk exposures.

January 17, 2019 WebPage Regulatory News

MAS Guidelines on Risk Mitigation Requirements for OTC Derivatives

MAS published guidelines on risk mitigation requirements for non-centrally cleared over-the-counter (OTC) derivatives contracts.

January 17, 2019 WebPage Regulatory News

BoE Publishes the Schedule for Statistical Reporting for 2019

BoE published the updated schedule for statistical reporting for 2019. The reporting institutions use the online statistical data application (OSCA) to submit statistical data to BoE.

January 16, 2019 WebPage Regulatory News

PRA Delays Final Direction on Reporting of Private Securitizations

PRA and FCA have delayed the issuance of final direction, including the final template, on reporting of private securitizations, from January 15, 2019 to the end of January 2019.

January 15, 2019 WebPage Regulatory News

SNB Updates Forms on Supervisory Reporting for Banks

SNB published Version 1.7 of reporting forms (AUR_U, AUR_UEA, AUR_UES, AURH_U, AUR_K, AUR_KEA, and AURH_K) and the related documentation for supervisory reporting on an individual and consolidated basis.

January 15, 2019 WebPage Regulatory News

BCBS Finalizes Market Risk Capital Framework and Work Program for 2019

BCBS published the final framework for market risk capital requirements and its work program for 2019. Also published was an explanatory note to provide a non-technical description of the overall market risk framework, the changes that have been incorporated into in this version of the framework and impact of the framework.

January 14, 2019 WebPage Regulatory News

EBA Single Rulebook Q&A: First Update for January 2019

EBA published answers to 13 questions under the Single Rulebook question and answer (Q&A) updates for this week.

January 11, 2019 WebPage Regulatory News

PRA Proposes to Amend Supervisory Statement on Credit Risk Mitigation

PRA published the consultation paper CP1/19 that is proposing changes to the supervisory statement (SS17/13) on credit risk mitigation.

January 10, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2473