IAIS published the November issue of its newsletter. This issue marks the 25th anniversary of IAIS and highlights that IAIS has reached an agreement on a comprehensive set of reforms designed to strengthen effective cross-border supervision of Internationally Active Insurance Groups (IAIGs) and to contribute to global financial stability. Additionally, IAIS published its 2018 annual report in which it focused intensively on supporting IAIS members to deliver its commitments to the post-crisis reform agenda. IAIS also announced the appointment of Dr. Manuela Zweimueller as Head of Supervisory Practices, with effect from January 01, 2020.
In November 2019, IAIS finalized the comprehensive review and update of IAIS Insurance Core Principles (ICPs), which are applicable to the supervision of all insurers. IAIS also adopted the Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector and the Common Framework, or ComFrame, that provides the first global framework for effective and globally consistent supervision of IAIGs. IAIS agreed on the Insurance Capital Standard (ICS) Version 2.0, the quantitative element of ComFrame, for a five-year monitoring period. The assessment of implementation of supervisory material related to ComFrame and the Holistic Framework for assessing and mitigating systemic risk will be led by Dr. Zweimueller.
The newsletter also announced that the Accounting and Auditing Working Group (AAWG) is expected to meet on December 17-18 in Japan to discuss the IASB agenda, audit quality issues, jurisdictional implementation activities of IFRS 17, and Monitoring Group developments. The AAWG will also discuss partnering with other organizations to establishing forums for supervisors to discuss the implementation of IFRS 17.
Keywords: International, Insurance, Newsletter, ComFrame, Systemic Risk, ICS, ICPs, IFRS 17, ICS Version 2.0, IAIS
CBUAE has issued a regulation that introduces the licensing and supervision framework for low-risk, specialized banks.
APRA is consulting on CPG 511—the draft Prudential Practice Guide on remuneration for banks, insurers, and superannuation licensees—with the comment period ending on July 23, 2021.
MAS announced a new RegTech grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector.
PRA published a letter that sets out findings from the 2020 Internal Audit Review of the Collections function of a sample of non-systemic banks and building societies.
EIOPA launched a consultation on the Interbank Offered Rate (IBOR) transitions, in context of the EU Benchmarks Regulation.
EIOPA published a discussion paper on uses cases of, and the European approach to, blockchain and smart contracts in the insurance sector.
HKMA granted a banking license to NongHyup Bank (also NH Bank), which is incorporated in the Republic of Korea.
PRA published a discussion paper that explores options for developing a simpler but resilient prudential framework for banks and building societies that are neither systemically important nor internationally active.
ECB published an opinion on the proposal for a regulation on the pilot regime for market infrastructures based on distributed ledger technology.
EBA proposed regulatory technical standards that specify how to identify the appropriate risk-weights and conditions when assessing minimum loss given default (LGD) values for exposures secured by immovable property.