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
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.