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
December 05, 2018

IAIS published the newsletter for November and December 2018. The newsletter highlighted that IAIS concluded its Annual Conference in Luxembourg and, in the meetings preceding the Annual Conference, IAIS took a major step forward with respect to the development of its holistic framework for the assessment and mitigation of systemic risk in the insurance sector, which is another key component of the post-financial crisis reform agenda. IAIS is consulting on holistic framework for the assessment and mitigation of systemic risk in the insurance sector from November 2018 to January 2019.

The Executive Committee also endorsed as drafts, the revised Insurance Core Principles on Risk Management and Internal Controls (ICP 8), Investments (ICP 15), Enterprise Risk Management for Solvency Purposes (ICP 16), and Public Disclosure (ICP 20), which are to be published for information purposes prior to adoption in the Annual General Meeting in late 2019. In addition, the Executive Committee adopted the application paper on supervision of insurer cybersecurity and the issues paper on increasing digitalization in insurance and its potential impact on consumer outcomes. The newsletter further notes that IAIS published the 2017 Annual Report, which covers its many activities and accomplishments during the 2017 calendar year, along with the individual committee and subcommittee reports and the approved financial statements.

The newsletter also noted that IAIS completed Phase 1 of the Core Curriculum Project and work is underway on some Phase 2 modules. Phase 1 focuses on updating modules with modest editing to align the content with current ICPs, making the content usable and accessible. Phase 2 focuses on updating and enhancing the Core Curriculum modules to encourage their use by supervisory authorities. The Implementation and Assessment Committee met in Luxembourg on November 06 to discuss several topics, including finalization of Phase 1 of the Core Curriculum (37 modules and a case study) and the approval process for Phase 2 modules. The Committee also discussed updates on the different assessments underway on ICPs on Objectives, Powers and Responsibilities of the Supervisor (ICP 1) and Supervisor (ICP 2). Initial high-level findings on the Phase 2 assessment on Liquidity Management and Planning among Group-Wide Supervisors, as part of the G-SII Policy Measures, and upcoming Peer Review Process on ICPs on Licensing (ICP 4), Suitability of Persons (ICP 5), Corporate Governance (ICP 7), and ICP 8 were also discussed at the meeting.

Additionally, the Macro-prudential Committee met in Luxembourg on November 06 and received progress updates on the 2018 Global Insurance Market Report and deliverables from the Task Force on Systemically Important Banks and Insurers. The agenda of the next meeting of Accounting and Auditing Working Group includes a discussion on the potential implications for ICP 20 on future approval of the holistic framework for systemic risk in the insurance sector; IFRS 17-related discussions; discussion of a potential comment letter on the IASB discussion paper on financial instruments with characteristics of equity; dialog with various external organizations; and a call-in session with interested stakeholders to provide updates and gather feedback on key matters of interest.

Keywords: International, Insurance, Newsletter, ICP, Systemic Risk, IAIS

Related Insights
News

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

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

January 18, 2019 WebPage Regulatory News
News

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
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
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
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
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
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
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
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
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
RESULTS 1 - 10 OF 2480