IAIS updated the list of Internationally Active Insurance Groups (IAIGs). IAIS has compiled this list or register based on information received from group-wide supervisors. As of December 07, 2020, 48 IAIGs have been identified by relevant group-wide supervisors from 16 jurisdictions. Out of these 48 IAIGs, 35 IAIGs have been publicly disclosed by relevant group-wide supervisors from 13 jurisdictions. One more jurisdiction has publicly disclosed an IAIG since the last update in November 2020.
The group-wide supervisors are responsible for identification of IAIGs, in cooperation with other involved supervisors, after considering whether a group meets both the following criteria, provided in the Common Framework for Supervision of IAIGs (ComFrame):
- Internationally active—Premiums are written in three or more jurisdictions; and gross written premiums outside the home jurisdiction are at least 10% of the group’s total gross written premiums.
- Size (based on a three-year rolling average)—Total assets are at least USD 50 billion or total gross written premiums are at least USD 10 billion.
ComFrame, which was adopted in November 2019, establishes supervisory standards and guidance focusing on the effective group-wide supervision of IAIGs. ComFrame provides supervisors with a common language for the supervision of IAIGs. Through the ICP Self-Assessment Tool questionnaires, supervisors can assess the level of observance of the Insurance Core Principles (ICPs), with the results generated immediately after the completion of a questionnaire. In limited circumstances, as described in the ComFrame guidance, the group-wide supervisor has the discretion to determine that a group is not an IAIG even if it meets the criteria or that a group is an IAIG even if it does not meet the criteria.
Keywords: International, Europe, EU, UK, IAIG, Group-Wide Supervisor, ComFrame, ICP, IAIS
Previous ArticleFDIC Proposes Rule to Resolve Double-Counting Associated with CECL
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.
ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.
EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).
PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.
The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.
FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.
OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.
To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).
HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.