Featured Product

    IAIS Updates List of Internationally Active Insurance Groups in 2020

    December 07, 2020

    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

    Related Articles
    News

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News
    News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News
    News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News
    News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News
    News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8521