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
The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.
The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).
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 Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.
The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.
The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.
The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.