Featured Product

    IAIS Sets Key Priorities and Welcomes Five New Members

    December 08, 2020

    IAIS published a summary of the developments at its 27th Annual Conference, the Annual General Meeting of members, and the Executive Committee meetings. During the meetings, IAIS finalized numerous projects, discussed the impact of COVID-19 pandemic on the global insurance sector as well as the associated supervisory responses, welcomed new IAIS members, and set th direction for 2021. The IAIS Executive Committee determined key priorities for the coming years, which will be codified in the IAIS Roadmap 2021-2022 and published in early 2021.

    At the IAIS Annual General Meeting, members approved the 2019 Annual Report, welcomed five new members to IAIS, and elected new Executive Committee members. The five new IAIS members are Agência Angolana de Regulação e Supervisão de Seguros (Angola), Financial Services Regulatory Authority of Ontario (Canada), International Financial Services Centers Authority (India), National Bank of Ukraine (Ukraine), and the Insurance and Pensions Commission (Zimbabwe). At its recent meetings, the IAIS Executive Committee reviewed the analysis of quantitative and qualitative data from the IAIS’ Global Monitoring Exercise (GME), which is part of its Holistic Framework. Data for the Global Monitoring Exercise is collected directly from insurance groups and supervisory authorities worldwide. Put in place just last year, the Global Monitoring Exercise was quickly adapted to assess the impact of COVID-19 on the global insurance sector. Findings of this exercise will be published soon in as part of the Global Insurance Market Report (GIMAR). 

    The 27th Annual Conference program included panels on climate risk management in the insurance sector and on reducing the insurance protection gap. The panel on climate risk management explored the role of insurers and insurance supervisors in embedding the management of climate and environmental risks into business and supervisory practice. Additionally, the panel on reducing the insurance protection gap explored activities that insurers, supervisors, and policymakers have been undertaking to improve access to insurance. Overall, climate risk and sustainability are key themes of the IAIS Strategic Plan 2020-2024, including its partnership with the UN Environmental Program’s Sustainable Insurance Forum. Finally, the IAIS Executive Committee determined the following four overarching priorities for the coming years:

    • Risk assessment and maintenance of financial stability, including ongoing assessment of potential vulnerabilities arising from the impact of COVID-19 pandemic
    • Delivery of key post-crisis reforms, including further refinement of the Insurance Capital Standard (ICS) during the current five-year monitoring period and consistent implementation of the Holistic Framework
    • Actions to address the risks and opportunities of key trends, especially those accelerated by the COVID-19 crisis, like technological innovation, cyber risk, climate risk, and financial inclusion to address the protection gap; focus on diversity and inclusion and helping emerging market and developing economies shift to risk-based supervision will also factor heavily in IAIS work
    • Implementation support and assessment, specifically reinforcing the extensive program of member support to help insurance supervisors understand and implement IAIS standards

    Keywords: International, Insurance, COVID-19, Roadmap, Climate Change Risk, ESG, Global Monitoring Exercise, ICS, Holistic Framework, IAIS

    Featured Experts
    Related Articles
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    MAS Amends Notice on Related Party Transactions of Banks

    MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.

    April 08, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Euro Short-Term Rate

    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.

    April 07, 2021 WebPage Regulatory News
    News

    EBA Consults on Standards Related to FRTB-SA

    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).

    April 07, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules Related to IRB Approach for Credit Risk

    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.

    April 07, 2021 WebPage Regulatory News
    News

    BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK

    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.

    April 06, 2021 WebPage Regulatory News
    News

    FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks

    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.

    April 06, 2021 WebPage Regulatory News
    News

    OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks

    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.

    April 06, 2021 WebPage Regulatory News
    News

    EU Amends CRR and Securitization Regulation in Response to Pandemic

    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).

    April 06, 2021 WebPage Regulatory News
    News

    HM Treasury Announces G7 Agreement on Green Agenda Ahead of COP26

    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.

    April 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6821