Featured Product

    IAIS Publishes Report on 2019 G-SII Identification Process

    December 13, 2019

    IAIS published a report on the 2019 global systemically important insurer (G-SII) identification process. The IAIS analysis is focused on identifying G-SIIs, which are insurers whose distress or disorderly failure would potentially cause significant disruption to the global financial system and economic activity. BIS and IAIS collaborate to conduct a data collection exercise to enable IAIS to assess the potential systemic importance of insurers in the global context (the G-SII Project). IAIS also published the instructions that supplement the guidelines for G-SII data collection exercises by setting out the specificities of the 2019 G-SII data collection exercise conducted for the G-SII Project.

    IAIS used the 2016 G-SII Assessment Methodology to complete the 2019 G-SII data collection exercise. The 2016 G-SII Assessment Methodology adds an extra level of transparency to the annual G-SII identification process for both participating insurers and the public. The data template used for the G-SII assessment process this year has been provided in the Annex to the report. In 2019, IAIS collected data from 52 insurers. Two Insurer Pool participants in 2018 were excluded in 2019 and two new participants were added in 2019. Pursuant to paragraph 83 of the 2016 Assessment Methodology, IAIS will release several pieces of information to the public and these are:

    • The aggregate totals for the denominators for each Phase II indicator
    • The Absolute Reference Values (ARV) used for the Phase II indicators, including the numerator, denominator, and any other factors used to establish the Absolute Reference Value
    • The data template and instructions used in the G-SII assessment process
    • The data elements from the data template that comprise the formulae for the Phase II indicators
    • Analysis of aggregate trends in the Insurer Pool
    • A description of the nature of the additional analysis undertaken

    The internal processes of IAIS for the analysis of the data collected pursuant to the guidelines and the instructions have been described in the IAIS G-SII Assessment Methodology. For a complete overview of data collection and processing in connection with the G-SII Project, the guidelines, instructions, and G-SII Assessment Methodology should be read together. Additional granular data items were collected as part of the 2019 data collection exercise, in comparison with the 2018 exercise. This data collection will support IAIS in the finalization of the holistic framework for systemic risk in the insurance sector.

     

    Keywords: International, Insurance, G-SII, G-SII Project, Instructions, Data Collection, Identification Process, Assessment Methodology, IAIS

    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    BIS Bulletins Discuss DeFi Lending and Aspects of Crypto-Assets

    The Bank for International Settlements (BIS) published bulletins on lending in decentralized finance (DeFi) system, on blockchain scalability and fragmentation of crypto, and on extractable value and market manipulation in crypto and decentralized finance.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8292