IAIS published its report on process for the 2018 global systemically important insurer (G-SII) identification. The IAIS analysis is focused on identifying G-SIIs—insurers whose distress or disorderly failure would potentially cause significant disruption to the global financial system and economic activity. In collaboration with IAIS, BIS conducts data collection exercises to enable IAIS to assess the potential systemic importance of insurers in a 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 2018 G-SII data collection exercise conducted for the G-SII Project.
The guidelines provide a general overview of the data collection exercises conducted for the G-SII Project and how the requested data will be utilized, along with the applicable confidentiality protections. The IAIS G-SII Assessment Methodology describes the internal processes of IAIS for the analysis of the data collected, pursuant to the guidelines and the instructions. For a complete overview of data collection and processes in connection with the G-SII Project, the guidelines, the instructions, and the G-SII Assessment Methodology should be read together.
IAIS participates in a global initiative to identify global systemically important financial institutions. IAIS participates in this initiative, along with other standard setters, central banks, and financial sector supervisors, under the purview of FSB and G20. IAIS used the 2016 G-SII Assessment Methodology to complete the 2018 G-SII exercise. Since the data used in the analysis is reported on a voluntary, unaudited basis, it may not be standardized, given the heterogeneous nature of firms' businesses and reporting requirements. Therefore, the analysis of IAIS has been performed on a “best-effort” basis. Importantly, 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.
Keywords: International, Insurance, G-SII, Assessment Methodology, Identification Process, G-SII Project, IAIS
Previous ArticleAPRA Releases Paper to Assist Banks to Meet Obligations Under BEAR
HKMA has published a circular that sets out the regulatory and reporting treatment for loans that participating authorized institutions may grant to eligible borrowers under the 100% Personal Loan Guarantee Scheme.
ECB published the results of the assessment of internal models that banks use to calculate risk-weighted assets for credit, market, and counterparty credit risks.
PRA published a statement on the regulatory treatment of retail residential mortgage loans under the Mortgage Guarantee Scheme, or MGS.
FCA is consulting, via CP21/7, on the second phase of proposed rules to introduce the UK Investment Firm Prudential Regime (IFPR).
HM Treasury and BoE announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential central bank digital currency in UK.
EIOPA published an opinion to set out its expectations on the supervision of the integration of climate change risk scenarios by insurers in their Own Risk and Solvency Assessment (ORSA).
Bundesbank published two circulars on AnaCredit reporting requirements. Circular 27/2021 covers changes to the reporting of branches, additional attributes to be reported for investment funds from August 01, 2021, and updates to the list of international organizations.
EC published the Implementing Regulation 2021/622 that lays down implementing technical standards for reporting of the minimum requirement for own funds and eligible liabilities (MREL).
BCBS has set out the strategic work priorities, as part of its the work program for 2021-22.
PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.