Featured Product

    IAIS Publishes Issues Paper on Implementation of TCFD Recommendations

    December 19, 2019

    IAIS is seeking feedback on an issues paper on the implementation of recommendations of the Task Force on Climate-related Financial Disclosures (TCFD Recommendations). The paper provides an overview of practices that supervisors have considered in the development of climate-related disclosure requirements within their markets. Considering the diversity of supervisory frameworks across jurisdictions, the paper focuses on practices that can be implemented with limited direct regulatory intervention. The feedback period for this issues paper ends on February 05, 2020.

    The FSB TCFD had developed recommendations for voluntary climate-related financial disclosures in 2017. Then, Sustainable Insurance Forum (SIF) and IAIS released a joint issues paper on climate-change risks to the insurance sector in June 2018. As a follow-up to the 2018 issues paper, and recognizing the important role of the TCFD Recommendations in establishing a framework for climate-risk-related disclosures for the insurance sector, SIF and IAIS agreed to develop this second issues paper. The draft issues paper draws on the results of a SIF Survey on implementation of the TCFD recommendations and guidance, which was conducted during the first half of 2019. The paper also benefited from stakeholder input received during a workshop that took place in September 2019.

    The paper begins with an overview of the relevance of the TCFD Framework to insurance supervision. It then summarizes the results of different efforts to assess levels of TCFD awareness and implementation within the insurance sector, based on the SIF Survey, as well as other sources of publicly available information. Next, the paper sets out a range of options for supervisory approaches, based on case studies (Annex 1) describing supervisory practices in twelve jurisdictions. SIF and IAIS recognize the value of developing further materials to support supervisors in their efforts to assess climate risks, including in relation to the Insurance Core Principles (ICPs). This paper is a step toward this objective and, as a next step, SIF and IAIS will develop an application paper on climate risk in the insurance sector.

     

    Comment Due Date: February 05, 2020

    Keywords: International, Insurance, Climate Related Risks, TCFD, Climate-Related Disclosures, ICPs, Sustainable Insurance Forum, Sustainable Finance, ESG, IAIS

    Related Articles
    News

    FED Revises Capital Planning and Stress Testing Requirements for Banks

    FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.

    January 19, 2021 WebPage Regulatory News
    News

    ECB Releases Results of Bank Lending Survey for Fourth Quarter of 2020

    ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.

    January 19, 2021 WebPage Regulatory News
    News

    ESAs Publish Reporting Templates for Financial Conglomerates

    ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.

    January 18, 2021 WebPage Regulatory News
    News

    EBA Publishes Report on Asset Encumbrance of Banks in EU

    EBA published the annual report on asset encumbrance of banks in EU.

    January 18, 2021 WebPage Regulatory News
    News

    MAS Revises Guidelines on Technology Risk Management

    MAS revised the guidelines that address technology and cyber risks of financial institutions, in an environment of growing use of cloud technologies, application programming interfaces, and rapid software development.

    January 18, 2021 WebPage Regulatory News
    News

    US Agencies Publish Updates for Call Reports, FFIEC 101, and FR Y-9C

    FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.

    January 15, 2021 WebPage Regulatory News
    News

    EBA Proposes Guidelines for Establishing Intermediate Parent Entities

    EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.

    January 15, 2021 WebPage Regulatory News
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6462