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

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    News

    BIS to Establish More Innovation Hubs in Europe and North America

    BIS announced that it will establish new Innovation Hub centers across Europe and in North America in cooperation with member central banks.

    June 30, 2020 WebPage Regulatory News
    News

    FED Updates Form FR 2052a for LCR Reporting by Banks

    FED updated the reporting form for FR 2052a, which is used to monitor the overall liquidity profile of certain supervised institutions.

    June 30, 2020 WebPage Regulatory News
    News

    PRA Statement on Changes to CRR in Response to COVID-19 Crisis

    PRA published a statement that sets out its views on certain amendments made to Capital Requirements Regulations (CRR and CRR2) via EU Regulation 2020/873 (CRR "Quick Fix"), including some guidance for firms.

    June 30, 2020 WebPage Regulatory News
    News

    CFRF Publishes Guide for Addressing Climate-Related Financial Risks

    The Climate Financial Risk Forum (CFRF), which is a joint climate risk forum of FCA and PRA, published a guide written by the industry for the industry to help firms approach and address climate-related financial risks.

    June 29, 2020 WebPage Regulatory News
    News

    IAIS Paper Provides Guidance on Liquidity Risk Management for Insurers

    IAIS published an application paper on liquidity risk management for insurers.

    June 29, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Consultation on Digital Finance Strategy for Europe

    EBA published its response to the EC consultation on a new Digital Finance Strategy for Europe.

    June 29, 2020 WebPage Regulatory News
    News

    EIOPA Responds to EC Consultation on Digital Finance Strategy

    EIOPA responded to the EC consultation on a new digital finance strategy for Europe.

    June 29, 2020 WebPage Regulatory News
    News

    ESMA Responds to EC Consultation on Digital Finance Strategy

    ESMA published its response to the EC consultation on the new digital finance strategy for EU.

    June 29, 2020 WebPage Regulatory News
    News

    FSB Report Identifies Gaps in Too-Big-To-Fail Reforms

    FSB published, for consultation, a report on evaluation of the too-big-to-fail (TBTF) reforms for systemically important banks.

    June 28, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5404