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    FSB on Assessment Methodology for Key Attributes of Resolution Regimes

    December 21, 2017

    FSB published a consultation paper on the methodology for assessing the implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions in the insurance sector. The Key Attributes Assessment Methodology for the Insurance Sector sets out criteria for assessing the compliance of a jurisdiction’s insurance resolution frameworks with the Key Attributes. FSB has developed this methodology in close cooperation with IMF, World Bank, and IAIS. Comments and responses to the questions set out in the consultative documents are due by February 28, 2018.

    The assessment methodology is designed to promote consistent assessments across jurisdictions and to provide guidance to jurisdictions when adopting or reforming insurance resolution regimes to implement the Key Attributes. It will be used by IMF and World Bank as part of the regulatory assessments they undertake. The Key Attributes remain the umbrella standard for resolution regimes covering financial institutions of all types that could be systemic in failure. FSB decided to adopt a “modular approach” and develop self-contained and free-standing methodologies tailored to the particular features of each sector, to facilitate sector-specific assessments of the Key Attributes. In October 2016, FSB published the Key Attributes Assessment Methodology for the banking sector. Following that, a Key Attributes Assessment Methodology for the Insurance Sector.

     

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    Comment Due Date: February 28, 2018

    Keywords: International, Insurance, Resolution Regime, Assessment Methodology, Key Attributes, IAIS, IMF, FSB

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