IAIS issued the 2017 issue of the Global Insurance Market Report (GIMAR). The report discusses the global (re)insurance sector from a supervisory perspective, focusing on the sector performance and key risks.
The report begins by analyzing the overall macroeconomic and financial environment. Next, it focuses on global insurance and reinsurance market developments, while covering a variety of special topics on regulatory, financial, and economic developments and risks. One special topic looks at the investment markets and insurance investments, while others discuss public disclosure under Solvency II and the catastrophe risk modeling practices in Bermuda. The emerging market topics explore the importance of financial education and inclusion for emerging insurance markets, along with the digital innovations in the insurance market in India. Finally, the report summarizes the IAIS survey of the global reinsurance market. It documents a unique global data set made possible by the participation of 47 reinsurers in nine jurisdictions in North America, Europe and Asia, in addition to linking the financial position of reinsurers to the broader financial economy.
Keywords: International, Insurance, GIMAR, Solvency II, IAIS
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.