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
APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.
ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.
FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.
ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.