February 28, 2018

IAIS published the February issue of its newsletter. This issue highlights that IAIS held a successful stakeholder event to discuss the interim consultation paper on an activities-based approach to systemic risk, which is an important milestone in the Systemic Risk Assessment and Policy Workplan of IAIS.

The IAIS Secretary General explained that contributing to financial stability in the global insurance sector is a high level goal of IAIS. The newsletter also highlights that

  • IAIS published the Global Insurance Market Report for 2017, which discusses the global (re)insurance sector from a supervisory perspective.
  • Updates related to the IAIS Aggregate Report on Phase 1 Implementation Assessment of the global systemically important institution (G-SII) policy measures and supervisory colleges. The report assessed the implementation of G-SII policy measures by group-wide supervisors and the extent to which they have established supervisory colleges; it also exanined tools and/or requirements in place to support implementation of the Systemic Risk Management Plan and Liquidity Management and Planning.
  • Macro-prudential Policy Committee reviewed the G-SII Assessment Methodology as part of the scheduled three-year review cycle.
  • Agenda of the meeting of the Accounting and Auditing Working Group includes discussions on further refining the draft revised Insurance Core Principle (ICP) 20 on public disclosure and IFRS 17 related implementation activities, among other topics.
  • Market Conduct Working Group discussed the draft Issues Paper on digitalization and draft Issues Paper on the use of personal and other information.
  • Resolution Working Group discussed and finalized resolution of public consultation comments received on recovery and resolution planning material in ICPs and ComFrame; the group also began developing application paper on recovery and resolution.

Keywords: International, Insurance, ICP, Newsletter, Systemic Risk, ComFrame, G-SII, Recovery and Resolution Planning, IAIS