AMF published the revised guideline on capital adequacy requirements (CAR) for life and health insurers as well as property and casualty (P&C) insurers in Quebec. The updated guidelines become effective as of January 01, 2019. The guidelines are intended to enhance the transparency and predictability of the criteria on which AMF is based and to assess whether financial institutions are complying with their obligation to follow sound and prudent management practices.
The risk-based capital adequacy framework is based on an assessment of the degree of insurance, market, credit, and operational risks, by applying varying risk factors and margins. The guideline on CAR outlines the capital framework, using a risk-based formula for target capital requirements and minimum capital requirements, in addition to defining the capital that is available to meet the minimum standard.
Effective Date: January 01, 2019
Keywords: Americas, Canada, Quebec, Insurance, CAR, Life and Health Insurers, Property and Casualty Insurers, AMF
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.