IAIS published responses to the frequently asked questions (FAQ) on the implementation of ICS Version 2.0. The document provides responses to some of the frequent questions that IAIS has received since the announcement of the implementation of ICS Version 2.0 on November 02, 2017.
The document answers questions such as when does the monitoring period start, whether any changes are expected to ICS Version 2.0, who will be affected by confidential reporting, and how IAIS will collect feedback from supervisory colleges to inform the development/refinement of ICS. Certain questions that cannot be answered at this stage will be dealt with in the 2018 ICS consultation document.
Keywords: International, Insurance, ICS, ICS Version 2.0, FAQ, IAIS
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).