IAIS Issues Insurance Newsletter for January 2018
IAIS published the January issue of its newsletter. The Secretary General explains that 2018 will be an important year for IAIS. It is slated to make key decisions on the design of ICS Version 2.0 and on the development of a holistic approach to the mitigation of systemic risk in the global insurance sector. IAIS will also prepare a more responsive approach for providing guidance on how to tackle a range of developing issues such as fintech, cyber risk, and sustainability. In 2018, IAIS will also set out its vision for the next five years, through its work on a new Strategic Plan and Financial Outlook.
The newsletter highlights that IAIS is developing two new application papers that draw on the conclusions of the 2014 Self-Assessment and Peer Review (SARP) of governance-related Insurance Core Principles (ICPs). IAIS is also working on governance-related requirements, as part of ComFrame. It plans to publish ComFrame in its entirety in mid-2018, including the material related to corporate governance. Adoption of ComFrame is slated for year-end 2019. IAIS has already published an application paper on Group Corporate Governance in November 2017.
The newsletter also states that the Executive Committee in its annual strategic retreat discussed the IAIS’ systemic risk assessment work plan and further development of ICS Version 2.0. Insurance Groups Working Group discussed further resolution of comments from public consultation on the ComFrame material integrated into ICP 9 on Supervisory Review and Reporting; ICP 10 on Preventive Measures, Corrective Measures, and Sanctions; and ICP 25 on Supervisory Cooperation and Coordination. The Resolution Working Group discussed further development of ICP and ComFrame material on recovery plans integrated into ICP 10 and ComFrame material integrated into ICP 12 on Exit from the Market and Resolution. The Working Group also discussed the potential development of an application paper to provide supporting material to the ICP and ComFrame material in the area of recovery and resolution.
Keywords: International, Insurance, ICP, Newsletter, ComFrame, Systemic Risk, IAIS
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