IAIS Publishes First Issue of Its Newsletter in 2020
IAIS published the December 2019-January 2020 issue of its newsletter. This issue of the newsletter highlights that, in 2019, IAIS finalized the review and update of the Insurance Core Principles, adopted the ComFrame, adopted the holistic framework for assessment and mitigation of systemic risk, and reached a package of agreements on the Insurance Capital Standard (ICS). In 2020, IAIS will push ahead with the implementation of its new strategic plan, including the newly adopted post-crisis framework.
The newsletter points out that, in 2019, IAIS made significant strides in a number of important areas including fintech, climate risk, and sustainable finance and that IAIS will build on this work through its the new strategy. The Capital, Solvency and Field Testing Working Group will next meet in Basel on February 4-6 to discuss the confidential reporting package for ICS Version 2.0 for the monitoring period and the 2020 Aggregation Method additional data collection. Confidential reporting of ICS Version 2.0 for the monitoring period and the Aggregation Method additional data collection will both be launched in late April.
Furthermore, IAIS participated in the fourth conference of the Arab Union of Insurance Regulatory Commissions in December 2019, in which it provided an update on the IAIS developments that are relevant to the MENA region. In January, IAIS provided an overview of the agreements from Abu Dhabi, which included the technical design of ICS Version 2.0 for the monitoring period, operationalization of the monitoring period, and the workplan and timeline for 2020-2024. Additionally, the G-SII Analysts Working Group met in December in Austin (Texas) to finalize the disclosure documents of the 2019 G-SII Data Collection Exercise and to support preparations for the individual insurer monitoring data collection exercise in 2020.
This edition of the newsletter highlights that, with the adoption of the new IAIS holistic framework on systemic risk, the activities that the Macroprudential Policy Committee (MPC) is expected to steer and oversee will evolve. To better align with the expected future activities, the MPC subcommittee structure was changed with effect from January 2020. The three existing MPC subcommittees are being replaced by two new subcommittees: the Macroprudential Supervision Working Group (MSWG) and the Macroprudential Monitoring Working Group (MMWG). The MSWG will address matters on macro-prudential supervision, including development and maintenance of related supervisory and supporting material, and coordinate with other working groups on related matters. The MMWG will be responsible for coordination of the annual global monitoring exercise, including the individual insurer and sector-wide monitoring, along with the macro-prudential assessment of trends, developments, and risks to the financial stability of the global insurance sector.
Keywords: International, Insurance, Newsletter, ComFrame, ICPs, ICS, Fintech, Macro-prudential Policy, ESG, Climate Change Risk, IAIS
Previous Article
FASB Issues Summary of Tentative Board Decisions at January MeetingsRelated Articles
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
US Agency Publications Address Basel, Reporting, and CECL Developments
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
SEC Extends Comment Period on Climate Risk Disclosures
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
