IAIS Publishes Newsletter for January 2019
The January issue of the IAIS newsletter highlights that Financial Stability Institute (FSI) published two insurance-related FSI Insights, which concern regulating and supervising the clouds and proportionality in the application of insurance solvency requirements. The IAIS Secretary General noted that 2019 will be a milestone year for the Association, as it is expected to finalize a part of the post-crisis reform agenda and transition to the new five-year strategic plan. The strategic plan comprises a range of emerging themes such as fintech, cyber risk, climate risk and sustainable development, and an increased focus on the implementation of agreed reforms. The reform agenda to be finalized involves the development phase of ComFrame and the holistic framework for mitigating systemic risk in the insurance sector.
The newsletter highlights that IAIS is hosting an Insurance Capital Standard (ICS) stakeholder event on February 01, 2019. The meeting will provide members and stakeholders with the opportunity to provide feedback on the ICS prior to the finalization of ICS Version 2.0 for the monitoring period. The newsletter further notes that, on January 15, IAIS held a successful stakeholder event on holistic framework for systemic risk in the insurance sector in Miami. The event was intended to provide an additional forum for discussion during the formal consultation period that closed on January 25. Additional key updates for this month are as follows:
- The Executive Committee met on January 13-14 in Miami and discussed issues on the finalization of the post-crisis reform agenda and forward-looking subjects related to the next five-year strategic plan. Specifically, the Executive Committee discussed the workplan for the holistic framework on systemic risk, including the global monitoring exercise, policy-measures, and implementation assessment. The Executive Committee also discussed the ComFrame and ICS workplan for 2019.
- The Accounting and Auditing Working Group met on December 5-6 in London. Members discussed the work of the Monitoring Group, held a dialog on IFRS 17, and hosted a call-in session for interested stakeholders. The Working Group is also expected to continue to monitor IFRS 17 implementation activities.
- At its meeting on December 6-7 in Basel, the Insurance Groups Working Group discussed 2018 public consultation comments on ComFrame material in Insurance Core Principle (ICP) 9 on supervisory review and reporting; in ICP 10 on preventive measures, corrective measures, and sanctions; in ICP 23 on group-wide supervision; and in ICP 25 on supervisory cooperation and coordination.
- The Macro-prudential Policy and Surveillance Working Group held its first quarterly meeting in Hyderabad, India. The focus of this meeting was on the finalization of the 2018 Global Insurance Market Report (GIMAR), a first discussion of the proposed 2019 GIMAR special topics, the further development of the key insurance risks and trends survey to support the IAIS sector-wide monitoring, and the review of ICP 24 on macro-prudential surveillance and insurance supervision.
Keywords: International, Insurance, Newsletter, ComFrame, ICP, Systemic Risk, Fintech, IFRS 17, IAIS
Previous Article
IASB Publishes Summary of the December 2018 Meeting of ASAFRelated Articles
|
News
BIS Report Discusses Regulatory Issues Related to Big Techs in FinanceBIS has pre-released a chapter of the BIS Annual Economic Report; this chapter focuses on the risks and opportunities presented by large technology firms (big techs) in the financial services sector.
June 23, 2019
WebPage
Regulatory News
|
|
News
IOSCO Report Examines Liquidity in Corporate Bond MarketsIOSCO published a report that examines the factors affecting liquidity, under stressed conditions, in the secondary corporate bond markets.
June 21, 2019
WebPage
Regulatory News
|
|
News
FED Publishes Results of the 2019 Stress Tests for BanksFED published a report presenting results of the Dodd-Frank Act Stress Test (DFAST) exercise for 2019.
June 21, 2019
WebPage
Regulatory News
|
|
News
BCBS Report Examines Global Pillar 2 Supervisory Review PracticesBCBS published a report that examines the Pillar 2 supervisory review practices and approaches in Basel member jurisdictions.
June 21, 2019
WebPage
Regulatory News
|
|
News
IASB Publishes Work Plan and Meeting Updates for June 2019IASB published an updated work plan and a summary of its June meeting, which presents preliminary decisions of the Board.
June 21, 2019
WebPage
Regulatory News
|
|
News
HKMA Publishes Banking Exposure Limits Code Under Banking OrdinanceHKMA issued a circular to all authorized institutions informing that the Banking (Exposure Limits) Code has been published in the Gazette on June 21, 2019.
June 21, 2019
WebPage
Regulatory News
|
|
News
OSFI Proposes Guideline on Internal Model Oversight for InsurersOSFI proposed the draft guideline E-25 on the internal model oversight framework for federally regulated property and casualty (P&C) insurance companies.
June 21, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: Third Update for June 2019Under the Single Rulebook question and answer (Q&A) updates for this week, EBA published one answer regarding the calculation of institution-specific countercyclical capital buffer rates.
June 21, 2019
WebPage
Regulatory News
|
|
News
BCBS Publishes Summary of the Meeting in June 2019BCBS published a summary of its June meeting in Basel.
June 20, 2019
WebPage
Regulatory News
|
|
News
OCC Bulletin on Risk Management Guidance for Home Mortgage LendingOCC published Bulletin 2019-28 on risk management guidance for higher-loan-to-value (LTV) lending activities in communities targeted for revitalization.
June 19, 2019
WebPage
Regulatory News
|
