Featured Product

    IAIS Publishes Newsletter for January 2019

    January 30, 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

    Featured Experts
    Related Articles
    News

    APRA Publishes Results of Climate Risk Self-Assessment Survey

    The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.

    August 04, 2022 WebPage Regulatory News
    News

    ACPR Publishes Updates Related to CRD IV and Covered Bonds

    The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).

    August 03, 2022 WebPage Regulatory News
    News

    BIS Paper Contributes to Debate on Regulating NBFIs and Big Techs

    The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.

    August 03, 2022 WebPage Regulatory News
    News

    EIOPA Publishes Guidance on Climate Change Scenarios in ORSA

    The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).

    August 02, 2022 WebPage Regulatory News
    News

    EBA and ECB Respond to Proposals on Sustainability Disclosures

    The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.

    August 01, 2022 WebPage Regulatory News
    News

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Publishes Multiple Regulatory Updates for Regulated Entities

    The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.

    July 29, 2022 WebPage Regulatory News
    News

    EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.

    July 29, 2022 WebPage Regulatory News
    News

    EESC Opines on Proposals on CRR and European Single Access Point

    The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).

    July 29, 2022 WebPage Regulatory News
    News

    HM Treasury Publishes Multiple Regulatory Updates in July 2022

    HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.

    July 29, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8423