IAIS conducted the 10th Annual IAIS Global Seminar, during which several key announcements were made, including the announcement of a public consultation of ComFrame in its entirety, including ICS Version 2.0, in mid-2018. The Global Seminar was hosted by the Bank of England and the key topics of discussion included ComFrame, the Insurance Capital Standard (ICS), assessment of systemic risk, implementation of international standards and market development, the insurance contracts standard (IFRS 17) recently issued by the IASB, conduct of business in insurance distribution, digitalization in the insurance sector, and insurer financial reporting of climate change risk.
The key highlights of this global event include the following:
IAIS provided a high-level summary of comments received during the recent public consultation on certain ComFrame-related material and announced plans for a public consultation of ComFrame in its entirety, including ICS Version 2.0, in mid-2018. Panelists agreed that the final product should allow for comparability across jurisdictions.
IAIS announced Executive Committee approval of ICS Version 1.0 for Extended Field Testing and its publication is expected in mid-July 2017.
IAIS held its first stakeholder session on the development of an activities-based approach to systemic risk assessment and reiterated plans for a consultation on initial findings expected later this year to be followed by a consultation on systemic risk assessment by the end of 2018.
The need for ongoing dialogue between the insurance industry and supervisors on the digitalization of the insurance sector was highlighted.
Keywords: International, IAIS, Insurance, ComFrame, ICS
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