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July 18, 2017

IAIS published the July issue of its newsletter. The newsletter highlights that the key announcement made at the 10th Annual IAIS Global Seminar was the IAIS’s approval of ICS Version 1.0 for extended field testing. This represents a significant step toward the development of ICS Version 2.0 in late-2019.

With the ICS Version 1.0 for extended field testing, IAIS has narrowed the options in key areas of work and extended participation in the field testing exercise to additional internationally active insurance groups (IAIGs) and interested volunteer groups. It also created a platform for achieving additional progress toward convergence in Version 2.0 by collecting more extensive data to inform a future direction without limiting IAIS discretion to current options. Activities-based approach to systemic risk assessment was among other key the issues discussed in the Seminar.

 

The newsletter also highlights that, on June 30, 2017, the IAIS released, for public consultation, the draft Application Paper on Product Oversight in Inclusive Insurance developed by the Financial Inclusion Working Group. IAIS also released the Insurance Core Principles (ICPs) 1, 2, 18, and 19 for 60-day public consultations and discussed the integration of the ICS into ComFrame. Furthermore, the Executive Committee received a report on potential work in the area of fintech and agreed to set up a virtual group of subject-matter experts to develop specific, focused activities that the IAIS could pursue in the near- and mid-term. The Committee also concluded Phase II of the 2017 global systemically important insurer assessment process.

Keywords: International, Insurance, Newsletter, ICS, ICP, ComFrame, IAIS

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