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
PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.
IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.
MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.
BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.
FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.
PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.
EBA published an opinion following the notification by the French macro-prudential authority, the Haut Conseil de Stabilité Financière (HCSF), of its intention to extend a measure introduced in 2018 on the use of Article 458(9) of the Capital Requirements Regulation (CRR).
As part of a Research Bulletin on the recent policy-relevant work, ECB published an article that examines the lessons learned from past crises for nonperforming loan resolution in the post COVID-19 period.
RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.
ECB updated the guidance notes for reporting related to the statistics on holdings of securities by reporting banking groups (SHSG).