Featured Product

    IAIS Requests Feedback on Impact of COVID-19 on Insurance Sector

    July 24, 2020

    IAIS is seeking feedback, by September 04, 2020, on the implications of COVID-19 for the insurance sector, supervisors, and the future work of IAIS. Following up on the June 2020 Stakeholder Dialog, IAIS has issued this request for feedback on the impact of COVID-19. With respect to critical issues affecting the insurance sector due to COVID-19 pandemic, the Executive Committee Stakeholder Dialog was held on June 25, 2020. The Dialog provided an interactive virtual format for IAIS to share information on its 2020–2021 roadmap activities and exchange perspectives with stakeholders on the impact of COVID-19 on their current and future focus. The Dialog also provided an opportunity to discuss critical issues and trends related to or accelerated by the pandemic. Stakeholder input will be used to inform the future work program of IAIS.

    The Dialog highlighted that IAIS has adjusted or prioritized its 2020-2021 roadmap guided by certain key considerations. To align with the FSB principles on response to the COVID-19 pandemic, IAIS is providing operational relief to members and insurers, while not rolling-back the implementation of regulatory reforms or compromising the underlying commitment to the finalization and implementation of key international standards. In terms of prioritization of projects, the key consideration is being given to the relevance of projects for the IAIS’ overall COVID-19 response, to whether projects are close to completion or already far advanced, and to whether projects or activities contribute to the strategic pivot outlined in 2020-2024 strategic plan of IAIS. IAIS also took into account the broad interests of its diverse membership, with a  focus on the Emerging Market and Developing Economy members.

    The Stakeholder Dialog also discussed the impact of COVID-19 on the work program, including the following:

    • Global Monitoring Exercise—Reporting to FSB and public on outcomes of 2020 Global Monitoring Exercise has been postponed to October 2021
    • Insurance Capital Standard (ICS), Aggregation Method, and Comparability Assessment—Data submission deadline for participating Volunteer Groups has been extended to October 31. The Capital, Solvency, and Field Testing Working Group (CSFWG) has increased its engagement with Volunteer Groups. Public consultation on high-level principles for comparability criteria postponed to November 2020.
    • Supporting material (Issues Papers and Application Papers)—Papers that are close to completion, or far advanced, will be finalized remotely. Public consultation in some cases has been deferred and/or consultation periods have been extended.

     

    Comment Due Date: September 04, 2020

    Keywords: International, Insurance, COVID-19, Roadmap, Work Program, Global Monitoring Exercise, ICS, Deadline Extension, IAIS

    Featured Experts
    Related Articles
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    EIOPA Consults on Reporting and Disclosures Under Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) proposed to amend the supervisory statement on supervision of run-off undertakings that are subject to Solvency II regulation.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7293