Featured Product

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

    July 24, 2020

    IAIS is seeking feedback, by August 28, 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: August 28, 2020

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

    Related Articles
    News

    PRA Consults on Implementation of Certain Provisions of CRD5

    PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).

    July 31, 2020 WebPage Regulatory News
    News

    EIOPA Report Identifies Key Financial Stability Risks for Insurers

    EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.

    July 30, 2020 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for First Quarter of 2020

    EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.

    July 30, 2020 WebPage Regulatory News
    News

    EBA Issues Updates on Stress Test Exercise for Banks in EU

    EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.

    July 30, 2020 WebPage Regulatory News
    News

    PRA Proposes Guidance Related to Matching Adjustment under Solvency II

    PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.

    July 30, 2020 WebPage Regulatory News
    News

    MAS Issues Guidance on Dividend Distributions by Banks

    MAS published a statement guidance on dividend distribution by banks.

    July 30, 2020 WebPage Regulatory News
    News

    APRA Updates Guidance on Capital Management for Banks

    APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.

    July 29, 2020 WebPage Regulatory News
    News

    FSB Report Reviews Macro-Prudential Framework and Tools in Germany

    FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.

    July 29, 2020 WebPage Regulatory News
    News

    EBA Urges Firms to Finalize Preparations for End of Brexit Transition

    EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.

    July 29, 2020 WebPage Regulatory News
    News

    SRB on Operational Continuity in Resolution and FMI Contingency Plans

    SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.

    July 29, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5606