IAIS Requests Feedback on Impact of COVID-19 on Insurance Sector
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
Previous Article
BDE Updates Reporting Instructions for Banks in July 2020Next Article
CMF Announces Strategic Initiatives for 2020-2022Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.