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July 31, 2017

IAIS is consulting on the Insurance Core Principle on macro-prudential surveillance and insurance supervision (ICP 24). Comments are due by October 01, 2017.

This consultation follows the thematic approach adopted by the IAIS in September 2015, which aims to ensure a more efficient process of developing supervisory materials, with the management and development of supervisory materials by theme across the three tiers of standard setting: ICPs, ComFrame, and Global Systemically Important Insurer Policy Measures, each building on the previous one. Only comments submitted via the web-based consultation tool will be considered toward finalization.

 

As publicly announced in February 2017, as part of the next three-year cycle for reviewing its approach to systemic risk assessment scheduled to conclude in 2019, IAIS is developing an activities-based approach to systemic risk assessment in the insurance sector and has adopted a systemic risk assessment and policy workplan to put this into effect. This workplan, involving a public consultation at the end of 2018, includes finalizing any policy measures to address such potential systemically risky activities as part of ICPs and ComFrame (including ICS Version 2.0) to be adopted in 2019. As this work will likely have implications for existing and recently consulted upon ICPs, the relevant ICPs will be reviewed once the work on activities-based approach is concluded and revisions made as appropriate.

Comment Due Date: October 01, 2017

Keywords: International, Insurance, ICP, ComFrame, Macro-prudential Surveillance, Supervision, IAIS

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