The July issue of the IAIS newsletter highlights that IAIS published the issues paper on index-based insurance, particularly in inclusive insurance markets. The paper provides an overview of this product, describes current practices, offers examples, and identifies related regulatory and supervisory issues and challenges.
The IAIS Secretary General highlighted that given the growing alignment of objectives among insurance supervisors, industry and development agencies, there was a pervasive sense of opportunity to strengthen resilience in support of sustainable development. This has been flagged as one of priorities for the next five-year strategy. The newsletter also notes that IAIS released several papers for public consultation, including the application paper on supervision of insurer cybersecurity and the revised insurance core principle,or ICP, 6 (Changes in Control and Portfolio Transfers) and ICP 20 (Public Disclosure) papers.
The newsletter highlights that IAIS will hold stakeholder sessions on the issues paper on climate change risks to the insurance sector on July 31, on recovery planning and resolution on September 12, and on the issues paper on index-based insurance on August 02. At its meeting on June 21, the Resolution Working Group agreed on the revised ComFrame material integrated into ICP 12 (Exit from the Market and Resolution) and on the revised ICP and ComFrame material on recovery planning integrated into ICP 16 (Enterprise Risk Management for Solvency Purposes). Additionally, during a call on July 02, the Supervisory Material Review Task Force finalized its review of the draft overall ComFrame material from an editorial, consistency, and formatting perspective. The Task Force also agreed on a revised draft Introduction to ComFrame, to be sent to the Executive Committee for approval as part of the overall ComFrame.
Keywords: International, Insurance, Newsletter, ComFrame, ICP, Index-based Insurance, IAIS
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