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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EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).