Featured Product

    IAIS Consults on Revisions to IAIS Supervisory Material

    June 14, 2019

    IAIS has launched a public consultation on revisions to the IAIS supervisory material. In particular, IAIS is seeking feedback on draft revised IAIS glossary, draft ComFrame assessment methodology, changes in the introduction to Insurance Core Principles (ICPs) and ICP 7 (Corporate Governance) for consistency with ComFrame development, and draft revised ICP 22 (Anti-Money Laundering and Combating the Financing of Terrorism). The package released for public consultation also includes draft supervisory material related to the holistic framework for systemic risk in the insurance sector. Feedback is requested by August 15, 2019. IAIS is planning for the adoption of ComFrame and all revised ICPs at the Annual General Meeting in November 2019.

    As part of the finalization of the holistic framework by November 2019, IAIS is seeking feedback on revisions to the following:

    • ICP 9 on supervisory review and reporting and ComFrame in ICP 9—Additional language is proposed to be included in guidance material only.
    • ICP 10 on preventive measures, corrective measures, and sanctions—Additional language is proposed to be included in guidance material only
    • ICP 16 on enterprise risk management (ERM) for solvency purposes and ComFrame in ICP 16—Additional ERM requirements are developed targeted at liquidity risk, macroeconomic exposure, and counterparty exposure. These requirements are proposed to be applied in a proportionate manner to Internationally Active Insurance Groups (IAIGs) and other insurers as necessary.
    • ICP 20 on public disclosure—A new standard is proposed to be added to this ICP, covering a requirement on insurers to disclose information on liquidity risk.
    • ICP 24 on macro-prudential supervision—ICP 24 is revised, taking into account also the outcome of the 2017 interim public consultation. Since the revisions to the ICP also included some restructuring, track changes compared to the 2017 version are not made visible in the package.

    The consultation document also presents revisions based on comments received during the 2018 public consultation on overall ComFrame. These revisions have been endorsed by the Executive Committee and are published for information.


    Comment Due Date: August 15, 2019

    Effective Date: November 2019

    Keywords: International, Insurance, ComFrame, ICP, Systemic Risk, Liquidity Risk, Assessment Methodology, IAIS

    Related Articles
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    MAS Amends Notice on Related Party Transactions of Banks

    MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.

    April 08, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Euro Short-Term Rate

    ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.

    April 07, 2021 WebPage Regulatory News
    News

    EBA Consults on Standards Related to FRTB-SA

    EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).

    April 07, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules Related to IRB Approach for Credit Risk

    PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.

    April 07, 2021 WebPage Regulatory News
    News

    BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK

    The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks

    FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks

    OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.

    April 06, 2021 WebPage Regulatory News
    News

    EU Amends CRR and Securitization Regulation in Response to Pandemic

    To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).

    April 06, 2021 WebPage Regulatory News
    News

    HM Treasury Announces G7 Agreement on Green Agenda Ahead of COP26

    HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.

    April 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6821