Featured Product

    IAIS Publishes Its Strategic Plan for 2020–2024

    June 14, 2019

    IAIS published the strategic plan for 2020–2024, which sets out the high-level goals and strategies to guide it in its work for the next five-year period, beginning January 01, 2020. In its strategic plan, IAIS has identified high-level goals that involve standard-setting, responding to emerging policy issues, supporting supervisory practices and observance of standards, and strengthening governance. IAIS plans to implement the process for the confidential reporting of Insurance Capital Standard (ICS) Version 2.0 to supervisory colleges from 2020 to 2024, to effectively inform the finalization of its design as a Prescribed Capital Requirement for implementation by members from 2025 onward.

    In developing the strategic plan, IAIS has identified a number of trends and developments in insurance markets and insurance supervision that are likely to impact the IAIS mission. These include a host of emerging policy issues such as fintech, cyber risk, climate risk, and the challenges related to sustainable development, each with the potential to reshape the insurance business in the coming years. IAIS must continue to evolve with these changes. To this end, the following five high-level goals, along with the associated strategies for the 2020–2024 period, reflect the core functions of developing supervisory material, supporting implementation, and contributing to financial stability:

    • Assessing and responding to market developments. IAIS anticipates shifting toward increased monitoring of new vulnerabilities and trends that are either emerging or accelerating and that could pose a threat to, or opportunity for, policyholder protection and financial stability.
    • Standard-setting. Following a long period of extensive supervisory development work, IAIS anticipates a period of greater stability for its supervisory material, while noting that the finalizing the delivery of an ICS through the monitoring phase remains a priority during 2020–2024. Greater stability for IAIS standards does not mean that its core function as a standard-setter will end. Rather, further changes to the IAIS’ supervisory material must be guided by monitoring and assessing implementation and by an orientation toward emerging and accelerating risks.
    • Supporting supervisory practices. IAIS anticipates an increasing role in supporting supervisors to put the supervisory material into practice. Activities in this area will be informed by the the monitoring of market developments, emerging or accelerating risks, and assessment of implementation gaps.
    • Supporting observance of standards. With greater stability in the IAIS’ supervisory material, the focus will shift to a greater emphasis on assessing implementation and facilitating supervisory capacity building.
    • Effective operations and transparency. The demands of responding to rapidly changing trends and developments will require careful stewardship of resources. IAIS will continue its commitment to strengthening its governance, processes, and controls to ensure effective and efficient delivery on its priorities.

    Keywords: International, Insurance, Strategic Plan, High-Level Goals, ComFrame, ICS, IAIS

    Related Articles
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    EIOPA Consults on Reporting and Disclosures Under Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) proposed to amend the supervisory statement on supervision of run-off undertakings that are subject to Solvency II regulation.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7293