The IAIS newsletter for June 2017 highlights that the work on ComFrame and the Insurance Capital Standard (ICS), along with the IFRS 17, will be the key topics of discussion in the Global Seminar to be held at the end of June. IAIS is contributing to global financial stability through its systemic risk assessment activities and by promoting effective and globally consistent supervision of the insurance industry.
The newsletter also highlights the workshop held by the Capital, Solvency and Field Testing Working Group (CSFWG) with a view to present the technical specifications and template for ICS Version 1.0 for extended field testing and answer questions. The CSFWG also discussed the forthcoming ICS Version 1.0 for extended field testing public document which will be released this July. The newsletter also highlighted the workstreams, namely updating ICP 21 and ICP 22 and also developing an application paper on Cybersecurity, discussed by Financial Crime Task Force. The ICP 21 is related to "Countering Fraud in Insurance" and ICP 22 is related to "Anti-Money Laundering and Combating the Financing of Terrorism or AML/CFT." Both workstreams are expected to be completed in 2018. At the June 2017 committee meetings, the Market Conduct Working Group will be seeking the approval of its parent committees to consult on revised versions of ICP 18 related to "Intermediaries" and ICP 19 related to "Conduct of Business," for which a 60-day consultation is scheduled to commence on June 30.
Keywords: International, IAIS, Insurance, IFRS 17, ICS, AML/CFT, ComFrame
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