IAIS Publishes Package for 2019 Data Collection on Aggregation Method
IAIS published technical specifications, questionnaire, and template for the additional data collection on Aggregation Method for 2019. IAIS has agreed to collect data from interested jurisdictions to aid in the development of the aggregation method. The Aggregation Method additional data collection is separate from the ICS Field Testing and open only to U.S.-based Volunteer Groups and any other jurisdiction/Volunteer Group at the option of the group-wide supervisor. Deadline for submission of the Aggregation Method additional data collection template and questionnaire by the group-wide supervisors is July 31, 2019.
The technical specifications include instructions for the additional data collection (Aggregation Method) of the April 2019 Quantitative Data Collection Exercise of the Field Testing Project. The technical specifications must be read in conjunction with the associated 2019 Aggregation Method additional data collection templates and questionnaire documentation to provide an accurate and up-to-date understanding of the additional data collection. The technical specifications include a table that summarizes the process and timetable to be followed. Analysis by the Field Testing Analysis Team and discussions of summary results by IAIS are expected to take place from August to October 2019.
The purpose of this exercise is to collect data for the Aggregation Method. The Aggregation Method technical specifications, by design, leave several policy questions open. These include, but are not limited to, the choice of scalars, the exact adjustments made, and the treatment of certain capital resources. Although several options for calculating the Aggregation Method have been included, the final method may differ from these options. While care should be taken to enter information for each legal entity correctly, it is of utmost importance that the values are reasonable in total. The terms and balances being requested, when possible, should be in accordance with the local jurisdictional statutory reporting. For entities that do not file statutory reports, local GAAP reporting should be used. The scope of this additional data collection includes the same entities that would be reported in the GAAP Valuation Balance Sheet under the Insurance Capital Standard (ICS), as defined in the 2019 ICS Field Testing technical specifications.
Keywords: International, Insurance, ICS, Field Testing, Additional Data Collection, Aggregation Method, IAIS
Related Articles
EIOPA Report Analyzes Use and Impact of Long-Term Guarantee Measures
EIOPA submitted—to the European Parliament, the Council of the European Union, and EC—its 2020, fifth, and last annual report on long-term guarantee measures and measures on equity risk.
BIS, SNB, and SIX Announce Successful Completion of CBDC POC
The BIS Innovation Hub Swiss Centre, SNB, and the financial infrastructure operator SIX announced the successful completion of a joint proof-of-concept (PoC) experiment as part of the Project Helvetia.
EBA Sets Out Treatment of Certain Banking Book Positions Under FRTB
EBA published the final draft regulatory technical standards for calculation of own funds requirements for market risk, under the standardized and internal model approaches of the Fundamental Review of the Trading Book (FRTB) framework.
EIOPA Consults on Integrating Climate Change into SII Standard Formula
EIOPA published discussion paper on a methodology for the potential inclusion of climate change in the Solvency II (sometimes also written as SII) standard formula when calculating natural catastrophe underwriting risk.
EU Issues Corrigenda to Investment Firms Directive and Regulation
EU published, in the Official Journal of the European Union, corrigenda to the Directive and the Regulation on the prudential requirements and supervision of investment firms.
MAS Proposes Changes to Rules Arising from Banking Amendment Act
MAS proposed amendments to certain regulations, notices, and guidelines arising from the Banking (Amendment) Act 2020.
PRA to Elaborate on Approach to Transposition of CRD5 by Mid-December
PRA published a statement that explains when to expect further information on the PRA approach to transposing the Capital Requirements Directive (CRD5), including its approach to revisions to the definition of capital for Pillar 2A.
RBNZ Consults on Aspects of Insurance Act, Solvency Standards & IFRS17
RBNZ launched consultations on the scope of the Insurance Prudential Supervision Act (IPSA) 2010 and on the associated Insurance Solvency Standards.
SRB Sets Out Work Program for 2021-2023
SRB published the work program for 2021-2023, setting out a roadmap to further operationalize the Single Resolution Fund and to achieve robust resolvability of banks under its remit over the next three years.
EIOPA Consults on KPIs on Sustainability for Non-Financial Reporting
EIOPA is consulting on the relevant ratios to be mandatorily disclosed by insurers and reinsurers falling within the scope of the Non-Financial Reporting Directive as well as on the methodologies to build these ratios.
