Featured Product

    IAIS Assesses Observance of ICPs on Corporate and Risk Governance

    June 24, 2020

    IAIS published a report that presents aggregate assessment results and observations from the peer review process on the topic of corporate and risk governance. The peer review covered the Insurance Core Principles (ICPs) on licensing (ICP 4), suitability of persons (ICP 5), corporate governance (ICP 7), and risk management and internal controls (ICP 8). The report includes a synthesis of useful practices for standards where observance can present challenges. The Annexes to the report include a description of the peer review process, a list of the participating IAIS members by category, and a list of aggregated results of observance level by region.

    Overall, the observance rate per ICP has increased since the last assessment in 2014.

    • For all members, ICP 4 was assessed as either Observed (29 members) or Largely Observed (41 members). FSB jurisdictions and other OECD jurisdictions had the highest level of observance.
    • For a large majority of members, ICP 5 was assessed as Largely Observed (51 members) and Observed (17 members); it was Partly Observed for only two members. The observance of ICP 5 was high among participating authorities and has increased compared with the results of the assessment in 2014, when ICP 5 was assessed as Observed for only 10 from 69 jurisdictions.
    • For all participating authorities, ICP 7 has been assessed as Observed (11 authorities), Largely Observed (54 authorities), or Partly Observed (5 authorities). The overall conclusion is that observance of this core principle is high.
    • For most members, ICP 8 was assessed as either Observed (29 members) or Largely Observed (35 Members); it was Partly Observed for only a small minority of members (5 members).

    The assessment questionnaire, which was developed by IAIS Expert Team, consisted of 117 questions covering the 9 standards of ICP 4, 6 standards of ICP 5, 11 standards of ICP 7, and 8 standards of ICP 8. Out of the 70 authorities that participated in the peer review process, 20 responses came from IAIS members in FSB jurisdictions and 30 responses came from IAIS members in the Organization for Economic Co-operation and Development (OECD) jurisdictions. The participants in the peer review process were asked to respond to open questions and to share their supervisory practices. Based on the answers received, the Expert Team has drawn on useful practices as guidance for other jurisdictions. As part of the report, the aggregated results by standard and jurisdiction is also available; however, this information is not publicly available, is confidential, and is disclosed to IAIS members only.

     

    Keywords: International, Insurance, ICP 4, ICP 5, ICP 7, ICP 8, Governance, Observance of ICP, Peer Review, Internal Controls, ICPs, IAIS

    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks

    May 20, 2022 WebPage Regulatory News
    News

    EC Publishes Results on Review of Web Accessibility Directive

    The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.

    May 19, 2022 WebPage Regulatory News
    News

    NGFS Report Explores Quantification of Climate Risk Differentials

    The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations

    May 19, 2022 WebPage Regulatory News
    News

    MAS Consults on Adjustment Spreads for Conversion of SOR Contracts

    The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.

    May 18, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8206