Featured Product

    IAIS Publishes Newsletter for June 2019

    June 28, 2019

    IAIS published the June issue of its newsletter, which focuses on the successful completion of the Global Seminar held in Buenos Aires. The key highlights of the Seminar included agreement on a clear way forward for the Insurance Capital Standard (ICS) monitoring period, launch of consultation on specific drafting in the Insurance Core Principles (ICPs) and ComFrame that cover the proposed supervisory policy measures in the holistic framework for mitigating systemic risk, and publication for information of the close to final version of ComFrame. Additionally, IAIS’ Extraordinary General Meeting approved the new Strategic Plan and Financial Outlook for the next five years: 2020 to 2024.

    The IAIS Secretary General highlights that, in the period ahead, finalization and implementation of post-crisis reforms—ComFrame, including the ICS. and the holistic framework—will remain critical. Focus will pivot to the next horizon. Trends and developments such as fintech, cyber risk, climate risk, and the challenge of sustainable development will reshape the insurance business in the coming years. As the global community of insurance supervisors, IAIS will support members in proactively responding to these challenges and opportunities. The Strategic Plan maintains the IAIS’ core functions of developing supervisory material, supporting implementation of agreed standards and contributing to financial stability.

    Other key updates in the newsletter include the following:

    • At its meeting on June 12, the Executive Committee approved to publish, for information, the outcome of the 2018 public consultation on overall ComFrame; public consultation IAIS supervisory material; and certain proposals with respect to monitoring the identification of internationally active insurance groups (IAIGs) and supporting implementation of ComFrame. The Committee also approved to release for public consultation, the draft supervisory material related to the holistic framework for systemic risk; and endorsed the final report on member assessment on Guernsey.
    • The Implementation and Assessment Committee met on June 11 and approved the supporting material drafting guide and discussed the implementation assessment of ComFrame and the holistic framework.
    • At its meeting on June 11, the Macro-Prudential Committee recommended for Executive Committee approval the release for public consultation the revised draft ICP and ComFrame material related to the holistic framework.
    • The Policy Development Committee met on June 10 to recommend revisions to draft ComFrame material based on 2018 public consultation comments and the summary of the main 2018 public consultation comments. The Committee also discussed issues related to implementation of ComFrame, 2019 Field Testing of ICS Version 2.0 and preparation for the ICS Version 2.0 monitoring period.
    • The Accounting and Auditing Working Group plans to meet on September 23-24 to discuss IASB exposure draft on the amendments to, and potential delay of, IFRS 17 on insurance contracts. The Working Group also expects to discuss the IASB agenda, audit quality issues, and jurisdictional implementation activities of IFRS 17, along with Monitoring Group developments, and hold a Stakeholder call-in session.
    • At its meeting on May 21-22, the Insurance Groups Working Group finalized resolution of the 2018 public consultation comments on ComFrame material in ICPs on supervisory review and reporting (ICP 9), preventive measures, corrective measures, and sanctions (ICP 10), group-wide supervision (ICP 23), and supervisory cooperation and coordination (ICP 25). The Working Groups also discussed issues related to identification of IAIGs and supervisory cooperation and coordination in supervision of IAIGs, in the context of preparation for implementation of ComFrame.

    Keywords: International, Insurance, Newsletter, ComFrame, ICP, ICS, Insurance Contracts, IFRS 17, Systemic Risk, Fintech, IAIS

    Featured Experts
    Related Articles
    News

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News
    News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News
    News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News
    News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News
    News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8521