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

    HKMA Finalizes Policy Modules on Group-Wide Approach and Remuneration

    The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.

    July 29, 2021 WebPage Regulatory News
    News

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    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

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    ECB Study Assesses Impact of Basel III Finalization Package

    The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.

    July 26, 2021 WebPage Regulatory News
    News

    ISDA Finds FRTB Results in Higher Capital Charges for Carbon Trading

    The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.

    July 26, 2021 WebPage Regulatory News
    News

    PRA Updates Remuneration Policy Statement Templates and Tables

    The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.

    July 26, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7307