IAIS published its public roadmap for 2019 to inform stakeholders about the key activities planned for year and to facilitate greater awareness and engagement with respect to these activities. The key activities for 2019 can be thematically categorized into standard-setting, financial stability, implementation and assessment, and assessing and responding to the emerging risks and opportunities. Additionally, IAIS published a review of its work in 2018, which highlights that IAIS moved closer to finalizing the post-crisis reform agenda.
The following are the key highlights of the IAIS roadmap:
- Standard-setting—Projects under this area reflect work of IAIS on supervisory material to finalize the revision of the Insurance Core Principles (ICPs) and the development of the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), including the Insurance Capital Standard (ICS). Projects include finalization of ICS Version 2.0 for confidential reporting to group-wide supervisors and developing criteria for assessing comparable outcomes between ICS and the U.S. Aggregation Method.
- Financial Stability—Projects in this area include the work of IAIS on developing a holistic framework to mitigate systemic risk in the global insurance sector, recognizing that systemic risk may arise from both the collective activities/exposures of insurers at a sector-wide level as well as from the distress or disorderly failure of individual insurers.
- Implementation and Assessment—Projects in this area support the IAIS objective of globally consistent and effective implementation of the IAIS’ supervisory material by assessing implementation and supporting members to implement this material through the development of targeted guidance (that is, Application and Issues Papers). The projects are related to assessment and monitoring of global systemically important insurer (G-SII) policy measures implementation and peer review process on supervisor and their objectives (ICPs 1 and 2) and corporate and risk governance (ICPs 4, 5, 7 and 8).
- Assessing and Responding to Emerging Risks and Opportunities—Projects in this area facilitate sharing of experiences and practices among members to help them better understand emerging supervisory issues and proactively tackle related supervisory challenges and opportunities. The projects are related to fintech, cyber risk, and climate risk and sustainability.
Keywords: International, Insurance, ICPs, ComFrame, ICS, Financial Stability, Systemic Risk, Fintech, Climate Risk, Roadmap, G-SII, IAIS
Previous ArticleESRB Publishes Risk Dashboard in September 2019
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.