Featured Product

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    June 30, 2020

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections. IAIS also published an Excel document on yield curves for the 2020 ICS data collection. The technical specifications documents include instructions for the data collection of the April 2020 ICS and Aggregation Method exercises of the Monitoring Period Project. The Aggregation Method technical specifications include a table that summarizes the process and timetable to be followed. Deadline for submission of the Aggregation Method data collection template and questionnaire by the group-wide supervisors is October 31, 2020. Analysis by the Analysis Team and discussions of summary results by IAIS are expected to take place from November 2020 to February 2021.

    ICS Version 2.0 for the monitoring period consists of three document levels. The Level 1 document for the ICS Version 2.0 for the monitoring period sets out the overarching principles and concepts for the annual confidential reporting of the reference ICS and additional reporting during the five-year monitoring period. The Level 1 document should be read in conjunction with the more detailed specifications contained in the Level 2 document for ICS Version 2.0 for the monitoring period. Levels 1 and 2 together form ICS Version 2.0 for the monitoring period. The Level 1 document was published in November 2019 and the Level 2 document was published in March 2020. The ICS data collection package consists of material provided to Volunteer Groups to complete the annual ICS confidential reporting. The ICS technical specifications document (also referred to as Level 3) includes the Level 1 and Level 2 text and provides additional relevant information, consistent with the agreed Level 1 and 2 documents. The ICS technical specifications must be read in conjunction with the associated data collection template, questionnaire, and yield curve documentation. These documents do not replace or supersede the ICS Level 1 and Level 2 documents.

    The Aggregation Method technical specifications must be read in conjunction with the associated data collection template and questionnaire documentation. 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 the data collection includes the same entities that would be reported in the GAAP Balance Sheet under the ICS, as defined in the 2020 ICS Data Collection Technical Specifications.

     

    Keywords: International, Insurance, ICS, Data Collection, Aggregation Method, GAAP, ICS Version 2, ComFrame, Monitoring Period Project, IAIS

    Related Articles
    News

    Regulators Fine Goldman Sachs for Risk Management Failures

    FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).

    October 23, 2020 WebPage Regulatory News
    News

    Canada Hosts International Conference of Banking Supervisors

    BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.

    October 22, 2020 WebPage Regulatory News
    News

    FCA Proposes More Measures to Help Insurance Customers Amid Crisis

    FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.

    October 21, 2020 WebPage Regulatory News
    News

    EBA Issues Opinion to Address Risk Stemming from Legacy Instruments

    EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.

    October 21, 2020 WebPage Regulatory News
    News

    ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020

    ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).

    October 21, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    APRA Initiates Action Against a Bank for Liquidity Compliance Breach

    APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6004