IAIS Consults on Revisions to ICP 6 and ICP 20 for Insurers
IAIS is consulting on the revised Insurance Core Principles on Changes in Control and Portfolio Transfers (ICP 6) and on Public Disclosure (ICP 20). Comments on these consultative documents are invited by August 28, 2018 and are to be submitted via the web-based consultation tool. IAIS will also hold a public background session on July 16, 2018 to discuss the draft of the revised ICP 6 and ICP 20.
Under ICP 6, the supervisor assesses and decides on proposals for portfolio transfers and to acquire significant ownership of, or an interest in, an insurer that results in a person (legal or natural), directly or indirectly, alone or with an associate, exercising control over the insurer. Under ICP 20, the supervisor requires insurers to disclose relevant and comprehensive information on a timely basis to give policyholders and market participants a clear view of their business activities, risks, performance, and financial position.
As publicly announced in February 2017, as part of the next three-year cycle for reviewing its approach to systemic risk assessment, IAIS has adopted a systemic risk assessment and policy workplan. This workplan, involving a public consultation at the end of 2018, includes finalizing any policy measures to address potential systemically risky activities as part of ICPs and ComFrame (including ICS Version 2.0), which is to be adopted in 2019.
Comment Due Date: August 28, 2018
Keywords: International, Insurance, ICP, ICP 6, ICP 20, Public Disclosure, IAIS
