IAIS Consults on Revisions to ICP 6 and ICP 20 for Insurers

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