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
Previous Article
PRA Issues PS16/18 on Changes to Reporting Requirements for InsurersRelated Articles
APRA Updates Validation and Derivation Rules in September 2020
APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
EC Proposes Frameworks for Crypto-Assets and Operational Resilience
EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.
ECB Publishes Opinion on Proposals to Amend Securitization Framework
ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.
FCA Consults on Regulation of International Firms in UK
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
MAS Amends Notice on Capital Adequacy Requirements of Banks
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.
FCA to Begin to Move Firms to New Data Collection Platform RegData
FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.
ISDA Expects IBOR Fallbacks to be Effective by End of January 2021
ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.
APRA Reviews Repayment Deferral Plans, Identifies Best Practices
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs Assess Risks to Financial Sector After COVID-19 Outbreak
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE Confirms Withdrawal of COVID Corporate Financing Facility
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
