Featured Product

    IAIS Publishes Application Paper on Supervising Insurer Cybersecurity

    June 29, 2018

    IAIS published a draft application paper on the supervision of insurer cybersecurity. The application paper provides further guidance to supervisors seeking to develop or enhance their approach to supervising the cyber risk, cybersecurity, and cyber resilience of insurers. Insurers are also invited to consider the application paper, to assist in developing and implementing good cybersecurity practices in their organizations. Comments on the proposal are due by August 13, 2018.

    The application paper is generally principles-based and builds on frameworks and guidance from multiple sources, including the "G7 Fundamental Elements of Cyber Security for the Financial Sector"; the related "G7 Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector"; and the CPMI-IOSCO guidance on cyber resilience for financial market infrastructures. The paper focuses on supervision of insurers’ cybersecurity. It does not cover cyber insurance products nor the use of cyber insurance in the reduction of residual risks. IAIS also published consultations on the revised ICPs 6 and 20 and it will hold a public background session on July 16, 2018 to discuss these revised ICPs. 

    Under IAIS procedures an application paper can provide additional material related to one or more Insurance Core Principles (ICPs) that help with practical application of ICPs, but an application paper is not binding and does not establish standards. Application papers can provide examples of good practices, in addition to advice and recommendations on how ICPs may be implemented.

     

    Comment Due Date: August 13, 2018

    Keywords: International, Insurance, Application Paper, Insurer Cybersecurity, Cyber Risk, IAIS

    Related Articles
    News

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News
    News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    News

    BIS Discusses Role of Central Banks in Addressing Climate Change Risks

    BIS published a book that reviews ways of addressing the climate change risks within the financial stability mandate of central banks.

    January 19, 2020 WebPage Regulatory News
    News

    FSB Report Examines Global Nonbank Financial Intermediation Activity

    FSB published the ninth annual report examining the global non-bank financial intermediation activity.

    January 19, 2020 WebPage Regulatory News
    News

    OSFI Publishes Instruction Guide on Solvency Information Return

    OSFI published an instruction guide to assist administrators of pension plans in completing the Solvency Information Return that is required to be filed with OSFI.

    January 17, 2020 WebPage Regulatory News
    News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News
    News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4515