IAIS Publishes Responses to Comments on Revisions to ICPs and ComFrame
IAIS published responses to the comments received on consultations between March 03 and June 01, 2017. These consultations are on the revision of multiple insurance core principles (ICPs), along with the ComFrame material integrated therein. In addition, IAIS also published the status and timelines for ICPs and ComFrame.
The overall ComFrame material will be published for consultation in August 2018. Revised ICPs that are related to ComFrame have been, or will be, published for information purposes. Both revised ICPs and the overall ComFrame are expected to be adopted in 2019. IAIS has received numerous comments from members and stakeholders, providing valuable input for further improvements and revisions on ComFrame integrated in the following ICPs:
- ICP 5: Suitability of Persons
- ICP 7: Corporate Governance
- ICP 8: Risk Management and Internal Controls
- ICP 9: Supervisory Review and Reporting
- ICP 10: Preventive Measures, Corrective Measures and Sanctions
- ICP 12: Exit from the Market and Resolution
- ICP 25: Supervisory Cooperation and Coordination
The document on status of ComFrame contains a table that provides up-to-date information on the status of development of the ComFrame material. It also includes information on how the elements of the 2014 draft ComFrame were, or will be, distributed among ICPs, following a decision to integrate the ComFrame material with relevant ICPs. The table on timeline for development of ComFrame and revision of ICPs provides up-to-date information on the status of the planned activity related to ICPs.
Keywords: International, Insurance, ComFrame, ICP, Timeline and Status, IAIS
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