IAIS published the March issue of its newsletter. This issue highlights that IAIS is in the process of a comprehensive revision of its Insurance Core Principles (ICPs) and the development of ComFrame. The ICP revisions and the development of ComFrame are expected to be finalized and adopted by the Annual General Meeting by the end of 2019.
The newsletter also notes that IAIS will hold a public discussion session to provide background information on the resolution of comments received during the public consultation on ComFrame material, answer stakeholder questions on the outcome of the consultation, and present the next steps in the development of ComFrame. The Policy Development Committee agreed to, and approved, the resolution of comments from the March 2017 public consultation of the ComFrame material in ICPs 5, 7, 8, 9, 10, 12, and 25, including a summary of the main substantive comments and their resolution, along with the remaining Insurance Capital Standard (ICS) items for the 2018 field testing.
The newsletter highlights that members of the Capital, Solvency and Field Testing Working Group discussed open ICS issues, updated technical specifications, and field testing questionnaires. The ICP 15 and ICP 16 workstream continues to review comments received on the public consultation. The consultation covered proposed definitions of enterprise risk management-related terms, revised ICP 15 (Investments) and ICP 16 (Enterprise Risk Management for Solvency Purposes), and ComFrame material integrated with ICP 15 and ICP 16. Draft resolution to comments specific to ComFrame material integrated with ICP 15 and ICP 16 will be reported to the Capital, Solvency and Field Testing Working Group at its April meeting. The newsletter also highlights outcomes from the meeting of the Accounting and Auditing Working Group, which include:
- Approval of resolutions to comments received (from the IAIS working groups) on the revised ICP 20 on Public Disclosure
- Productive dialog on the recent and anticipated accounting changes related to IFRS 17 on insurance contracts
Keywords: International, Insurance, Newsletter, ICP, ComFrame, IAIS
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FSB published the annual report that examines to-date progress toward implementation of climate-related disclosure recommendations of the industry-led Task Force on Climate-related Financial Disclosures (TCFD).
APRA is consulting on the reporting standard for credit risk management (ARS 220.0).
PRA launched a consultation (CP18/20) setting out proposals for the "Contractual Recognition of Bail-in" and "Stay in Resolution" Rules.
FASB is consulting on the XBRL US Data Quality Committee (DQC) Rules Taxonomy (DQCRT) along with two technical guides.
EC published draft of a delegated regulation amending liquidity coverage rules for covered bond issuers.
ESMA published an update to its March 2019 statement on the endorsement of credit ratings from UK.
PRA published Version 2 of the questions and answers (Q&A) on the Branch Return form.
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
ISDA launched the IBOR Fallbacks Supplement and the IBOR Fallbacks Protocol, with both becoming effective on January 25, 2021.
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.