IAIS Publishes Newsletter for March 2018
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
Related Articles
PRA Finalizes Policy on Prudent Person Principle Under Solvency II
PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.
EBA on Extending Large Exposure Limits for French Systemic Banks
EBA published an opinion following the notification by the French macro-prudential authority, the Haut Conseil de Stabilité Financière (HCSF), of its intention to extend a measure introduced in 2018 on the use of Article 458(9) of the Capital Requirements Regulation (CRR).
ECB Highlights NPL Resolution as Key Policy Issue in Post-COVID Europe
As part of a Research Bulletin on the recent policy-relevant work, ECB published an article that examines the lessons learned from past crises for nonperforming loan resolution in the post COVID-19 period.
RBNZ Publishes Financial Stability Report for May 2020
RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.
ECB Updates Guidance on Reporting of Securities Holdings Statistics
ECB updated the guidance notes for reporting related to the statistics on holdings of securities by reporting banking groups (SHSG).
ECB Publishes Results of Financial Stability Review in May 2020
ECB published results of the financial stability review in May 2020. Among other issues, the financial stability review assesses operations of the financial system so far during the COVID-19 pandemic.
Regulators and Private Sector Meet to Discuss COVID Policy Responses
Financial policymakers and international standard-setters met virtually with private-sector executives to discuss international policy responses to COVID-19 pandemic.
ESMA Responds to IASB Consultation on Interest Rate Benchmark Reform
ESMA published a letter responding to IASB on the exposure draft on the phase 2 of the interest rate benchmark reform.
HKMA Consults on Supervisory Policy for OTC Derivatives Transactions
HKMA is consulting on revisions to the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.
EBA Examines Impact of COVID Crisis on Banking Sector in EU
EBA published thematic note presenting a preliminary assessment of the impact of COVID-19 outbreak on the banking sector in EU.
