The March issue of the IAIS newsletter highlights that the 2020-2024 strategic plan of IAIS takes into account the role of supervision in insurance market development and, more broadly, sustainable economic development, in the wider context of achieving the IAIS mission. Policyholder protection and contribution to financial stability are fundamental to ensuring the sustainable involvement of the insurance sector in closing the protection gap.
The newsletter notes that application paper on proactive supervision of corporate governance has been published. The application paper draws on conclusions of the 2014 Self-Assessment and Peer Review of governance-related Insurance Core Principles (ICPs). At its meeting on February 27, the Executive Committee:
- Approved a memorandum on IAIS actions aimed at supporting the implementation of ComFrame
- Approved the project plan for finalizing the holistic framework for systemic risk by November
- Endorsed the launch of the 2019 global systemically important insurer (G-SII) data collection exercise
- Approved for publication the aggregate report on Phase 2 Implementation Assessment of G-SII Policy Measures (Liquidity Management Plan)
- Discussed a draft revised Financial Outlook 2020-2024
- Took note of, and commented on, the developments in fintech and the discussion in the IAIS Fintech Forum.
The newsletter also provides updates on meetings of different committees. The Implementation and Assessment Committee met on February 26 to deliberate on various issues, including a memorandum on IAIS actions aimed to support implementation of ComFrame and a memorandum on the implementation assessment workstream of the holistic framework for systemic risk. The Macro-prudential Committee met on February 26 and discussed the 2018 Global Insurance Market Report, proposals for special topics for the 2019 Global Insurance Market Report, documents pertaining to the 2019 G-SII data collection exercise, and several elements of IAIS holistic framework for systemic risk. At its meeting on February 28, the Accounting and Auditing Working Group discussed potential changes to ICP 20 as a result of the comments received on the consultation on a holistic framework for systemic risk in the insurance sector. The Working Group also continues to monitor implementation activities of IFRS 17.
Keywords: International, Insurance, Newsletter, ComFrame, ICP, Fintech, IAIS
Previous ArticleESRB Updates National Macro-Prudential Measures in March 2019
BCBS is consulting on two technical amendments to the rules on minimum haircut floors for securities financing transactions, or SFTs.
BIS launched a EUR-denominated, open-ended fund for green bond investments by central banks and official institutions, following the launch of the first BIS green bond fund denominated in USD in September 2019.
EBA announced that it will launch the 2021 EU-wide stress test exercise, with the publication of the macroeconomic scenarios on January 29, 2021.
BoE announced that the reporting entities are no longer required to report Form CX after the fourth quarter of 2020 reference period, with the last collection on January 29, 2021.
ECB published a letter in which the President Christine Lagarde answered questions, from a Member of the European Parliament, on the application of the EU taxonomy on sustainable finance.
PRA published a direction for modification by consent of 5.1 to 5.3 and 5.5 of the Capital Buffers Part of the PRA Rulebook.
BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.
In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.