Featured Product

    IAIS Publishes Newsletter for March 2020

    March 30, 2020

    IAIS published its newsletter for March 2020. This edition of the newsletter highlights the steps that IAIS can take to provide operational relief to its member supervisors, insurers, and other stakeholders, while continuing to further a globally coordinated supervisory response in support of the maintenance of financial stability.

    The IAIS Executive Committee conference held call on March 26 to discuss the activities of IAIS and the impact of COVID-19 on the global insurance sector. The Executive Committee agreed on the the initial adjustments to the IAIS work program to provide operational relief to its member supervisors, insurers, and other stakeholders. This included utilizing the framework it has developed in recent years for forward-looking risk assessment, reviewing and adjusting the timelines for the data collection for the Insurance Capital Standard (ICS) confidential reporting in 2020 as well as the Aggregation Method data collection, and postponing the development of supporting material (Issues Papers and Application Papers providing guidance on supervisory practices), with public consultations generally deferred by at least six months. The Executive Committee also

    • Approved the Level 2 Document-Insurance Capital Standard (ICS) Version 2.0 for the monitoring period, for publication
    • Adopted the Issues Paper on the Implementation of the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)
    • Approved the publication of the 2019 Global Insurance Market Report (GIMAR) and the special topic focus of the 2020 GIMAR
    • Discussed measures to encourage progress by group-wide supervisors in the public identification of Internationally Active Insurance Groups (IAIGs)
    • Discussed the preliminary findings from the IAIS survey on LIBOR transition in the insurance sector
    • Endorsed the recommendations set forth in the report delivered by the Cyber Underwriting Small Group, and approved the Process for the 2021-2022 Roadmap development

    Among other notable developments during the month was the February meeting of the Implementation and Assessment Committee. The Committee reviewed and approved the project plan for the SIF/IAIS Application Paper on climate risk in the insurance sector an  the project plan for the Application Paper on macro-prudential supervision.

     

    Keywords: International, Insurance, Newsletter, COVID-19, Work Plan 2020, Data Collection, Climate Change Risk, ESG, ICS Version 2, IAIS

    Featured Experts
    Related Articles
    News

    CBUAE Issues Regulation for Low-Risk Specialized Banks

    CBUAE has issued a regulation that introduces the licensing and supervision framework for low-risk, specialized banks.

    May 01, 2021 WebPage Regulatory News
    News

    APRA Proposes Guidance to Support Prudential Standard on Remuneration

    APRA is consulting on CPG 511—the draft Prudential Practice Guide on remuneration for banks, insurers, and superannuation licensees—with the comment period ending on July 23, 2021.

    April 30, 2021 WebPage Regulatory News
    News

    MAS Announces Grant Scheme to Spur Adoption of Regtech Solutions

    MAS announced a new RegTech grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector.

    April 30, 2021 WebPage Regulatory News
    News

    PRA Review Finds Most Banks Compliant with Regulatory Reporting Rules

    PRA published a letter that sets out findings from the 2020 Internal Audit Review of the Collections function of a sample of non-systemic banks and building societies.

    April 30, 2021 WebPage Regulatory News
    News

    EIOPA Launches Consultation on Interbank Offered Rate Transitions

    EIOPA launched a consultation on the Interbank Offered Rate (IBOR) transitions, in context of the EU Benchmarks Regulation.

    April 30, 2021 WebPage Regulatory News
    News

    EIOPA Seeks Feedback on Approach to Blockchain and Smart Contracts

    EIOPA published a discussion paper on uses cases of, and the European approach to, blockchain and smart contracts in the insurance sector.

    April 29, 2021 WebPage Regulatory News
    News

    HKMA Outlines Work Priorities for 2021, Grants License to NH Bank

    HKMA granted a banking license to NongHyup Bank (also NH Bank), which is incorporated in the Republic of Korea.

    April 29, 2021 WebPage Regulatory News
    News

    PRA Proposes Options for Regulatory Framework for Non-Systemic Banks

    PRA published a discussion paper that explores options for developing a simpler but resilient prudential framework for banks and building societies that are neither systemically important nor internationally active.

    April 29, 2021 WebPage Regulatory News
    News

    ECB Issues Opinion on Proposal for Market Infrastructures Based on DLT

    ECB published an opinion on the proposal for a regulation on the pilot regime for market infrastructures based on distributed ledger technology.

    April 29, 2021 WebPage Regulatory News
    News

    EBA Proposes Standards to Determine Risk-Weight for Immovable Property

    EBA proposed regulatory technical standards that specify how to identify the appropriate risk-weights and conditions when assessing minimum loss given default (LGD) values for exposures secured by immovable property.

    April 29, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6920