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
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The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.