Featured Product

    IAIS Revises Roadmap in Response to Ongoing COVID-19 Crisis

    May 29, 2020

    IAIS revised its roadmap for 2020-2021, in response to the ongoing COVID-19 crisis. The revisions include addition of three new projects, postponement of the annual 2020 Global Monitoring Exercise to 2021, announcement of a targeted assessment of the impact of COVID-19, and delays in timelines for various consultations, surveys, and data calls. Since the full impact of the COVID-19 pandemic is yet to be known, IAIS will further adapt project plans and the roadmap, if necessary.

    This Version 2.0 of the roadmap provides revised plans for all existing 2020-21 roadmap projects—in many cases to provide operational relief to member supervisors and insurers while they focus on responding to COVID-19 developments—and establishes new projects in response to the COVID-19 crisis. The updated roadmap includes the following three new projects:

    • Follow up on the work of the Cyber Underwriting Small Group to develop, in 2020, a paper on cyber risk underwriting
    • Supporting information exchange and analysis on regulatory, supervisory, and other financial policy measures being taken in response to COVID-19 by IAIS members
    • Development of a risk dashboard to inform regular discussions on the key developments in financial markets affecting the global insurance industry due to the COVID-19 crisis 

    Many projects in the roadmap, even while keeping their overall objective unchanged, are challenged by the COVID-19 situation and have seen their timelines, interim goals, and scope adjusted for 2020. The updated roadmap plans have been developed in a way that continues to progress IAIS activities, while providing operational relief to insurers through, for example, delaying timelines for data calls, surveys, and public consultations. Other key highlights include the following:

    • The annual 2020 Global Monitoring Exercise, or GME, has been postponed to 2021. In 2020, IAIS will utilize the framework it has developed in recent years for forward-looking risk assessment (the GME) to undertake a targeted assessment of the impact of COVID-19 on the global insurance sector. This assessment will be based on targeted COVID-19 data collections. The COVID-19 data collections, which will have a quantitative and a qualitative component, will be collected from both insurance groups (Individual Insurers Monitoring, or IIM) and member supervisors (Sector-Wide Monitoring, or SWM) and will focus on key indicators such as assets, liabilities, solvency, liquidity, and profitability of the global insurance sector. 
    • IAIS will review and adjust the timelines for the ICS confidential reporting in 2020 as well as the Aggregation Method data collection. As a first step, the submission deadline will be extended to October 31, to provide operational relief to participating insurers, with submissions done on a best effort basis.
    • Timelines have been adjusted for various consultations, including the paper on the development of the liquidity metrics and the application papers on liquidity risk management, on macro-prudential supervision, on climate risk in the insurance sector, on resolution powers and planning, and on supervision of control functions.

    Keywords: International, Insurance, Roadmap, Cyber Risk, COVID-19, Reporting, Global Monitoring Exercise, ICS, Liquidity Risk, Resolution Framework, Macro-Prudential Supervision, IAIS

    Featured Experts
    Related Articles
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    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.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    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.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    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.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Examines Asset Encumbrance in Banking Sector

    The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7291