IAIS published the annual update on the list of Internationally Active Insurance Groups (IAIGs). IAIS has compiled this list or register based on information received from group-wide supervisors. As of November 03, 2020, forty-eight IAIGs have been identified by relevant group-wide supervisors from 16 jurisdictions; out of which, thirty-four IAIGs have been publicly disclosed by relevant group-wide supervisors from 12 jurisdictions.
The group-wide supervisors are responsible for identification of IAIGs, in cooperation with other involved supervisors, after considering whether a group meets both the following criteria, provided in the Common Framework for Supervision of IAIGs (ComFrame):
- Internationally active—Premiums are written in three or more jurisdictions; and gross written premiums outside the home jurisdiction are at least 10% of the group’s total gross written premiums.
- Size (based on a three-year rolling average)—Total assets are at least USD 50 billion or total gross written premiums are at least USD 10 billion.
ComFrame, which was adopted in November 2019, establishes supervisory standards and guidance focusing on the effective group-wide supervision of IAIGs. ComFrame provides supervisors with a common language for the supervision of IAIGs. Through the ICP Self-Assessment Tool questionnaires, supervisors can assess the level of observance of the Insurance Core Principles (ICPs), with the results generated immediately after the completion of a questionnaire. In limited circumstances, as described in the ComFrame guidance, the group-wide supervisor has the discretion to determine that a group is not an IAIG even if it meets the criteria or that a group is an IAIG even if it does not meet the criteria.
Keywords: International, Europe, EU, UK, Insurance, IAIG, Group-Wide Supervisor, ComFrame, ICP, IAIS
Previous ArticleHKMA Sets Out Two-Year Roadmap to Promote Adoption of Regtech
The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.