IAIS published an application paper on the supervision of insurer cybersecurity, along with the resolution of comments on the draft application paper. The consultation on the paper ran from June 2018 to August 2018. The application paper provides further guidance to supervisors seeking to develop or enhance their approach to supervising the cyber risk, cybersecurity, and cyber resilience of insurers.
Insurers are invited to consider the recommendations and examples in the application paper, to assist in developing and implementing good cybersecurity practices in their organizations. The application paper is generally principles-based and builds on frameworks and guidance from multiple sources, including the "G7 Fundamental Elements of Cyber Security for the Financial Sector," the related "G7 Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector," and the CPMI-IOSCO guidance on cyber resilience for financial market infrastructures. The paper focuses on supervision of insurer cybersecurity. It does not cover cyber insurance products nor the use of cyber insurance in the reduction of residual risks.
Keywords: International, Insurance, Insurer Cybersecurity, Cyber Risk, IAIS
PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.
IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.
MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.
BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.
FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.
PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.
EBA published an opinion following the notification by the French macro-prudential authority, the Haut Conseil de Stabilité Financière (HCSF), of its intention to extend a measure introduced in 2018 on the use of Article 458(9) of the Capital Requirements Regulation (CRR).
As part of a Research Bulletin on the recent policy-relevant work, ECB published an article that examines the lessons learned from past crises for nonperforming loan resolution in the post COVID-19 period.
RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.
ECB updated the guidance notes for reporting related to the statistics on holdings of securities by reporting banking groups (SHSG).