IAIS concluded its 24th Annual Conference, preceded by the General Meeting of Members and three days of committee meetings. This conference was hosted by BNM in Kuala Lumpur, Malaysia. At the General Meeting, Members approved the 2016 Annual Report; revisions to Insurance Core Principle (ICP) 13: Reinsurance and Other Forms of Risk Transfer; ICP 18: Intermediaries; and ICP 19: Conduct of Business.
In meetings preceding the Annual Conference, the Executive Committee reached agreement on a unified path to convergence of group capital standards in furtherance of its ultimate goal of a single Insurance Capital Standard (ICS) that achieves comparable outcomes across jurisdictions. It also adopted an application paper on group corporate governance. In a parallel session, IAIS held the first of three scheduled stakeholder meetings to receive comments on ICS Version 1.0 for extended field testing as well as a Roundtable Discussion on Takaful. Finally, IAIS signed a global partnership agreement with the International Actuarial Association and the Access to Insurance Initiative to enhance the actuarial skills of supervisory authorities. As the new IAIS Secretary General Jonathan Dixon described the events, “This has been an exceptional week of accomplishments, from key agreements on group capital standards and the delivery of capacity building in actuarial services, to approval of revisions to ICPs and adoption of a new supervisory paper, along with robust and engaging panel discussions on forward-looking topics”.
Keywords: International, Insurance, ICP, ICS, Corporate Governance, IAIS
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