General Information & Client Services
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
November 10, 2017

IAIS is consulting on the revised Insurance Core Principles on Investments (ICP 15); Enterprise Risk Management for Solvency Purposes (ICP 16); Risk Management and Internal Controls (ICP 8); ComFrame materials integrated with the respective ICPs; and proposed definitions of enterprise risk management (ERM)-related terms. Comments on these consultative documents are invited by January 08, 2018. IAIS also issued a draft revised ICP introduction and assessment methodology document, multiple draft revised ICPs with compiled stakeholder and member comments on consultation on ICPs, and the updated ICP documents for November 2017. In addition to these, IAIS also published a document that provides up-to-date information on the status of the ICPs, including any ongoing or planned revisions.

Two web-based consultation tools have been set up for the public consultation—one tool for the revised ICPs 15 and 16 and the ComFrame material integrated with these two ICPs, along with the proposed definitions of ERM-related terms, and another tool for the revised ICP 8 and ComFrame material integrated with ICP 8. With regard to ICP 8, this public consultation focuses on changes aimed at removing overlap and duplication between ICP 8 and ICP 16. The ComFrame material integrated with ICP 8, which was released for consultation in March 2017, is not open for additional consultation at this stage; it is still under review based on the comments received during that consultation. Since the March 2017 consultation, additional ComFrame material has been integrated with ICP 8.

Compiled comments on consultation with resolution was published for ICP 13 on Reinsurance and Other Forms of Risk Transfer; ICP 18 on Intermediaries; and ICP 19 on Consuct of Business. IAIS issued the following draft revised ICPs, along with the resolution on consultation:

  • ICP 1: Objectives, Powers and Responsibilities of the Supervisor
  • ICP 2: Supervisor
  • ICP 3: Information Sharing and Confidentiality Requirements
  • ICP 9: Supervisory Review and Reporting
  • ICP 10: Preventive Measures, Corrective Measures and Sanctions
  • ICP 12: Exit from the Market and Resolution
  • ICP 25: Supervisory Cooperation and Coordination

IAIS adopted a thematic approach in September 2015 to ensure a more efficient process of developing supervisory materials. The approach involved the management and development of supervisory materials by theme across the three tiers of standard setting: ICPs, ComFrame, and Global Systemically Important Insurer Policy Measures, each building on the previous one. As a result of applying the thematic approach and integrating the ComFrame material with ICPs, the draft revised ICPs related to ComFrame may require further adjustments for consistency with other parts of the supervisory material being developed, notably with ComFrame. To this end, revisions of ICPs related to the ComFrame material will be submitted to the general membership for adoption, along with ComFrame at the 2019 Annual General Meeting.


Comment Due Date: January 08, 2018

Keywords: International, Insurance, ComFrame, ICP, IAIS

Related Insights

MAS Amends Notice 637 on Capital Adequacy Requirements in Singapore

MAS published the final, revised Notice 637 on the risk-based capital adequacy requirements in Singapore.

November 13, 2018 WebPage Regulatory News

ESMA Updates Q&A on Implementation of CSD Regulation and MAR

ESMA updated questions and answers (Q&A) documents on the implementation of the Central Securities Depository (CSD) Regulation and Market Abuse Regulation (MAR).

November 12, 2018 WebPage Regulatory News

FSB Finalizes and Publishes the Cyber Lexicon

FSB published a cyber lexicon, following the public consultation earlier this year.

November 12, 2018 WebPage Regulatory News

SRB Updates Liability Data Reporting Template for 2019

SRB published version 2.7.1 of the Liability Data Reporting (LDR) Template.

November 12, 2018 WebPage Regulatory News

IMF Publishes Reports on the 2018 Article IV Consultation with Chile

IMF published its staff report and selected issues report under the 2018 Article IV consultation with Chile.

November 09, 2018 WebPage Regulatory News

PRA Issues PS27/18 on Implementing the Extension of SM&CR to Insurers

PRA published the policy statement PS27/18, which provides feedback to responses to the consultation paper CP20/18, on implementing the extension of the Senior Managers and Certification Regime (SM&CR) to insurers (Part 2).

November 09, 2018 WebPage Regulatory News

EBA Single Rulebook Q&A: First Update for November 2018

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

November 09, 2018 WebPage Regulatory News

FED Finalizes the Large Financial Institution Rating System

FED finalized the new supervisory rating system for Large Financial Institutions (LFIs), to better align with the current supervisory programs and practices for these firms.

November 09, 2018 WebPage Regulatory News

ECB Publishes Guides for Capital and Liquidity Management by Banks

ECB published the guides for capital and liquidity management by banks in EU.

November 09, 2018 WebPage Regulatory News

EC Amends Regulation on Prudent Valuation for Supervisory Reporting

EC published the amended Implementing Regulation (EU) 2018/1627 on prudent valuation for supervisory reporting. Regulation 2018/1627 amends the Implementing Regulation 680/2014.

November 09, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2199