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
Previous ArticleEBA Consults on Methods for Calculating Contributions to DGSs
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.