IAIS Publishes Drafts of Revised ICP 8, ICP 15, ICP 16, and ICP 20
IAIS published the drafts of revised Insurance Core Principles on Public Disclosure (ICP 20), Investments (ICP 15), Enterprise Risk Management for Solvency Purposes (ICP 16), and Risk Management and Internal Controls (ICP 8), along with a revised draft of the glossary on enterprise risk management (ERM). These ICPs and ERM glossary have been endorsed by the Executive Committee, were released for information purposes only, and are subject to further changes before being presented for adoption by the general membership at the 2019 Annual General Meeting. Revised ICPs are expected to be adopted in 2019.
Other published documents include the following:
- Updated document on ICPs adopted to date
- Timeline of ComFrame development and ICP revisions
- Up-to-date information on the status of the ICPs, including any ongoing or planned revisions
- Public consultation comments on draft revised ICPs 8, 15, and 16 as well as the ERM glossary, wherein member and stakeholder comments requesting confidentiality have been removed
- Summary of comments received (and their resolution) on draft revised ICPs 8, 15, 16, and 20 as well as on the ERM glossary
- Resolution of comments on draft revised ICP 6
The consultation on ICPs 8, 15, and 16, as well as ERM-related terms, ran from November 2017 to January 2018 while the consultation for ICPs 6 and 20 took place between June 2018 and August 2018. 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. For this purpose, revisions of ICPs related to the ComFrame material will be submitted to the general membership for adoption together with ComFrame at the 2019 Annual General Meeting. Adoption before that date would only be allowed as an exception. ICP revisions completed prior to the 2019 Annual General Meeting, but not yet adopted, are made available on the IAIS website as drafts for information purposes only.
Effective Date: Adoption Expected in 2019
Keywords: International, Insurance, ComFrame, ICP, ERM Glossary, IAIS
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