Featured Product

    IAIS Publishes Drafts of Revised ICP 8, ICP 15, ICP 16, and ICP 20

    November 14, 2018

    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

    Related Articles
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: First Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to two questions. The answers provide clarifications on topics related to own funds and strong customer authentication under the revised Payment Services Directive or PSD2.

    November 08, 2019 WebPage Regulatory News
    News

    FED Proposes to Extend Initial Compliance Dates Under SCCL Rule

    FED published a proposal to extend, by 18 months, the initial compliance dates for foreign banks subject to the single-counterparty credit limit (SCCL) rule.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Technical Package on Reporting Framework 2.9.1

    EBA published a new release of the reporting framework 2.9.1. This release includes validation rules, Data Point Model (DPM) data dictionary, XBRL taxonomy, and other supporting documents. Additionally, the release fixes some modeling issues on COREP Liquidity and FINREP.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Methodology and Draft Templates for Stress Tests in 2020

    EBA published a package for the 2020 EU-wide stress test exercise for banks.

    November 07, 2019 WebPage Regulatory News
    News

    EC Publishes Results of Fitness Check of Reporting Requirements in EU

    EC published results of the fitness check of supervisory reporting requirements in financial services legislation in EU.

    November 07, 2019 WebPage Regulatory News
    News

    BCBS Assesses NSFR and LE Rules in Argentina and China as Compliant

    BCBS published reports that assess the implementation of net stable funding ratio (NSFR) and large exposures, or LE, framework in Argentina and China.

    November 07, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of Plenary Meeting in Paris

    At the meeting, the Plenary reviewed vulnerabilities in the global financial system, fintech developments (including developments in the crypto-asset markets), ongoing work of FSB, and the work program for 2020.

    November 07, 2019 WebPage Regulatory News
    News

    HKMA Highlights Technology Initiatives at the Hong Kong FinTech Week

    HKMA co-organized, with InvestHK, the Hong Kong FinTech Week 2019, which was a five-day flagship fintech event that attracted thousands of attendees worldwide.

    November 06, 2019 WebPage Regulatory News
    News

    ECB Report on Fallback Provisions in Contracts Referencing EURIBOR

    ECB published a report, by private sector working group on euro risk-free rates, presenting recommendations for fallback provisions in contracts for cash products and derivative transactions referencing EURIBOR.

    November 06, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4118