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
Previous Article
OSFI Updates Manual of Reporting Forms and Instructions for BanksRelated Articles
BCBS Amends Guidelines on Sound Management of AML/CFT Risks
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS Publishes List of Internationally Active Insurance Groups
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC Launches Consultation on Review of Solvency II Directive
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 Consults on Supervisory Approach to Consolidation in Banking
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
PRA Letter Sets Expectations on Approach to Managing Climate Risks
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.
US Agencies Finalize Amendments to Swap Margin Rule
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.
IAIS on Package for 2020 Data Collection on ICS and Aggregation Method
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
