IAIS published the November issue of its newsletter. The key highlight is the conclusion of the IAIS Annual Conference and General Meeting. This was marked by panel discussions, agreement on a unified path to convergence on group capital standards, and adoption of a new supervisory paper. At the General Meeting, members approved the 2016 Annual Report, along with the revisions to Insurance Core Principles on Reinsurance and Other Forms of Risk Transfer (ICP 13), Intermediaries (ICP 18), and Conduct of Business (ICP 19).
In meetings preceding the Annual Conference, the Executive Committee reached an agreement on a unified path to convergence of group capital standards in furtherance of its ultimate goal of a single Insurance Capital Standard (ICS) that achieves comparable outcomes across jurisdictions. It also adopted an application paper on group corporate governance. In a parallel session, IAIS held the first of three scheduled stakeholder meetings to receive comments on ICS Version 1.0 for extended field testing as well as a Roundtable Discussion on Takaful. The newsletter highlights that the Financial Stability and Technical Committee (FSTC) has:
- Approved draft revised ICPs
- Approved draft revisions to ICPs related to ComFrame
- Agreed to send the template for G-SII Assessment Methodology disclosure documents to the Executive Committee for approval to release
- Approved the Application Paper on Group Corporate Governance for Executive Committee adoption
Keywords: International, Insurance, ICP, ICS, Newsletter, ComFrame, IAIS
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