October 27, 2017

IAIS published the October issue of its newsletter, which highlights updates on the review and refresh of the IAIS Core Curriculum. This refresh updates and expands material for use by all IAIS members. The core curriculum is a resource to help insurance supervisors gain a better understanding of the underlying concepts, terminology, and interactions of material in the Insurance Core Principles (ICPs) and other IAIS supervisory material. IAIS launched the Core Curriculum project in 2016. Phase 1 of the project is scheduled to be completed in mid-2018, with Phase 2 anticipated by the end of 2019.

The newsletter outlines the key outcomes from the High Level Roundtable of Senior Insurance Supervisors in Manila, particularly the following:

  • Importance of the IAIS ICPs was reaffirmed, as was the ongoing need for support for ICP implementation and assessment.
  • Importance of good supervision to insurance market development and market stability was recognized.
  • Need to develop actuarial capacity was noted. This applies both in supervisory authorities and in industry. It also applies in both the insurance and pensions sectors.

Additionally, the newsletter highlights that the Financial Stability and Technical Committee (FSTC), at its meeting in Basel, received updates from the chairs of working groups developing the revised ICPs, discussed the 2018-19 Roadmap Project Plans, and agreed on a recommendation on prospective G-SIIs to the Executive Committee.

 

Keywords: International, Insurance, ICP, Core Curriculum Refresh, Newsletter, FSTC, IAIS

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