DNB issued insurance newsletter for September 2018. The newsletter highlights that DNB is inquiring about the risks of a hard Brexit among a group of large insurers. DNB wants to gain more insight into the extent to which insurers are exposed to the risks of a hard Brexit, the extent to which insurers are aware of these risks, and the mitigating measures taken by insurers.
The newsletter mentions that the insurers must prepare a regular supervisory report at least once every three years, unless DNB requests a different frequency. This reporting obligation is laid down in the Solvency II regulations. The newsletter also includes an updated calendar on the insurance sector.
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Keywords: Europe, EU, Netherlands, Insurance, Solvency II, Brexit, Reporting, QIS Calendar, DNB
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
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 launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
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 (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 published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.