The September issue of the IAIS newsletter features an article on the new five-year strategic plan of IAIS, which will include a statement of priorities for 2020-2024. The focus is expected to shift from finalizing the current commitments to the post-financial crisis reform agenda, which covers ComFrame, including Insurance Capital Standard (ICS) Version 2.0 for confidential reporting, and a holistic framework for the mitigation of systemic risk.
In the new strategic plan, more focus will be on good supervisory practices to facilitate application of the comprehensive set of standards, rather than setting new rules. A more robust assessment of the implementation of the agreed standards that have been developed is also on the agenda. Additionally, the coming period will likely see a more integrated approach to prudential and market conduct work streams, reflecting that many of the risks to policyholder protection emerging from the trends and developments such as digital innovation relate to the fair treatment of customers. Digital innovation, cyber risk, climate change, and the protection gap are all fundamental market developments and challenges requiring the attention of insurance supervisors.
The September newsletter highlights that, in addition to the September 11 meeting of the Resolution Working Group, IAIS held a stakeholder event on recovery planning and resolution on September 12, 2018. IAIS published a presentation document that covers key issues discussed during the event, which provided members and stakeholders with the opportunity to discuss revisions to supervisory material on recovery planning in ICP 16 and the ComFrame material integrated therein, along with the ComFrame material integrated into ICP 12 (on Exit from the Market and Resolution). Stakeholders could also provide inputs for the development of an Application Paper on Recovery Planning, for which a public consultation document is scheduled to be released in November 2018.
This issue of the newsletter also announces that the 14th Consultative Forum on InsurTech will be held on October 24, 2018 in Argentina. The Forum offers a platform for dialog between regulators, the industry, and other stakeholders, in addition to the opportunity to meet with and learn from colleagues and experts involved in InsurTech innovation from Latin America and other regions. Also on the agenda are discussions on new regulatory considerations and on how policymakers and supervisors can create environments that enable and encourage innovation. The focus will also be on the approaches that regulators worldwide are adopting, to facilitate digital innovation in their respective markets and the lessons that can be learned from these.
Keywords: International, Insurance, Newsletter, ComFrame, ICP, InsurTech, Strategic Plan, Recovery and Resolution, IAIS
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BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
In a response to the questions posed by a member of the European Parliament, the President Christine Lagarde highlighted the commitment of the European Central Bank (ECB) to an ambitious climate-related action plan along with a roadmap, which was published in July 2021.
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
The French Prudential Control and Resolution Authority (ACPR) published the corrective version of the RUBA taxonomy Version 1.0.1, which will come into force from the decree of January 31, 2022.
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.