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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EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).