Featured Product

    IAIS Publishes Newsletter for September 2019

    September 30, 2019

    IAIS published the September issue of its newsletter. In this issue, the IAIS Secretary General highlighted the plans under the Strategic Plan for 2020-2024 to strengthen financial inclusion and help supervisors implement the guidance on proportionality in regulation. Additionally, via a partnership with the Sustainable Insurance Forum of the United Nations Environment Program, IAIS will build on its issues paper on climate change risks to the insurance sector by focusing on best practices for implementation of the recommendations of the Task Force on Climate Related Financial Disclosures and on the role of supervisors in supporting the adoption of these practices.

    Moreover, IAIS has become an observer of the Network for Greening the Financial System (NGFS) and is collaborating with the Insurance Development Forum on mechanisms to help close the protection gap and improve resilience to natural disasters. On sustainable development, IAIS will be exploring a differentiated capital treatment for qualifying infrastructure investments within the Insurance Capital Standard (ICS). The newsletter also highlights an ongoing IAIS consultation on the draft issues paper on the use of big data analytics in insurance. The consultation ends on October 16 and the draft issues paper focuses on the use of algorithms and advanced data analytics by insurers as well as on the availability of new and alternative data sources.

    The additional key developments during the month include the following:

    • The Resolution Working Group met on September 10-11 to finalize the application paper on recovery planning, which is expected to be adopted in November 2019. It also held an initial discussion on the next application paper that will provide background to supervisors and resolution authorities on the practical application of the Insurance Core Principle (ICP) 12 (titled "Exit from the Market and Resolution") and ComFrame integrated therein, with a focus on Resolution Powers and Planning.
    • The Macro-Prudential Committee recommended a final draft holistic framework for systemic risk in the global insurance sector while the Executive Committee approved a final draft holistic framework for systemic risk in the global insurance sector for submission to FSB. 
    • The Accounting and Auditing Working Group met on September 23-24 to discuss the IASB agenda, audit quality issues, and jurisdictional implementation activities of IFRS 17 on insurance contracts.

    Keywords: International, Insurance, Newsletter, Systemic Risk, IFRS 17, ICS, ComFrame, G-SII, Recovery Planning, IAIS

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514