IAIS published an application paper on the regulation and supervision of mutuals, cooperatives, and community-based organizations (MCCOs) in increasing access to insurance markets. IAIS, through the Insurance Core Principles (ICPs), provides a globally accepted framework for the supervision of the insurance sector. This paper offers guidance on proportionate application of ICPs, which should contribute to removing unnecessary barriers by disproportionate regulation and supervision while ensuring appropriate policyholder protection.
The primary focus of this paper is for insurance supervisors that are seeking to enhance financial inclusion in developing markets. The paper describes the key features and background of the MCCO sector, thus offering an adequate understanding of the context in which the ICPs could be applied proportionately. The paper deals with relevant ICPs and contains the application guidance. The ICPs are, for this purpose, clustered into formalization and licensing; corporate governance; capital requirements and capital resources; portfolio-transfers, mergers, demutualization and winding-up; supervision general, and supervision and supervisory review.
Keywords: International, Insurance, Regulation, Supervision, MCCO, ICP, IAIS
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).
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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.