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September 28, 2017

IAIS published the September issue of its newsletter, which highlights the progress toward Insurance Capital Standard (ICS) Version 2.0 and the establishment of a fintech network for insurance supervisors.

The newsletter states that all revised Insurance Core Principles (ICPs), except ICPs 14 and 17, will be adopted as planned by the end of 2019. Integration of ICS Version 2.0 text into ComFrame text will occur after adoption of ICS Version 2.0. Revision of ICPs 14 and 17 will begin immediately after the adoption of ICS Version 2.0. It also discusses the interest in China, the Republic of Korea, and Hong Kong toward the development of ICS (Insurance Capital Standard) Version 2.0:

  • CIRC has implemented the China Risk Oriented Solvency System (C-ROSS) and having ICS Version 2.0 available in 2019 can help inform regional thinking on any future solvency enhancements.
  • The Financial Supervisory Service of the Republic of Korea is using ICS 1.0 for extended field testing as a form of benchmarking for their solvency regulation and timely introduction of ICS Version 2.0 could help guide planned enhancements to their solvency regime.
  • Development of an internationally consistent solvency regulation in Hong Kong is a priority for the Hong Kong Insurance Authority and having ICS Version 2.0 available for consideration in 2019 would be a valuable resource in this undertaking.

The newsletter also reveals that the IAIS Executive Committee has agreed to establish a virtual network of subject-matter experts on fintech whose first task is to suggest specific, focused activities the IAIS could add to its next roadmap. Insurance supervisors with a specialized unit or dedicated staff working on fintech in insurance from a policy or operational/technical perspective are being invited to join this network. Another development involves the Drafting Group for the Application Paper on Product Oversight in Inclusive Insurance; the Group reviewed the comments received in the public consultation of this paper, agreed on proposed resolutions, and will proceed to finalize the paper by the end of 2017.

Keywords: International, Insurance, Fintech, IASB, Newsletter, ICS Version 2.0, IAIS

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