General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
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

Related Insights

BCBS Finds Liquidity Risk Management Principles Remain Fit for Purpose

BCBS completed a review of its 2008 Principles for sound liquidity risk management and supervision. The review confirmed that the principles remain fit for purpose.

January 17, 2019 WebPage Regulatory News

HKMA Urges Local Banks to Start Working on FRTB Implementation

HKMA announced that it plans to issue a consultation paper on the new market risk standard in the second quarter of 2019.

January 17, 2019 WebPage Regulatory News

EBA Finalizes Guidelines for High-Risk Exposures Under CRR

EBA published the final guidelines on the specification of types of exposures to be associated with high risk under the Capital Requirements Regulation (CRR). The guidelines are intended to facilitate a higher degree of comparability in terms of the current practices in identifying high-risk exposures.

January 17, 2019 WebPage Regulatory News

MAS Guidelines on Risk Mitigation Requirements for OTC Derivatives

MAS published guidelines on risk mitigation requirements for non-centrally cleared over-the-counter (OTC) derivatives contracts.

January 17, 2019 WebPage Regulatory News

BoE Publishes the Schedule for Statistical Reporting for 2019

BoE published the updated schedule for statistical reporting for 2019. The reporting institutions use the online statistical data application (OSCA) to submit statistical data to BoE.

January 16, 2019 WebPage Regulatory News

PRA Delays Final Direction on Reporting of Private Securitizations

PRA and FCA have delayed the issuance of final direction, including the final template, on reporting of private securitizations, from January 15, 2019 to the end of January 2019.

January 15, 2019 WebPage Regulatory News

SNB Updates Forms on Supervisory Reporting for Banks

SNB published Version 1.7 of reporting forms (AUR_U, AUR_UEA, AUR_UES, AURH_U, AUR_K, AUR_KEA, and AURH_K) and the related documentation for supervisory reporting on an individual and consolidated basis.

January 15, 2019 WebPage Regulatory News

BCBS Finalizes Market Risk Capital Framework and Work Program for 2019

BCBS published the final framework for market risk capital requirements and its work program for 2019. Also published was an explanatory note to provide a non-technical description of the overall market risk framework, the changes that have been incorporated into in this version of the framework and impact of the framework.

January 14, 2019 WebPage Regulatory News

EBA Single Rulebook Q&A: First Update for January 2019

EBA published answers to 13 questions under the Single Rulebook question and answer (Q&A) updates for this week.

January 11, 2019 WebPage Regulatory News

PRA Proposes to Amend Supervisory Statement on Credit Risk Mitigation

PRA published the consultation paper CP1/19 that is proposing changes to the supervisory statement (SS17/13) on credit risk mitigation.

January 10, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2473