IAIS Publishes Newsletter for April 2018
IAIS published the April issue of its newsletter. This issue highlights that IAIS held a public discussion session to provide background information on the resolution of comments received during the public consultation on ComFrame, answer stakeholder questions on the outcome of the consultation, and present the next steps in the development of ComFrame. The newsletter further highlights that the Executive Committee discussed the issues related to the 2018 field testing of the Insurance Capital Standard (ICS).
The Executive Committee also discussed the status update on the IAIS’ Systemic Risk Assessment and Policy Workplan, including progress on the development of an activities-based approach to the mitigation of systemic risk in the insurance sector, and plans for the 2018 Global Systemically Important Insurers (G-SII) assessment exercise. The newsletter also notes the agenda of the upcoming meeting of the Accounting and Auditing Working Group, which includes finalizing draft revised Insurance Core Principle (ICP) 20 on Public Disclosure, IFRS 17 related discussions, dialog with various external organizations, and an interested stakeholder call-in session to provide updates and gather feedback on the key matters of interest.
The newsletter also highlights that IAIS collaborated with the Sustainable Insurance Forum in releasing draft issues paper on climate change risks to the insurance sector. The paper aims to raise awareness, among insurers and supervisors, about the challenges related to climate change, including the current and contemplated supervisory approaches for addressing the climate change risks.
Keywords: International, Insurance, ComFrame, ICP, Newsletter, IAIS
Related Articles
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards