IAIS publishes the Summer issue of its newsletter. The newsletter highlights that IAIS published its a review of its work in 2018, the strategic plan for 2020–2024, and the public roadmap for 2019. The review of the work in 2018 highlights that IAIS moved closer to finalizing the post-crisis reform agenda. The strategic plan for 2020–2024 incorporates strategies to respond to the trends and developments in ways that best add value to members and leverage the potential for effective collaboration with partner organizations, other standard-setting bodies, and industry stakeholders. The public roadmap for 2019 serves to inform stakeholders of the key activities of IAIS and to facilitate greater awareness and engagement in these activities.
The newsletter highlights that the consultation on revisions to the Insurance Core Principles (ICPs) and ComFrame related to the holistic framework for systemic risk in the insurance sector is underway. IAIS is seeking feedback on supervisory review and reporting (ICP 9) and ComFrame in ICP 9; preventive measures, corrective measures, and sanctions (ICP 10); enterprise risk management for solvency purposes (ICP 16) and ComFrame in ICP 16; public disclosure (ICP 20); and macro-prudential supervision (ICP 24). IAIS has also issued a public consultation on IAIS supervisory material, including draft revised IAIS glossary; draft ComFrame assessment methodology; changes in the introduction to ICPs and ICP 7 (corporate governance) for consistency with ComFrame development.
The Accounting and Auditing Working Group held a conference call on August 02 to obtain stakeholder views on the IASB exposure draft amendments to IFRS 17 on insurance contracts. The Working Group will consider stakeholder comments as it drafts the IAIS comment letter to IASB during August. The Working Group will next meet on September 23-24 to discuss the IASB agenda, audit quality issues, and jurisdictional implementation activities of IFRS 17. The newsletter also mentions that IAIS, in July, released the sixth edition of the Global Insurance Market Report (GIMAR), discussing (re)insurance market developments as well as several topics of interest. The 2018 GIMAR discusses how U.S. life insurers use derivatives for hedging and how insurers tend to favor their home jurisdictions as investment destinations. In addition, the report looks at the liquidity of insurance asset portfolios as well as the macro-prudential tools supervisors are employing to test for system-wide shocks.
Keywords: International, Insurance, Reinsurance, ICPs, ComFrame, GIMAR, IFRS 17, Insurance Contracts, Macro-Prudential Tools, Strategic Plan, Roadmap, IAIS
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A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.
The Australian Prudential Regulation Authority (APRA) is seeking comments, until October 21, 2022, on the introduction of CPS 230, which is the new cross-industry prudential standard on operational risk management.
The European Commission published a Delegated Regulation 2022/1301 on the information to be provided in accordance with the simple, transparent, and standardized (STS) notification requirements for on-balance-sheet synthetic securitizations.
The Australian Prudential Regulation Authority (APRA) is announced revisions to the capital framework for authorized deposit-taking institutions to implement the "unquestionably strong" capital ratios and the Basel III reforms.
The European Banking Authority (EBA) published a report that examines the use of certain exemptions included in the large exposures regime under the Capital Requirements Regulation (CRR).
The Bank of England (BoE), the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) published a joint discussion paper that sets out potential measures to oversee and strengthen the resilience of services provided by critical third parties to the financial sector in UK.
The Bank of England (BoE) issued a communication to firms to provide an update on the progress of the joint data transformation program—which is being led by BoE, the Financial Conduct Authority (FCA), and the industry—for the financial sector in UK.
The European Banking Authority (EBA) published the draft methodology, templates, and template guidance for the European Union-wide stress test in 2023.
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) jointly published the final guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) for investment firms.