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
Previous ArticleIMF Reports on the 2018 Article IV Consultation with Kazakhstan
The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.
The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.
As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.
The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.
The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.
The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.
The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.
The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.
Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.
The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.