IAIS published the newsletter for November and December 2018. The newsletter highlighted that IAIS concluded its Annual Conference in Luxembourg and, in the meetings preceding the Annual Conference, IAIS took a major step forward with respect to the development of its holistic framework for the assessment and mitigation of systemic risk in the insurance sector, which is another key component of the post-financial crisis reform agenda. IAIS is consulting on holistic framework for the assessment and mitigation of systemic risk in the insurance sector from November 2018 to January 2019.
The Executive Committee also endorsed as drafts, the revised Insurance Core Principles on Risk Management and Internal Controls (ICP 8), Investments (ICP 15), Enterprise Risk Management for Solvency Purposes (ICP 16), and Public Disclosure (ICP 20), which are to be published for information purposes prior to adoption in the Annual General Meeting in late 2019. In addition, the Executive Committee adopted the application paper on supervision of insurer cybersecurity and the issues paper on increasing digitalization in insurance and its potential impact on consumer outcomes. The newsletter further notes that IAIS published the 2017 Annual Report, which covers its many activities and accomplishments during the 2017 calendar year, along with the individual committee and subcommittee reports and the approved financial statements.
The newsletter also noted that IAIS completed Phase 1 of the Core Curriculum Project and work is underway on some Phase 2 modules. Phase 1 focuses on updating modules with modest editing to align the content with current ICPs, making the content usable and accessible. Phase 2 focuses on updating and enhancing the Core Curriculum modules to encourage their use by supervisory authorities. The Implementation and Assessment Committee met in Luxembourg on November 06 to discuss several topics, including finalization of Phase 1 of the Core Curriculum (37 modules and a case study) and the approval process for Phase 2 modules. The Committee also discussed updates on the different assessments underway on ICPs on Objectives, Powers and Responsibilities of the Supervisor (ICP 1) and Supervisor (ICP 2). Initial high-level findings on the Phase 2 assessment on Liquidity Management and Planning among Group-Wide Supervisors, as part of the G-SII Policy Measures, and upcoming Peer Review Process on ICPs on Licensing (ICP 4), Suitability of Persons (ICP 5), Corporate Governance (ICP 7), and ICP 8 were also discussed at the meeting.
Additionally, the Macro-prudential Committee met in Luxembourg on November 06 and received progress updates on the 2018 Global Insurance Market Report and deliverables from the Task Force on Systemically Important Banks and Insurers. The agenda of the next meeting of Accounting and Auditing Working Group includes a discussion on the potential implications for ICP 20 on future approval of the holistic framework for systemic risk in the insurance sector; IFRS 17-related discussions; discussion of a potential comment letter on the IASB discussion paper on financial instruments with characteristics of equity; dialog with various external organizations; and a call-in session with interested stakeholders to provide updates and gather feedback on key matters of interest.
Keywords: International, Insurance, Newsletter, ICP, Systemic Risk, IAIS
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
HM Treasury notified that, after considering all responses, the government intends to bring forward further legislation, when the Parliamentary time allows, to address issues identified in the consultation on supporting the wind-down of critical benchmarks.
EIOPA launched the 2021 stress test for the insurance sector in EU.
UK authorities jointly published the third edition of Regulatory Initiatives Grid setting out the planned regulatory initiatives for the next 24 months.
EC is requesting feedback on the proposed Commission Delegated Regulation on the content, methodology, and presentation of information that large financial and non-financial undertakings should disclose about their environmentally sustainable economic activities under the Taxonomy Regulation.
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.