Featured Product

    IAIS Sets Key Priorities and Welcomes Five New Members

    December 08, 2020

    IAIS published a summary of the developments at its 27th Annual Conference, the Annual General Meeting of members, and the Executive Committee meetings. During the meetings, IAIS finalized numerous projects, discussed the impact of COVID-19 pandemic on the global insurance sector as well as the associated supervisory responses, welcomed new IAIS members, and set th direction for 2021. The IAIS Executive Committee determined key priorities for the coming years, which will be codified in the IAIS Roadmap 2021-2022 and published in early 2021.

    At the IAIS Annual General Meeting, members approved the 2019 Annual Report, welcomed five new members to IAIS, and elected new Executive Committee members. The five new IAIS members are Agência Angolana de Regulação e Supervisão de Seguros (Angola), Financial Services Regulatory Authority of Ontario (Canada), International Financial Services Centers Authority (India), National Bank of Ukraine (Ukraine), and the Insurance and Pensions Commission (Zimbabwe). At its recent meetings, the IAIS Executive Committee reviewed the analysis of quantitative and qualitative data from the IAIS’ Global Monitoring Exercise (GME), which is part of its Holistic Framework. Data for the Global Monitoring Exercise is collected directly from insurance groups and supervisory authorities worldwide. Put in place just last year, the Global Monitoring Exercise was quickly adapted to assess the impact of COVID-19 on the global insurance sector. Findings of this exercise will be published soon in as part of the Global Insurance Market Report (GIMAR). 

    The 27th Annual Conference program included panels on climate risk management in the insurance sector and on reducing the insurance protection gap. The panel on climate risk management explored the role of insurers and insurance supervisors in embedding the management of climate and environmental risks into business and supervisory practice. Additionally, the panel on reducing the insurance protection gap explored activities that insurers, supervisors, and policymakers have been undertaking to improve access to insurance. Overall, climate risk and sustainability are key themes of the IAIS Strategic Plan 2020-2024, including its partnership with the UN Environmental Program’s Sustainable Insurance Forum. Finally, the IAIS Executive Committee determined the following four overarching priorities for the coming years:

    • Risk assessment and maintenance of financial stability, including ongoing assessment of potential vulnerabilities arising from the impact of COVID-19 pandemic
    • Delivery of key post-crisis reforms, including further refinement of the Insurance Capital Standard (ICS) during the current five-year monitoring period and consistent implementation of the Holistic Framework
    • Actions to address the risks and opportunities of key trends, especially those accelerated by the COVID-19 crisis, like technological innovation, cyber risk, climate risk, and financial inclusion to address the protection gap; focus on diversity and inclusion and helping emerging market and developing economies shift to risk-based supervision will also factor heavily in IAIS work
    • Implementation support and assessment, specifically reinforcing the extensive program of member support to help insurance supervisors understand and implement IAIS standards

    Keywords: International, Insurance, COVID-19, Roadmap, Climate Change Risk, ESG, Global Monitoring Exercise, ICS, Holistic Framework, IAIS

    Featured Experts
    Related Articles

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697