FSB published a consultation paper on the methodology for assessing the implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions in the insurance sector. The Key Attributes Assessment Methodology for the Insurance Sector sets out criteria for assessing the compliance of a jurisdiction’s insurance resolution frameworks with the Key Attributes. FSB has developed this methodology in close cooperation with IMF, World Bank, and IAIS. Comments and responses to the questions set out in the consultative documents are due by February 28, 2018.
The assessment methodology is designed to promote consistent assessments across jurisdictions and to provide guidance to jurisdictions when adopting or reforming insurance resolution regimes to implement the Key Attributes. It will be used by IMF and World Bank as part of the regulatory assessments they undertake. The Key Attributes remain the umbrella standard for resolution regimes covering financial institutions of all types that could be systemic in failure. FSB decided to adopt a “modular approach” and develop self-contained and free-standing methodologies tailored to the particular features of each sector, to facilitate sector-specific assessments of the Key Attributes. In October 2016, FSB published the Key Attributes Assessment Methodology for the banking sector. Following that, a Key Attributes Assessment Methodology for the Insurance Sector.
Comment Due Date: February 28, 2018
Keywords: International, Insurance, Resolution Regime, Assessment Methodology, Key Attributes, IAIS, IMF, FSB
Previous ArticleAPRA Responds to Consultation on EFS Collection
EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.
BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.