AMF published the revised guideline on capital adequacy requirements (CAR) for life and health insurers as well as property and casualty (P&C) insurers in Quebec. The updated guidelines become effective as of January 01, 2019. The guidelines are intended to enhance the transparency and predictability of the criteria on which AMF is based and to assess whether financial institutions are complying with their obligation to follow sound and prudent management practices.
The risk-based capital adequacy framework is based on an assessment of the degree of insurance, market, credit, and operational risks, by applying varying risk factors and margins. The guideline on CAR outlines the capital framework, using a risk-based formula for target capital requirements and minimum capital requirements, in addition to defining the capital that is available to meet the minimum standard.
Effective Date: January 01, 2019
Keywords: Americas, Canada, Quebec, Insurance, CAR, Life and Health Insurers, Property and Casualty Insurers, AMF
The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.
The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.
The Australian Prudential Regulation Authority (APRA) published, along with a summary of its response to the consultation feedback, an information paper that summarizes the finalized capital framework that is in line with the internationally agreed Basel III requirements for banks.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report focusing on access to central counterparty (CCP) clearing and client-position portability.
The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.
The European Banking Authority (EBA) Single Rulebook Question and Answer (Q&A) tool updates for this month include answers to 10 questions.
The European Commission, or EC, finalized the Implementing Regulation 2021/2017 with respect to the benchmark portfolios, reporting templates, and reporting instructions for the supervisory benchmarking of internal approaches for calculating own funds requirements.
The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.
The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).
The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.