Featured Product

    IAIS Announces Consultation Timeline for ComFrame and ICS Version 2.0

    July 05, 2017

    IAIS conducted the 10th Annual IAIS Global Seminar, during which several key announcements were made, including the announcement of a public consultation of ComFrame in its entirety, including ICS Version 2.0, in mid-2018. The Global Seminar was hosted by the Bank of England and the key topics of discussion included ComFrame, the Insurance Capital Standard (ICS), assessment of systemic risk, implementation of international standards and market development, the insurance contracts standard (IFRS 17) recently issued by the IASB, conduct of business in insurance distribution, digitalization in the insurance sector, and insurer financial reporting of climate change risk.

    The key highlights of this global event include the following:

    IAIS provided a high-level summary of comments received during the recent public consultation on certain ComFrame-related material and announced plans for a public consultation of ComFrame in its entirety, including ICS Version 2.0, in mid-2018. Panelists agreed that the final product should allow for comparability across jurisdictions.

    IAIS announced Executive Committee approval of ICS Version 1.0 for Extended Field Testing and its publication is expected in mid-July 2017.

    IAIS held its first stakeholder session on the development of an activities-based approach to systemic risk assessment and reiterated plans for a consultation on initial findings expected later this year to be followed by a consultation on systemic risk assessment by the end of 2018.

    The need for ongoing dialogue between the insurance industry and supervisors on the digitalization of the insurance sector was highlighted.

    Keywords: International, IAIS, Insurance, ComFrame, ICS

    Related Articles
    News

    SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

    SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

    August 22, 2019 WebPage Regulatory News
    News

    ECB Revises Prudential Provisioning Expectations for New NPEs

    ECB is revising its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (Addendum)

    August 22, 2019 WebPage Regulatory News
    News

    CFTC Proposes to Revise Information Collection on Margin Requirements

    CFTC is requesting comments on the burdens associated with certain aspects of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (final rule).

    August 21, 2019 WebPage Regulatory News
    News

    FASB to Delay Effective Date for Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply the standard that addresses this area of financial reporting.

    August 21, 2019 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.9

    EBA published phase 2 of its technical package on the reporting framework 2.9, which includes validation rules, Data Point Model (DPM) data dictionary, and XBRL taxonomies.

    August 21, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Its Consultation Related to SME Financing

    FSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing.

    August 21, 2019 WebPage Regulatory News
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3681