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

BoE, FCA, and MAS Announce Collaboration on Cyber Security

MAS and UK financial authorities (BoE and FCA) announced that they will work together to strengthen cyber security in their financial sectors.

June 13, 2019 WebPage Regulatory News
News

CBIRC Advisory Committee Holds Meeting, Discusses Regulatory Issues

The first meeting of the International Advisory Committee (IAC) of CBIRC was held in Shanghai from June 11 to 12, 2019.

June 13, 2019 WebPage Regulatory News
News

APRA Response to Proposal on Revisions to Capital Framework for Banks

APRA published a paper in response to the first round of consultation on proposed changes to the capital framework for authorized deposit-taking institutions.

June 12, 2019 WebPage Regulatory News
News

APRA Finalizes Schedule on Scope of Variable Remuneration Under BEAR

APRA has released a response letter and the final wording of the schedule in relation to how the Banking Executive Accountability Regime (BEAR) applies to variable remuneration arrangements for medium and small authorized deposit-taking institutions (ADIs).

June 12, 2019 WebPage Regulatory News
News

EC Publishes Fourth Progress Report on Reduction of NPLs in EU Banks

EC published the fourth progress report on the reduction of non-performing loans (NPLs) in banks in EU.

June 12, 2019 WebPage Regulatory News
News

FASB Adds Taxonomy Entry Points in Relation to 2019 DEI Taxonomy

FASB has incorporated additional entry points for the 2019 GAAP [Generally Accepted Accounting Principles] Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy, in connection with the issuance of the 2019 Document and Entity Information (DEI) Taxonomy by SEC.

June 11, 2019 WebPage Regulatory News
News

EC Publishes Draft Equivalence Decisions for Credit Rating Agencies

EC is requesting feedback on the draft implementing decisions on recognition of legal and supervisory systems of Hong Kong, Japan, Mexico, and U.S. as equivalent to the requirements of Regulation (EC) No 1060/2009 on credit rating agencies.

June 11, 2019 WebPage Regulatory News
News

BaFin Consults on AFS Recommendation to Increase CCyB for Banks

BaFin is requesting feedback on increasing the domestic countercyclical capital buffer (CCyB) to 0.25%, with effect from July 01, 2019, pursuant to Article 92(3) of Capital Requirements Regulation (CRR).

June 11, 2019 WebPage Regulatory News
News

MAS Revises Capital Adequacy Requirements for Banks in Singapore

MAS issued amendments to the Notice 637 on risk-based capital adequacy requirements for banks incorporated in Singapore.

June 10, 2019 WebPage Regulatory News
News

PRA on Modification by Consent of Definition of Capital Rules in CRR 2

PRA announced its decision to offer a modification by consent of the Rules 7.1 and 7.5 of the Definition of Capital Part of the PRA Rulebook.

June 10, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3238