IAIS Requests Feedback on Impact of COVID-19 on Insurance Sector
IAIS is seeking feedback, by August 28, 2020, on the implications of COVID-19 for the insurance sector, supervisors, and the future work of IAIS. Following up on the June 2020 Stakeholder Dialog, IAIS has issued this request for feedback on the impact of COVID-19. With respect to critical issues affecting the insurance sector due to COVID-19 pandemic, the Executive Committee Stakeholder Dialog was held on June 25, 2020. The Dialog provided an interactive virtual format for IAIS to share information on its 2020–2021 roadmap activities and exchange perspectives with stakeholders on the impact of COVID-19 on their current and future focus. The Dialog also provided an opportunity to discuss critical issues and trends related to or accelerated by the pandemic. Stakeholder input will be used to inform the future work program of IAIS.
The Dialog highlighted that IAIS has adjusted or prioritized its 2020-2021 roadmap guided by certain key considerations. To align with the FSB principles on response to the COVID-19 pandemic, IAIS is providing operational relief to members and insurers, while not rolling-back the implementation of regulatory reforms or compromising the underlying commitment to the finalization and implementation of key international standards. In terms of prioritization of projects, the key consideration is being given to the relevance of projects for the IAIS’ overall COVID-19 response, to whether projects are close to completion or already far advanced, and to whether projects or activities contribute to the strategic pivot outlined in 2020-2024 strategic plan of IAIS. IAIS also took into account the broad interests of its diverse membership, with a focus on the Emerging Market and Developing Economy members.
The Stakeholder Dialog also discussed the impact of COVID-19 on the work program, including the following:
- Global Monitoring Exercise—Reporting to FSB and public on outcomes of 2020 Global Monitoring Exercise has been postponed to October 2021
- Insurance Capital Standard (ICS), Aggregation Method, and Comparability Assessment—Data submission deadline for participating Volunteer Groups has been extended to October 31. The Capital, Solvency, and Field Testing Working Group (CSFWG) has increased its engagement with Volunteer Groups. Public consultation on high-level principles for comparability criteria postponed to November 2020.
- Supporting material (Issues Papers and Application Papers)—Papers that are close to completion, or far advanced, will be finalized remotely. Public consultation in some cases has been deferred and/or consultation periods have been extended.
Comment Due Date: August 28, 2020
Keywords: International, Insurance, COVID-19, Roadmap, Work Program, Global Monitoring Exercise, ICS, Deadline Extension, IAIS
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