IAIS Publishes Newsletter for July 2018
The July issue of the IAIS newsletter highlights that IAIS published the issues paper on index-based insurance, particularly in inclusive insurance markets. The paper provides an overview of this product, describes current practices, offers examples, and identifies related regulatory and supervisory issues and challenges.
The IAIS Secretary General highlighted that given the growing alignment of objectives among insurance supervisors, industry and development agencies, there was a pervasive sense of opportunity to strengthen resilience in support of sustainable development. This has been flagged as one of priorities for the next five-year strategy. The newsletter also notes that IAIS released several papers for public consultation, including the application paper on supervision of insurer cybersecurity and the revised insurance core principle,or ICP, 6 (Changes in Control and Portfolio Transfers) and ICP 20 (Public Disclosure) papers.
The newsletter highlights that IAIS will hold stakeholder sessions on the issues paper on climate change risks to the insurance sector on July 31, on recovery planning and resolution on September 12, and on the issues paper on index-based insurance on August 02. At its meeting on June 21, the Resolution Working Group agreed on the revised ComFrame material integrated into ICP 12 (Exit from the Market and Resolution) and on the revised ICP and ComFrame material on recovery planning integrated into ICP 16 (Enterprise Risk Management for Solvency Purposes). Additionally, during a call on July 02, the Supervisory Material Review Task Force finalized its review of the draft overall ComFrame material from an editorial, consistency, and formatting perspective. The Task Force also agreed on a revised draft Introduction to ComFrame, to be sent to the Executive Committee for approval as part of the overall ComFrame.
Keywords: International, Insurance, Newsletter, ComFrame, ICP, Index-based Insurance, IAIS
Previous Article
IMF Publishes Reports on 2018 Article IV Consultation with CroatiaRelated Articles
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards