June 14, 2019

IAIS has launched a public consultation on revisions to the IAIS supervisory material. In particular, IAIS is seeking feedback on draft revised IAIS glossary, draft ComFrame assessment methodology, changes in the introduction to Insurance Core Principles (ICPs) and ICP 7 (Corporate Governance) for consistency with ComFrame development, and draft revised ICP 22 (Anti-Money Laundering and Combating the Financing of Terrorism). The package released for public consultation also includes draft supervisory material related to the holistic framework for systemic risk in the insurance sector. Feedback is requested by August 15, 2019. IAIS is planning for the adoption of ComFrame and all revised ICPs at the Annual General Meeting in November 2019.

As part of the finalization of the holistic framework by November 2019, IAIS is seeking feedback on revisions to the following:

  • ICP 9 on supervisory review and reporting and ComFrame in ICP 9—Additional language is proposed to be included in guidance material only.
  • ICP 10 on preventive measures, corrective measures, and sanctions—Additional language is proposed to be included in guidance material only
  • ICP 16 on enterprise risk management (ERM) for solvency purposes and ComFrame in ICP 16—Additional ERM requirements are developed targeted at liquidity risk, macroeconomic exposure, and counterparty exposure. These requirements are proposed to be applied in a proportionate manner to Internationally Active Insurance Groups (IAIGs) and other insurers as necessary.
  • ICP 20 on public disclosure—A new standard is proposed to be added to this ICP, covering a requirement on insurers to disclose information on liquidity risk.
  • ICP 24 on macro-prudential supervision—ICP 24 is revised, taking into account also the outcome of the 2017 interim public consultation. Since the revisions to the ICP also included some restructuring, track changes compared to the 2017 version are not made visible in the package.

The consultation document also presents revisions based on comments received during the 2018 public consultation on overall ComFrame. These revisions have been endorsed by the Executive Committee and are published for information.


Comment Due Date: August 15, 2019

Effective Date: November 2019

Keywords: International, Insurance, ComFrame, ICP, Systemic Risk, Liquidity Risk, Assessment Methodology, IAIS

Related Articles
News

EBA Report Assesses Regulatory Framework for Fintech Activities

EBA published the findings of its analysis on the regulatory framework applicable to fintech firms when accessing the market.

July 18, 2019 WebPage Regulatory News
News

OSFI Revises Capital Requirements for Operational Risk for Banks

OSFI is revising its capital requirements for operational risk, in line with the final Basel III revisions published by BCBS in December 2017.

July 18, 2019 WebPage Regulatory News
News

OSFI Consults on Revised Principles for Management of Liquidity Risk

OSFI proposed revisions to Guideline B-6 on the principles for the management of liquidity risk.

July 18, 2019 WebPage Regulatory News
News

ESMA Guidance on Disclosures for Credit Rating Sustainability Issues

ESMA published the technical advice on sustainability considerations in the credit rating market, along with the final guidelines on disclosure requirements applicable to credit ratings.

July 18, 2019 WebPage Regulatory News
News

FASB Issues Q&A on Estimation of Expected Credit Losses by Firms

FASB issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to the Accounting Standards Update No. 2016-13 titled “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”

July 17, 2019 WebPage Regulatory News
News

US Agencies Delay Enforcing Volcker Rule Restrictions on Foreign Funds

US Agencies (FDIC, FED, and OCC) announced that they will not take action related to restrictions under the Volcker Rule for certain foreign funds for an additional two years.

July 17, 2019 WebPage Regulatory News
News

SRB Announces SRF Receives Cash Injection, Grows to EUR 33 billion

SRB announced that the Single Resolution Fund (SRF or the Fund) received a cash injection of EUR 7.8 billion from 3,186 institutions in 2019, bringing the total amount in the Fund to about EUR 33 billion.

July 17, 2019 WebPage Regulatory News
News

FASB to Propose to Delay CECL Compliance Deadline for Certain Entities

FASB published a summary of the tentative decisions taken at its Board meeting in July 2019.

July 17, 2019 WebPage Regulatory News
News

IMF Publishes Report on 2019 Article IV Consultation with Vietnam

IMF published its staff report in context of the 2019 Article IV consultation with Vietnam.

July 16, 2019 WebPage Regulatory News
News

European Parliament Elects Next President of European Commission

European Parliament elected Ursula von der Leyen from Germany as the first female President of the next European Commission for a five-year term from November 01, 2019.

July 16, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3476