IAIS published the 2019 Quantitative Field Testing Package, including technical specifications, field testing questionnaire, and IAIS field testing template and yield curves. Additionally, IAIS published comments to the 2018 Insurance Capital Standard (ICS) Version 2.0 consultation document. This version of ICS is scheduled to be completed in late 2019 and post that the monitoring period is expected to start on January 01, 2020.
The technical specifications include instructions for the April 2019 Quantitative Data Collection Exercise of the Field Testing Project. The technical specifications must be read in conjunction with the associated 2019 field testing questionnaire, template, and yield curve documentation to provide an accurate and up-to-date understanding of the field testing exercise. The field testing questionnaire focuses on supplementary information in relation to quantitative data provided in the 2019 field testing template of the April 2019 Quantitative Data Collection Exercise of the Field Testing Project and is due on July 31, 2019. The Field Testing Analysis Team will analyze the summary results and IAIS will discuss the summary results from August 2019 to November 2019. Adoption of ICS Version 2.0 for the monitoring period is expected to be in November 2019.
The field testing exercise plays an important role in the IAIS’ process of developing the risk-based global ICS. The ICS will be one component of ComFrame, a comprehensive framework addressing qualitative as well as quantitative requirements for the Internationally Active Insurance Groups (IAIGs). This framework may evolve and be refined over time. This exercise also fulfills the purpose of confidential reporting of the Basic Capital Requirements (BCR) and Higher Loss Absorbency (HLA) for global systemically important insurers (G-SIIs). To facilitate ongoing monitoring of the BCR and HLA, certain calculations are requested from all volunteer groups.
Keywords: International, Insurance, ComFrame, ICS, Field Testing, Quantitative Data Collection Exercise, G-SII, IAIS
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.