IAIS Publishes 2019 Field Testing Package for ICS Version 2.0
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
Related Articles
OSFI Consults on Revisions to BCAR and Leverage Requirements Returns
OSFI proposed revisions to the Basel Capital Adequacy Reporting (BCAR) and leverage requirements returns for the 2023 reporting, with the comment period ending on July 09, 2021.
EBA Seeks Views on Revisions to Nonperforming Loan Data Templates
EBA published a discussion paper on review of the standardized nonperforming loans (NPL) transaction data templates, along with the proposed revised NPL data templates.
Bundesbank Updates Requirements Documentation for AnaCredit Reporting
Bundesbank updated AnaCredit reporting requirements for banks, with reference to the Notice 8001/2020.
CBUAE Issues Regulation for Low-Risk Specialized Banks
CBUAE has issued a regulation that introduces the licensing and supervision framework for low-risk, specialized banks.
APRA Proposes Guidance to Support Prudential Standard on Remuneration
APRA is consulting on CPG 511—the draft Prudential Practice Guide on remuneration for banks, insurers, and superannuation licensees—with the comment period ending on July 23, 2021.
MAS Announces Grant Scheme to Spur Adoption of Regtech Solutions
MAS announced a new RegTech grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector.
PRA Review Finds Most Banks Compliant with Regulatory Reporting Rules
PRA published a letter that sets out findings from the 2020 Internal Audit Review of the Collections function of a sample of non-systemic banks and building societies.
EIOPA Launches Consultation on Interbank Offered Rate Transitions
EIOPA launched a consultation on the Interbank Offered Rate (IBOR) transitions, in context of the EU Benchmarks Regulation.
IFRS Issues Proposals Related to New Sustainability Standards Board
The Trustees of the IFRS Foundation proposed amendments to the Constitution of the IFRS Foundation to accommodate the potential formation of the new International Sustainability Standards Board within the governance structure of the organization.
BCB Amends Rules on Open Banking and Proposes ESG Disclosure Rules
BCB amended the resolution that establishes technical requirements and operational procedures for the implementation of open banking in Brazil, with the amended resolution entering into force on its publication date.
