IAIS Publishes Roadmap for 2019
IAIS published its public roadmap for 2019 to inform stakeholders about the key activities planned for year and to facilitate greater awareness and engagement with respect to these activities. The key activities for 2019 can be thematically categorized into standard-setting, financial stability, implementation and assessment, and assessing and responding to the emerging risks and opportunities. Additionally, IAIS published a review of its work in 2018, which highlights that IAIS moved closer to finalizing the post-crisis reform agenda.
The following are the key highlights of the IAIS roadmap:
- Standard-setting—Projects under this area reflect work of IAIS on supervisory material to finalize the revision of the Insurance Core Principles (ICPs) and the development of the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), including the Insurance Capital Standard (ICS). Projects include finalization of ICS Version 2.0 for confidential reporting to group-wide supervisors and developing criteria for assessing comparable outcomes between ICS and the U.S. Aggregation Method.
- Financial Stability—Projects in this area include the work of IAIS on developing a holistic framework to mitigate systemic risk in the global insurance sector, recognizing that systemic risk may arise from both the collective activities/exposures of insurers at a sector-wide level as well as from the distress or disorderly failure of individual insurers.
- Implementation and Assessment—Projects in this area support the IAIS objective of globally consistent and effective implementation of the IAIS’ supervisory material by assessing implementation and supporting members to implement this material through the development of targeted guidance (that is, Application and Issues Papers). The projects are related to assessment and monitoring of global systemically important insurer (G-SII) policy measures implementation and peer review process on supervisor and their objectives (ICPs 1 and 2) and corporate and risk governance (ICPs 4, 5, 7 and 8).
- Assessing and Responding to Emerging Risks and Opportunities—Projects in this area facilitate sharing of experiences and practices among members to help them better understand emerging supervisory issues and proactively tackle related supervisory challenges and opportunities. The projects are related to fintech, cyber risk, and climate risk and sustainability.
Keywords: International, Insurance, ICPs, ComFrame, ICS, Financial Stability, Systemic Risk, Fintech, Climate Risk, Roadmap, G-SII, IAIS
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