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
Previous Article
ESRB Publishes Risk Dashboard in September 2019Related Articles
ECB Amends Guideline on Temporary Collateral Easing Measures
ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.
EIOPA Releases Report on Artificial Intelligence Governance Principles
EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.
HKMA to Increase Focus on Suptech and Regtech Cloud Adoption
HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.
EC Consults on Improving Transparency in Secondary Markets for NPLs
EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).
BIS and Nordic Central Banks Launch Innovation Hub in Stockholm
BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.
FDIC Tech Sprint Aims to Explore Technologies to Reach Unbanked
FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.
EC Releases Sustainable Finance Taxonomy Compass
EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.
FDIC Proposes Amendments to Real Estate Lending Standards
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
EIOPA to Consider Liquidity Risk in Stress Test for 2021
EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.
ESRB Paper Discusses Measurement of Impact of Bank Failure via Lending
The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.
