Featured Product

    IAIS Publishes Newsletter for June 2018

    June 28, 2018

    IAIS published its newsletter describing the activities and achievements this month. The June issue of the newsletter highlights the rising importance of fintech, discusses activities and progress in the area of ComFrame, and announces that the Eleventh Annual IAIS Global Seminar will be held in Moscow on July 26-27.

    The IAIS Secretary General highlighted that the greatest demand coming from IAIS members has been for guidance on proactive supervisory practices that present a robust response to a fast changing environment—in particular, on fintech and cyber security risks. These are issues that impact supervisors from both developed and developing jurisdictions. The demand is less about setting new standards and more about understanding how to apply existing standards through supervisory practices that appropriately help monitor and respond to these new circumstances. IAIS has undertaken some important work on the emerging topics of fintech and cyber risk, but more can and will be done. Supervisory guidance on market conduct and financial inclusion aspects of fintech and supervision of cyber resilience of insurers is forthcoming this year. IAIS is also putting in place a FinTech Forum for the exchange of ideas and lessons among supervisory experts, helping to inform a more agile response.

    Other key highlights this month are as follows:

    • On 26-27 July, IAIS, along with stakeholders and others, will gather in Moscow, Russia, for the 11th Annual IAIS Global Seminar. Day One will feature panel sessions on ComFrame, including the Insurance Capital Standard (ICS); the IAIS systemic risk framework, including work on an activities-based approach to systemic risk assessment; and insurance in support of inclusive economic development. Day Two will turn to emerging risks by focusing on climate change and cyber risk, while also discussing the use of innovation facilities such as sandboxes as a regulatory tool.
    • The Policy Development Committee met on June 13 and discussed the Draft Application Paper on the Composition and the Role of the Board; Draft Application Paper on Supervision of Insurer Cybersecurity; Draft revised ICP 6 (Changes in Control and Portfolio Transfer) and ICP 20 (Public Disclosure); and Key issues for ICS Version 2.0.
    • The Capital, Solvency and Field Testing Working Group (CSFWG) met the week of May 22-25 to discuss the ICS Version 2.0 consultation document. The CSFWG also met in Washington DC on June 18-22 to finalize the draft ICS Version 2.0 consultation document. The consultation will be launched this summer for a three-month consultation period.
    • The CSFWG continues to work on revisions to ICP 15 (Investment) and ICP 16 (Enterprise Risk Management for Solvency Purposes) and integrated ComFrame as a result of the consultation in November 2017. The revised ComFrame material will be part of the overall ComFrame consultation that will be released this summer.
    • At its meeting on June 12-13, the Governance Working Group discussed the ComFrame material related to governance (integrated into ICP 5 (Suitability of Persons), ICP 7 (Corporate Governance), and ICP 8 (Risk Management and Internal Controls), in preparation for the public consultation of the overall ComFrame planned for August.
    • At its meeting on June 14-15, the Insurance Groups Working Group discussed the ComFrame material integrated into ICP 9 (Supervisory Review and Reporting), ICP 10 (Preventive and Corrective Measures), ICP 23 (Group-wide Supervision), and ICP 25 (Supervisory Cooperation and Coordination).

    Keywords: International, Insurance, Newsletter, ComFrame, ICP, ICS, FinTech, IAIS

    Related Articles
    News

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    CBE Issues Additional Measures to Ease Disruptions from Pandemic

    The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7868