Featured Product

    IAIS Publishes Application Paper on Supervising Insurer Cybersecurity

    June 29, 2018

    IAIS published a draft application paper on the supervision of insurer cybersecurity. The application paper provides further guidance to supervisors seeking to develop or enhance their approach to supervising the cyber risk, cybersecurity, and cyber resilience of insurers. Insurers are also invited to consider the application paper, to assist in developing and implementing good cybersecurity practices in their organizations. Comments on the proposal are due by August 13, 2018.

    The application paper is generally principles-based and builds on frameworks and guidance from multiple sources, including the "G7 Fundamental Elements of Cyber Security for the Financial Sector"; the related "G7 Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector"; and the CPMI-IOSCO guidance on cyber resilience for financial market infrastructures. The paper focuses on supervision of insurers’ cybersecurity. It does not cover cyber insurance products nor the use of cyber insurance in the reduction of residual risks. IAIS also published consultations on the revised ICPs 6 and 20 and it will hold a public background session on July 16, 2018 to discuss these revised ICPs. 

    Under IAIS procedures an application paper can provide additional material related to one or more Insurance Core Principles (ICPs) that help with practical application of ICPs, but an application paper is not binding and does not establish standards. Application papers can provide examples of good practices, in addition to advice and recommendations on how ICPs may be implemented.

     

    Comment Due Date: August 13, 2018

    Keywords: International, Insurance, Application Paper, Insurer Cybersecurity, Cyber Risk, IAIS

    Related Articles
    News

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    News

    ECB Issues Results of Sensitivity Analysis of Liquidity Risk for Banks

    ECB published results of 2019 stress test on sensitivity analysis of liquidity risk.

    October 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3958