Featured Product

    IAIS Publishes Responses to Comments on Revisions to ICPs and ComFrame

    March 02, 2018

    IAIS published responses to the comments received on consultations between March 03 and June 01, 2017. These consultations are on the revision of multiple insurance core principles (ICPs), along with the ComFrame material integrated therein. In addition, IAIS also published the status and timelines for ICPs and ComFrame.

    The overall ComFrame material will be published for consultation in August 2018. Revised ICPs that are related to ComFrame have been, or will be, published for information purposes. Both revised ICPs and the overall ComFrame are expected to be adopted in 2019. IAIS has received numerous comments from members and stakeholders, providing valuable input for further improvements and revisions on ComFrame integrated in the following ICPs:

    • ICP 5: Suitability of Persons
    • ICP 7: Corporate Governance
    • ICP 8: Risk Management and Internal Controls
    • ICP 9: Supervisory Review and Reporting
    • ICP 10: Preventive Measures, Corrective Measures and Sanctions
    • ICP 12: Exit from the Market and Resolution
    • ICP 25: Supervisory Cooperation and Coordination

    The document on status of ComFrame contains a table that provides up-to-date information on the status of development of the ComFrame material. It also includes information on how the elements of the 2014 draft ComFrame were, or will be, distributed among ICPs, following a decision to integrate the ComFrame material with relevant ICPs. The table on timeline for development of ComFrame and revision of ICPs provides up-to-date information on the status of the planned activity related to ICPs.

    Keywords: International, Insurance, ComFrame, ICP, Timeline and Status, IAIS

    Related Articles
    News

    MAS Amends Notice 610 on Reporting Templates for Banks in Singapore

    MAS published amendments to Notices 610 and 1003 related to submission of statistics and returns, along with the reporting templates and frequently asked questions (FAQs) associated with these Notices.

    January 24, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module on Supervisory Review Process

    HKMA is issuing, by notice in the Gazette, revised versions of two Supervisory Policy Manual modules as statutory guidelines under section 7(3) of the Banking Ordinance. The Supervisory Policy Manual modules are CA-G-5 on “Supervisory Review Process” and SB-2 on “Leveraged Foreign Exchange Trading.”

    January 24, 2020 WebPage Regulatory News
    News

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News
    News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News
    News

    HKMA Consults on Stay Rules on Financial Contracts Under FIRO

    HKMA published proposals for making rules related to contractual stays on termination rights in financial contracts for authorized institutions under FIRO or the Financial Institutions (Resolution) Ordinance (Cap. 628).

    January 22, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    OSFI to Implement Operational Risk Capital Rules for Banks in Q1 2022

    OSFI decided to move domestic implementation of the revised Basel III operational risk capital requirements from the first quarter of 2021 to the first quarter of 2022.

    January 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    News

    OSFI Consults on Instruction Guide for Termination of Pension Plan

    OSFI is consulting on draft revisions to the instruction guide for termination of a defined benefit pension plan.

    January 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4526