Featured Product

    IAIS Publishes Newsletter for March 2018

    March 23, 2018

    IAIS published the March issue of its newsletter. This issue highlights that IAIS is in the process of a comprehensive revision of its Insurance Core Principles (ICPs) and the development of ComFrame. The ICP revisions and the development of ComFrame are expected to be finalized and adopted by the Annual General Meeting by the end of 2019.

    The newsletter also notes that IAIS will hold a public discussion session to provide background information on the resolution of comments received during the public consultation on ComFrame material, answer stakeholder questions on the outcome of the consultation, and present the next steps in the development of ComFrame. The Policy Development Committee agreed to, and approved, the resolution of comments from the March 2017 public consultation of the ComFrame material in ICPs 5, 7, 8, 9, 10, 12, and 25, including a summary of the main substantive comments and their resolution, along with the remaining Insurance Capital Standard (ICS) items for the 2018 field testing.

    The newsletter highlights that members of the Capital, Solvency and Field Testing Working Group discussed open ICS issues, updated technical specifications, and field testing questionnaires. The ICP 15 and ICP 16 workstream continues to review comments received on the public consultation. The consultation covered proposed definitions of enterprise risk management-related terms, revised ICP 15 (Investments) and ICP 16 (Enterprise Risk Management for Solvency Purposes), and ComFrame material integrated with ICP 15 and ICP 16. Draft resolution to comments specific to ComFrame material integrated with ICP 15 and ICP 16 will be reported to the Capital, Solvency and Field Testing Working Group at its April meeting. The newsletter also highlights outcomes from the meeting of the Accounting and Auditing Working Group, which include:

    • Approval of resolutions to comments received (from the IAIS working groups) on the revised ICP 20 on Public Disclosure
    • Productive dialog on the recent and anticipated accounting changes related to IFRS 17 on insurance contracts

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

    Related Articles
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    HKMA Revises Implementation Schedule for Initial Margin Rules

    HKMA intends to adopt a revised implementation schedule for the margin requirements for non-centrally cleared derivatives.

    August 16, 2019 WebPage Regulatory News
    News

    HKMA Revises Guideline on Application of Banking Disclosure Rules

    HKMA issued a revised version of the Supervisory Policy Manual module CA-D-1 on guideline on the application of the Banking (Disclosure) Rules (BDR).

    August 16, 2019 WebPage Regulatory News
    News

    ECB Decision on Recognizing Reporting Member States Under AnaCredit

    ECB has finalized the Decision 2019/1348 (ECB/2019/20) that establishes procedure for recognizing non-euro area member states as reporting member states under the AnaCredit Regulation (EU 2016/867).

    August 16, 2019 WebPage Regulatory News
    News

    FASB Proposes to Extend CECL Standard Deadline for Certain Entities

    FASB proposed an Accounting Standards Update that would grant private companies, not-for-profit organizations, and certain small public companies additional time to implement FASB standards on current expected credit losses (CECL), leases, and hedging.

    August 15, 2019 WebPage Regulatory News
    News

    IASB Adds Phase Two of IBOR Reform to Its Work Plan

    IASB (or the Board) has added the second phase of its project focused on potential financial reporting implications linked to the interest rate benchmark reform—interbank offer rate (IBOR) reform—to its work plan.

    August 15, 2019 WebPage Regulatory News
    News

    FED Updates Draft Instructions for Proposed FR Y-14 Reporting Forms

    FED updated draft instructions for the monthly, quarterly, and annual capital assessments and stress testing reports, also known as forms FR Y-14M, FR Y-14Q, FR Y-14A, respectively.

    August 15, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 326, 815, and 842

    FASB is proposing taxonomy improvements for the proposed Accounting Standards Update on clarifying the interactions among topic 321 on investments in equity securities), topic 323 on investments under equity method and joint ventures), and topic 815 on derivatives and hedging.

    August 15, 2019 WebPage Regulatory News
    News

    OCC Updates Bank Accounting Advisory Series in August 2019

    OCC released an update to the Bank Accounting Advisory Series (BAAS), which reflects accounting standards issued by FASB, through March 31, 2019, on topics such as hedging and credit losses.

    August 15, 2019 WebPage Regulatory News
    News

    APRA Consults on Final Phase Margin Rules for Uncleared Derivatives

    APRA is consulting on amendments to the prudential standard CPS 226 on margin and risk mitigation requirements for non-centrally cleared derivatives.

    August 14, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3656