The May issue of the IAIS newsletter highlights that IAIS will increasingly pivot to a greater emphasis on enhancing supervisory practices. Additionally, during its meeting, the Resolution Working Group (RWG) discussed several final revisions to supervisory material on recovery planning and to the ComFrame material integrated into ICP 12 on Exit from the Market and Resolution, before the consultation on ComFrame in its entirety begins in August. The RWG also discussed the first draft of the application paper on recovery planning, for which a public consultation is expected later this year.
At the meeting of the Accounting and Auditing Working Group, the stakeholders received an update on the status of the activities and near-term plans of the Working Group, including the draft revisions to Insurance Core Principle (ICP) 20 (Public Disclosure), which is expected to be issued for public consultation by July. The Working Group also had constructive discussions with representatives of the International Actuarial Association on the work related on IFRS 17, with IASB on its IFRS 17 implementation support activities, with FSI on planned IFRS 17 initiatives, and with interested stakeholders on near-term work and considerations for 2019-20 work plans. Other updates are as follows:
- Discussions, at the April meeting of the Supervisory Forum, covered supervisory approaches to stress testing, Own Risk and Solvency Assessment (ORSA) supervision, risk-based prioritization, off-site monitoring, and challenges for life insurers in a low interest rate environment.
- IAIS released an annual key insurance risks and trends (KIRT) survey, to provide a better understanding of the key insurance risks and trends in different jurisdictions, based on 22 broad risk indicators.
- The Systemic Risk Assessment Drafting Group made considerable progress on the development of a holistic framework for the mitigation of systemic risk, which will be the subject of a public consultation in late 2018.
Keywords: International, Insurance, ICP, Newsletter, ComFrame, Supervisory Forum, ORSA, Systemic Risk, IFRS 17, IAIS
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