Featured Product

    IAIS Publishes Application Paper on Group Corporate Governance

    November 09, 2017

    IAIS published an application paper on group corporate governance, along with the resolution of comments on the March 2017 consultation on this topic. The paper provides material for the practical application of existing principles, standards, and guidance on group governance; however, it does not set new standards.

    The application paper is intended to create a common understanding among supervisors on how to assess or evaluate the governance frameworks of insurance groups. The paper aims to provide good supervisory practices and examples to address challenges specific to the governance of insurance groups. The paper relies on the main conclusions of the October 2014 IAIS Issues Paper on Group Corporate Governance; Impact on Control Functions, and provides supervisory responses and best supervisory practices for the five main areas in which insurance groups face challenges as identified in the issues paper. These challenges include setting objectives and strategies; allocation of oversight and management responsibilities; policies and processes; risk management and compliance; and Control Functions.

    The application paper aims to provide good practices related to group governance relevant to certain Insurance Core Principles (ICPs). These ICPs are on the supervision of the corporate governance framework, Board composition, and the allocation of responsibilities between the Board at the head of the group and Boards at the level of the insurance legal entities (ICP 7); the supervision of the risk management system and the reporting lines between control functions within the insurance group (ICP 8); the allonation of responsibilities between the group-wide supervisor and other involved supervisors (ICP 23); and cooperation and coordination between involved supervisors with regard to groups (ICP 25). The recommendations in this paper are applicable across supervisory approaches among jurisdictions as well as across the spectrum of governance structures.

    Keywords: International, Insurance, Group Corporate Governance, ICP, Application Paper, IAIS

    Related Articles
    News

    SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

    SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

    August 22, 2019 WebPage Regulatory News
    News

    ECB Revises Prudential Provisioning Expectations for New NPEs

    ECB is revising its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (Addendum)

    August 22, 2019 WebPage Regulatory News
    News

    CFTC Proposes to Revise Information Collection on Margin Requirements

    CFTC is requesting comments on the burdens associated with certain aspects of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (final rule).

    August 21, 2019 WebPage Regulatory News
    News

    FASB to Delay Effective Date for Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply the standard that addresses this area of financial reporting.

    August 21, 2019 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.9

    EBA published phase 2 of its technical package on the reporting framework 2.9, which includes validation rules, Data Point Model (DPM) data dictionary, and XBRL taxonomies.

    August 21, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Its Consultation Related to SME Financing

    FSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing.

    August 21, 2019 WebPage Regulatory News
    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

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3681