Featured Product

    IAIS Issues Multiple Revised ICPs and Consults on ICPs 15, 16, and 8

    November 10, 2017

    IAIS is consulting on the revised Insurance Core Principles on Investments (ICP 15); Enterprise Risk Management for Solvency Purposes (ICP 16); Risk Management and Internal Controls (ICP 8); ComFrame materials integrated with the respective ICPs; and proposed definitions of enterprise risk management (ERM)-related terms. Comments on these consultative documents are invited by January 08, 2018. IAIS also issued a draft revised ICP introduction and assessment methodology document, multiple draft revised ICPs with compiled stakeholder and member comments on consultation on ICPs, and the updated ICP documents for November 2017. In addition to these, IAIS also published a document that provides up-to-date information on the status of the ICPs, including any ongoing or planned revisions.

    Two web-based consultation tools have been set up for the public consultation—one tool for the revised ICPs 15 and 16 and the ComFrame material integrated with these two ICPs, along with the proposed definitions of ERM-related terms, and another tool for the revised ICP 8 and ComFrame material integrated with ICP 8. With regard to ICP 8, this public consultation focuses on changes aimed at removing overlap and duplication between ICP 8 and ICP 16. The ComFrame material integrated with ICP 8, which was released for consultation in March 2017, is not open for additional consultation at this stage; it is still under review based on the comments received during that consultation. Since the March 2017 consultation, additional ComFrame material has been integrated with ICP 8.

    Compiled comments on consultation with resolution was published for ICP 13 on Reinsurance and Other Forms of Risk Transfer; ICP 18 on Intermediaries; and ICP 19 on Consuct of Business. IAIS issued the following draft revised ICPs, along with the resolution on consultation:

    • ICP 1: Objectives, Powers and Responsibilities of the Supervisor
    • ICP 2: Supervisor
    • ICP 3: Information Sharing and Confidentiality Requirements
    • 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

    IAIS adopted a thematic approach in September 2015 to ensure a more efficient process of developing supervisory materials. The approach involved the management and development of supervisory materials by theme across the three tiers of standard setting: ICPs, ComFrame, and Global Systemically Important Insurer Policy Measures, each building on the previous one. As a result of applying the thematic approach and integrating the ComFrame material with ICPs, the draft revised ICPs related to ComFrame may require further adjustments for consistency with other parts of the supervisory material being developed, notably with ComFrame. To this end, revisions of ICPs related to the ComFrame material will be submitted to the general membership for adoption, along with ComFrame at the 2019 Annual General Meeting.


    Comment Due Date: January 08, 2018

    Keywords: International, Insurance, ComFrame, ICP, IAIS

    Related Articles

    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

    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

    BIS Discusses Role of Central Banks in Addressing Climate Change Risks

    BIS published a book that reviews ways of addressing the climate change risks within the financial stability mandate of central banks.

    January 19, 2020 WebPage Regulatory News

    FSB Report Examines Global Nonbank Financial Intermediation Activity

    FSB published the ninth annual report examining the global non-bank financial intermediation activity.

    January 19, 2020 WebPage Regulatory News

    OSFI Publishes Instruction Guide on Solvency Information Return

    OSFI published an instruction guide to assist administrators of pension plans in completing the Solvency Information Return that is required to be filed with OSFI.

    January 17, 2020 WebPage Regulatory News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News

    BCRA Updates Regulation on Capital Requirements and Information Regime

    BCRA updated the rules on minimum capital requirements for financial entities and on certain aspects of the information transparency regime for quarterly and annual supervision.

    January 16, 2020 WebPage Regulatory News

    BoE and FCA Outline Next Steps for LIBOR Transition in 2020

    BoE, FCA, and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents that outline the LIBOR transition priorities and milestones for 2020.

    January 16, 2020 WebPage Regulatory News

    BIS to Expand Central Bank Membership

    BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities.

    January 14, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4511