Featured Product

    IAIS Consults on Application Paper on Resolution Planning

    November 12, 2018

    IAIS is consulting on an application paper that provides guidance on the draft supervisory material related to recovery planning in the Insurance Core Principles (ICPs) and the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). Feedback on the draft application paper is invited by January 07, 2019.

    The paper addresses the revised material in ICP 16.13 and ComFrame 16.13 (ICP 16 on enterprise risk management for solvency purposes). It is also relevant to the supervisory cooperation and coordination arrangements set out in ICP 23 on the group-wide supervisor and the draft revised ICP 25 on supervisory cooperation and coordination. The application paper should be read in the context of the proportionality principle, which provides supervisors the flexibility to tailor their implementation of supervisory requirements and their application of insurance supervision to achieve the outcomes stipulated in the Principle Statements and Standards, as described in the introduction to ICPs and ComFrame. The key topics covered in the draft paper include the following:

    • Objectives and concepts of recovery planning
    • Requirements for recovery plans and the application of the proportionality principle to recovery planning
    • Governance-related matters in recovery planning, including the development and approval process of a recovery plan and how it relates to the overall risk management of an insurer
    • Key elements of a recovery plan, along with examples of how these can be addressed in a recovery plan
    • The role of the supervisor (or supervisors in a cross-border group) with regard to recovery planning

     

    Comment Due Date: January 07, 2019

    Keywords: International, Insurance, Resolution Planning, Proportionality, ICP 16, ICP 23, ComFrame, IAIS

    Related Articles
    News

    HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol

    HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.

    October 16, 2020 WebPage Regulatory News
    News

    FSB Sets Out Roadmap for Transition to Alternative Reference Rates

    FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).

    October 16, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on BRRD2 Transposition

    HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).

    October 15, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on CRD5 Transposition

    HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.

    October 15, 2020 WebPage Regulatory News
    News

    PRA Updates Supervisory Statement on Counterparty Credit Risk

    PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.

    October 14, 2020 WebPage Regulatory News
    News

    FSB Publishes Update on Work to Address Market Fragmentation

    FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.

    October 14, 2020 WebPage Regulatory News
    News

    EBA Proposes to Revise Guidelines on Incident Reporting Under PSD2

    EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).

    October 14, 2020 WebPage Regulatory News
    News

    EBA Finalizes Standards for Prudential Treatment of Software Assets

    EBA published the final draft regulatory technical standards specifying the methodology for prudential treatment of software assets by banks.

    October 14, 2020 WebPage Regulatory News
    News

    FSB Publishes Roadmap on Cross-Border Payments, Report on Stablecoins

    FSB published a report presenting the roadmap to enhance cross-border payments by providing a high-level plan that sets ambitious but achievable goals and milestones in the five focus areas.

    October 13, 2020 WebPage Regulatory News
    News

    EIOPA Urges Insurers to Prepare for End of Brexit Transition

    In a recent communication, EIOPA urged the insurance sector to complete its preparations for the end of the Brexit transition period on December 31, 2020.

    October 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5959