Featured Product

    IAIS Publishes Drafts of Revised ICP 8, ICP 15, ICP 16, and ICP 20

    November 14, 2018

    IAIS published the drafts of revised Insurance Core Principles on Public Disclosure (ICP 20), Investments (ICP 15), Enterprise Risk Management for Solvency Purposes (ICP 16), and Risk Management and Internal Controls (ICP 8), along with a revised draft of the glossary on enterprise risk management (ERM). These ICPs and ERM glossary have been endorsed by the Executive Committee, were released for information purposes only, and are subject to further changes before being presented for adoption by the general membership at the 2019 Annual General Meeting. Revised ICPs are expected to be adopted in 2019.

    Other published documents include the following:

    • Updated document on ICPs adopted to date
    • Timeline of ComFrame development and ICP revisions
    • Up-to-date information on the status of the ICPs, including any ongoing or planned revisions
    • Public consultation comments on draft revised ICPs 8, 15, and 16 as well as the ERM glossary, wherein member and stakeholder comments requesting confidentiality have been removed
    • Summary of comments received (and their resolution) on draft revised ICPs 8, 15, 16, and 20 as well as on the ERM glossary
    • Resolution of comments on draft revised ICP 6

    The consultation on ICPs 8, 15, and 16, as well as ERM-related terms, ran from November 2017 to January 2018 while the consultation for ICPs 6 and 20 took place between June 2018 and August 2018. 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. For this purpose, revisions of ICPs related to the ComFrame material will be submitted to the general membership for adoption together with ComFrame at the 2019 Annual General Meeting. Adoption before that date would only be allowed as an exception. ICP revisions completed prior to the 2019 Annual General Meeting, but not yet adopted, are made available on the IAIS website as drafts for information purposes only.

    Effective Date: Adoption Expected in 2019

    Keywords: International, Insurance, ComFrame, ICP, ERM Glossary, IAIS

    Related Articles

    BIS and Central Banks Experiment with GenAI to Assess Climate Risks

    A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe

    March 20, 2024 WebPage Regulatory News

    Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures

    Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.

    March 18, 2024 WebPage Regulatory News

    Singapore to Mandate Climate Disclosures from FY2025

    Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies

    March 18, 2024 WebPage Regulatory News

    SEC Finalizes Climate-Related Disclosures Rule

    The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.

    March 07, 2024 WebPage Regulatory News

    EBA Proposes Standards Related to Standardized Credit Risk Approach

    The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU

    March 05, 2024 WebPage Regulatory News

    US Regulators Release Stress Test Scenarios for Banks

    The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).

    February 28, 2024 WebPage Regulatory News

    Asian Governments Aim for Interoperability in AI Governance Frameworks

    The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.

    February 28, 2024 WebPage Regulatory News

    EBA Proposes Operational Risk Standards Under Final Basel III Package

    The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.

    February 26, 2024 WebPage Regulatory News

    EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS

    The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.

    February 23, 2024 WebPage Regulatory News

    ECB to Expand Climate Change Work in 2024-2025

    Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.

    February 23, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8957