Featured Product

    IAIS Publishes Newsletter for October 2018

    October 29, 2018

    The October issue of the IAIS newsletter highlights that IAIS developed supervisory material (that is, standards and guidance) on recovery planning as part of its comprehensive revisions of the Insurance Core Principles (ICPs) and the development of ComFrame. The scope of application of recovery plan requirements is internationally active insurance groups (IAIGs) and, as necessary, other insurers. IAIS is also developing an application paper on recovery planning, a public consultation for which is set to begin in mid-November.

    The newsletter mentions that IAIS is planning a public discussion session on November 21 on comments received during the 2018 public consultations on revised ICP 6 (Changes of Control and Portfolio Transfers), ICP 8 (Risk Management and Internal Controls), ICP 15 (Investments), ICP 16 (Enterprise Risk Management for Solvency Purposes), ICP 20 (Public Disclosure), and proposed definitions of enterprise risk management-related terms. The session will also include discussion on comments received during the 2018 public consultations on application paper on the composition and the role of the board, application paper on supervision of insurer cybersecurity, and issues paper on the increasing use of digital technology in insurance and its potential impact on consumer outcomes. The call will also include a public background session on the draft application paper on recovery planning for public consultation. Additional key updates for this month are as follows:

    • The Executive Committee met via teleconference on October 12 and approved a report to the FSB Plenary on the IAIS Holistic Framework for Systemic Risk.
    • The Capital, Solvency and Field Testing Working Group (CSFWG) met during the week of October 16-19 in Basel to discuss the initial results of 2018 Field Testing, the Aggregation Method additional data collection, and proposed revisions to ICP 15 and ICP 16 as a result of the public consultation in November 2017.
    • At its meeting during September 25-27, the Financial Crime Task Force discussed resolution of comments from the public consultation on the application paper on supervision of insurer cybersecurity and workplan for revisions to ICP 22 (Anti-Money Laundering and Combating the Financing of Terrorism), along with the the application paper on combating money laundering and terrorist financing.
    • At its meeting on September 11-12, the Governance Working Group discussed the resolution of public consultation comments on the draft application paper on the composition and the role of the board. It also continued work on the revision of ICP 8 (Risk Management and Internal Controls) and the draft application paper on proactive supervision of corporate governance.

     

    Keywords: International, Insurance, Newsletter, ComFrame, ICP, Recovery Planning, Solvency II, IAIS

    Featured Experts
    Related Articles
    News

    APRA to Transition to Annual Stress Testing of Large Banks in 2020

    APRA published key findings of the stress testing assessment conducted on authorized deposit-taking institutions.

    February 21, 2020 WebPage Regulatory News
    News

    EC Consults on Review of Non-Financial Reporting Directive

    EC is launched a consultation on the review of the Non-Financial Reporting Directive or NFRD (Directive 2014/95/EU, as part of its strategy to strengthen sustainable investment in Europe.

    February 20, 2020 WebPage Regulatory News
    News

    EIOPA Consults on Standards for Supervisory Reporting Under PEPP Rule

    EIOPA is consulting on the implementing technical standards for supervisory reporting and cooperation, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation (Regulation 2019/1238).

    February 20, 2020 WebPage Regulatory News
    News

    ECB Report on Transfer of Liquidity from EONIA Products to €STR

    ECB published a report on the transfer of liquidity from the cash and derivatives products of the Euro Overnight Index Average (EONIA) to the Euro Short-Term Rate (€STR).

    February 19, 2020 WebPage Regulatory News
    News

    ESRB Publishes Report on Systemic Cyberattacks

    ESRB published a report that explores systemic implications of cyber incidents, such as cyberattacks.

    February 19, 2020 WebPage Regulatory News
    News

    FSB Chair Sets Out Key Deliverables for G20 Presidency of Saudi Arabia

    FSB published a letter from the Chair Randal K. Quarles to the G20 finance ministers and Central Bank governors ahead of the meetings in Riyadh on February 22-23.

    February 19, 2020 WebPage Regulatory News
    News

    CFTC Proposes Rules on Derivative Position Limits and Swap Execution

    CFTC approved a proposed rule on position limits for derivatives and a proposed rule amending requirements for certain Swap Execution Facilities and real-time reporting.

    February 19, 2020 WebPage Regulatory News
    News

    BIS Appoints Heads of Innovation Hubs in Singapore and Switzerland

    BIS announced key personnel appointments to the Innovation Hubs in Singapore and Switzerland.

    February 19, 2020 WebPage Regulatory News
    News

    BOJ Deputy Governor Speaks on Interest Rate Benchmark Reform in Japan

    The Deputy Governor of BOJ Masayoshi Amamiya spoke in Tokyo about how Japan should proceed with interest rate benchmark reform over the next two years until the end of 2021, when the discontinuation of LIBOR is expected.

    February 19, 2020 WebPage Regulatory News
    News

    OSFI Proposes New Benchmark Rate for Qualifying Uninsured Mortgages

    OSFI announced that it is considering a new benchmark rate for determining the minimum qualifying rate for uninsured mortgages.

    February 18, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4708