General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
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

Related Insights
News

BCBS Finds Liquidity Risk Management Principles Remain Fit for Purpose

BCBS completed a review of its 2008 Principles for sound liquidity risk management and supervision. The review confirmed that the principles remain fit for purpose.

January 17, 2019 WebPage Regulatory News
News

MAS Guidelines on Risk Mitigation Requirements for OTC Derivatives

MAS published guidelines on risk mitigation requirements for non-centrally cleared over-the-counter (OTC) derivatives contracts.

January 17, 2019 WebPage Regulatory News
News

HKMA Urges Local Banks to Start Working on FRTB Implementation

HKMA announced that it plans to issue a consultation paper on the new market risk standard in the second quarter of 2019.

January 17, 2019 WebPage Regulatory News
News

EBA Finalizes Guidelines for High-Risk Exposures Under CRR

EBA published the final guidelines on the specification of types of exposures to be associated with high risk under the Capital Requirements Regulation (CRR). The guidelines are intended to facilitate a higher degree of comparability in terms of the current practices in identifying high-risk exposures.

January 17, 2019 WebPage Regulatory News
News

BoE Publishes the Schedule for Statistical Reporting for 2019

BoE published the updated schedule for statistical reporting for 2019. The reporting institutions use the online statistical data application (OSCA) to submit statistical data to BoE.

January 16, 2019 WebPage Regulatory News
News

PRA Delays Final Direction on Reporting of Private Securitizations

PRA and FCA have delayed the issuance of final direction, including the final template, on reporting of private securitizations, from January 15, 2019 to the end of January 2019.

January 15, 2019 WebPage Regulatory News
News

SNB Updates Forms on Supervisory Reporting for Banks

SNB published Version 1.7 of reporting forms (AUR_U, AUR_UEA, AUR_UES, AURH_U, AUR_K, AUR_KEA, and AURH_K) and the related documentation for supervisory reporting on an individual and consolidated basis.

January 15, 2019 WebPage Regulatory News
News

BCBS Finalizes Market Risk Capital Framework and Work Program for 2019

BCBS published the final framework for market risk capital requirements and its work program for 2019. Also published was an explanatory note to provide a non-technical description of the overall market risk framework, the changes that have been incorporated into in this version of the framework and impact of the framework.

January 14, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for January 2019

EBA published answers to 13 questions under the Single Rulebook question and answer (Q&A) updates for this week.

January 11, 2019 WebPage Regulatory News
News

PRA Proposes to Amend Supervisory Statement on Credit Risk Mitigation

PRA published the consultation paper CP1/19 that is proposing changes to the supervisory statement (SS17/13) on credit risk mitigation.

January 10, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2473