IAIS Consults on Revisions to ICP 24
IAIS is consulting on the Insurance Core Principle on macro-prudential surveillance and insurance supervision (ICP 24). Comments are due by October 01, 2017.
This consultation follows the thematic approach adopted by the IAIS in September 2015, which aims to ensure a more efficient process of developing supervisory materials, with 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. Only comments submitted via the web-based consultation tool will be considered toward finalization.
As publicly announced in February 2017, as part of the next three-year cycle for reviewing its approach to systemic risk assessment scheduled to conclude in 2019, IAIS is developing an activities-based approach to systemic risk assessment in the insurance sector and has adopted a systemic risk assessment and policy workplan to put this into effect. This workplan, involving a public consultation at the end of 2018, includes finalizing any policy measures to address such potential systemically risky activities as part of ICPs and ComFrame (including ICS Version 2.0) to be adopted in 2019. As this work will likely have implications for existing and recently consulted upon ICPs, the relevant ICPs will be reviewed once the work on activities-based approach is concluded and revisions made as appropriate.
Comment Due Date: October 01, 2017
Keywords: International, Insurance, ICP, ComFrame, Macro-prudential Surveillance, Supervision, IAIS
Previous Article
MAS Proposes Amendments to Capital Requirements for Singapore BanksRelated 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
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.
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
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.
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
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).
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.
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.
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.
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.