This consultation sets out a proposed methodology for assessing the implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions (“Key Attributes”) in the insurance sector. The Key Attributes Assessment Methodology for the Insurance Sector sets out essential criteria to guide the assessment of the compliance of a jurisdiction’s insurance resolution frameworks with the Key Attributes. It is designed to promote consistent assessments across jurisdictions and to provide guidance to jurisdictions when adopting or reforming insurance resolution regimes to implement the Key Attributes. It will also be used by the International Monetary Fund (IMF) and the World Bank as part of the regulatory assessments they undertake.
The Key Attributes remain the umbrella standard for resolution regimes covering financial institutions of all types that could be systemic in failure. The FSB decided to adopt a ‘modular approach’ and develop self-contained and free-standing methodologies tailored to the particular features of each sector in order to facilitate sector-specific assessments of the Key Attributes. In October 2016 it published the Key Attributes Assessment Methodology for the Banking Sector. Following that, the FSB has now developed in close cooperation with the IMF, World Bank and the International Association of Insurance Supervisors a Key Attributes Assessment Methodology for the Insurance Sector.
The FSB welcomes comments and responses to the questions set out in the consultative documents by 28 February. Responses should be sent to [email protected] with “Insurance methodology” in the subject line. Responses will be published on the FSB website unless respondents expressly request otherwise.