The FSB issues statement on the International Association of Insurance Supervisors’ Holistic Framework and Global Systemically Important Insurers.
IAIS
This paper provides guidance on money laundering and terrorist financing risks affecting the life insurance sector and proposes measures to mitigate the associated risks.
11 November 2021
The Application Paper on Supervisory Colleges describes the processes and practices related to the establishment and functioning of supervisory colleges for insurance groups with cross-border activities. In particular, the paper supports observance of Insurance Core Principle (ICP) 3 (Information Sharing and Confidentiality Requirements) and ICP 25 (Supervisory Cooperation and Coordination).
30 August 2021
This Application Paper on Macroprudential Supervision (“Paper') provides further guidance on the supervisory material related to macroprudential supervision in Insurance Core Principle (ICP) 24.
23 June 2021
The Application Paper on Resolution Powers and Planning provides guidance for supervisors and resolution authorities in implementing a resolution framework, including setting up powers, as well as planning and issues around coordination and cooperation.
This Paper is part of a broader project to help insurance supervisors apply the new standards on recovery and resolution as agreed in the Common Framework for the supervision of Internationally Active Insurance Groups (ComFrame) and the Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector. Recovery and resolution frameworks help reduce the likelihood of a disorderly failure of insurers, as well as the potential adverse impacts of such a failure on policyholders and/or financial stability. An earlier Paper on recovery planning was published in 2019.
The Application Paper on Supervision of Control Functions describes practices aimed at helping supervisors address issues related to the supervision of control functions as described in the Insurance Core Principles (ICPs) and the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). In particular, the Application Paper supports observance of ICP 8 (Risk Management and Control Functions) and is relevant to ICP 5 (Suitability of Persons) and ICP 7 (Corporate Governance).
The Paper provides insurance supervisors with concrete tools to further strengthen their efforts in assessing and addressing risks to the insurance sector from climate change. It also sets out recommendations and examples of good practice, consistent with the Insurance Core Principles (ICPs). With this publication, the IAIS and SIF aim to promote a globally consistent approach to the supervision of climate-related risks.
Report on the remaining challenges in transitioning from LIBOR, with recommendations to support transition.
Report recommends actions to facilitate financial and non-financial firms’ transition from LIBOR by end-2021.
29 June 2020
This Application Paper on Liquidity Risk Management provides guidance on the supervisory material related to liquidity risk management in the Insurance Core Principles (ICPs) and the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame).