Official and private sector participants discuss effectiveness of COVID-related financial policy measures.
IAIS
The IAIS has issued the Insurance Core Principles (ICPs) as the globally accepted framework for insurance supervision. The ICPs seek to encourage the maintenance of consistently high supervisory standards in IAIS member jurisdictions. A sound supervisory system is necessary for the protection of policyholders and promoting the stability of the financial system and should address the broad set of risks within, and posed by, the insurance sector.
14 November 2019
In November 2019, the IAIS adopted the holistic framework for the assessment and mitigation of systemic risk in the insurance sector (“holistic framework'), for implementation from the beginning of 2020. The holistic framework is an integrated set of supervisory policy measures, a Global Monitoring Exercise, and implementation assessment activities.
The Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) establishes supervisory standards and guidance focusing on the effective group-wide supervision of Internationally Active Insurance Groups (IAIGs). ComFrame is a comprehensive and outcome-focused framework aimed at facilitating effective group-wide supervision of IAIGs, by providing qualitative and (in a future phase) quantitative supervisory minimum requirements tailored to the international activity and size of IAIGs.
14 November 2019
The Application Paper on Recovery Planning provides guidance with respect to supervisory material related to recovery planning in the Insurance Core Principles (ICPs) and the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). In particular, it is related to the material in ICP 16.15 and ComFrame 16.15.a and 16.15.b (ICP 16 Enterprise Risk Management for Solvency Purposes), and is also relevant to supervisory cooperation and coordination arrangements set out in ICP 23 (The Group-wide Supervisor) and ICP 25 (Supervisory Cooperation and Coordination).
27 February 2019
The Application Paper on Proactive Supervision of Corporate Governance supports the practical application of the corporate governance related ICPs, mainly ICP 7 (Corporate Governance) and ICP 8 (Risk Management and Control Functions). This Application Paper sets out good practices related to the organisation and functioning of the supervisor, with the objective of promoting proactive supervision of corporate governance.
This Application Paper seeks to provide guidance to supervisors, regulators and policymakers when considering, designing and implementing regulations and supervisory practices with respect to the use of digital technology in inclusive insurance. Whilst the primary focus of this paper is on building inclusive insurance markets, some considerations and suggested approaches could also be of interest to supervisors outside the inclusive insurance field.
8 November 2018
The Application Paper on Supervision of Insurer Cybersecurity provides further guidance to supervisors seeking to develop or enhance their approach to supervising the cyber risk, cybersecurity and cyber resilience in the insurance sector.
8 November 2018
The Application Paper on the Composition and the Role of the Board provides additional guidance on the practical interpretation and application of ICP 5 (Suitability of Persons) and ICP 7 (Corporate Governance), considering particular challenges for achieving effectiveness in supervision of the Board.
24 November 2017
The Application Paper on Product Oversight in Inclusive Insurance provides guidance to supervisors, regulators and policymakers when considering, designing and implementing regulations and supervisory practices on product oversight in inclusive insurance markets.