Revised Insurance Core Principles 13 Reinsurance and Other Forms of Risk Transfer

Public consultation: Comments due by 31 July 2017

Background: 

This public consultation covers revisions to the current (2011) version of ICP 13: Reinsurance and Other Forms of Risk Transfer.

The review of ICP 13 followed on from a Peer Review Assessment of the Principle undertaken in 2016.  The Task Force responsible has taken up proposals for improvement from the Assessment Team and allowed for these where possible in this draft. The Task Force has also taken into consideration developments occurring in the market and supervisory practices since the last revision. 

This consultation also allows for the thematic approach adopted by the IAIS in September 2015, which is aimed at ensuring 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, G-SII Policy Measures, each building on the previous one.

A public background call will be held via teleconference on 5 June 2017 at 14.00 CEST to discuss the consultation package and receive initial public feedback. Details are provided in the document below (Public Background Session ICP 13 Reinsurance 5 June 2017)

The IAIS is now seeking feedback on the revisions proposed to ICP 13 through public consultation. Feedback on this consultation document is invited by 31 July at 24:00 Basel time. Only comments submitted via the web-based consultation tool (“the Tool”) will be considered. Feedback received by this deadline will enable the IAIS to further develop the material for finalisation. After this deadline, the Consultation Tool will be closed and it will no longer be possible to submit any further comments.

How to provide feedback: 

Please use the Tool available on the consultation page of the public section of the website to provide your responses. The Consultation Tool should be available on the IAIS website on 1 June 2017 for respondents to provide their responses.

Please note:

1 ) A commenter can provide feedback on the ICP 13 drafting revisions as a whole and then on each standard in the draft. In addition, a commenter can answer specific questions on the particular questions included in the draft material.

2) All comments will be published on the IAIS public website unless an option in the Tool to keep comments confidential is chosen.

3) Formatting, such as bullet points, may not be kept when you copy and paste your feedback into the Tool from other software, such as Microsoft Word.

4) Your comments should be specific and concise. Please clearly state your comment and describe the specific issue your comment is addressing.

Instructions for use are available when you access the Tool. All comments will be published on the IAIS website unless a specific request is made (in the Tool) for comments to remain confidential.