Revision of ICP 24

Public consultation: Comments due by 1 October 2017

Background: 

This public consultation covers the following:

• ICP 24 – Macroprudential Surveillance and Insurance Supervision

This consultation follows 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 via teleconference to discuss the draft revised ICP will be held on 14 September 2017 at 13:30 CEST. Details are provided in the document below (Public Background Session ICP24 on 14 September 2017)

The IAIS is now seeking feedback on the revised ICP through public consultation. Feedback on this consultative documents is invited by 1 October 2017 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.

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, the 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 finalising 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.

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 August 2017 for respondents to provide their responses.

Please note:

1. All comments will be published on the IAIS public website unless an option in the Tool to keep comments confidential is chosen.
2. 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.
3. 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.