Public Consultation: Draft Application Paper on Recovery Planning

Comments due by 7 January 2019 at 24:00 Basel time (Central European Time).

Background information:

The IAIS has developed a draft Application Paper on Recovery Planning. This Application Paper aims to provide guidance with respect to draft 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). The IAIS Glossary defines “recovery plan” as a plan that identifies in advance options to restore financial strength and viability if the insurer comes under severe stress.

The Paper addresses issues that were identified in the development of this supervisory material, including feedback received from members and stakeholders during public consultations. The identified issues involve the nature of a recovery plan, as well as the roles of the supervisor and insurer with respect to the plan.

Under IAIS procedures, an Application Paper can provide additional material related to one or more ICPs that help with practical application of ICPs, but an Application Paper is not binding and does not establish new standards. Application Papers can provide examples of good practices, as well as further advice and recommendations on how ICPs may be implemented.

The IAIS is now seeking feedback on this draft Application Paper through public consultation. Feedback on this draft Application Paper is invited by Monday 7January 2019 24:00 CET (Basel time). Feedback received by this deadline will enable the IAIS to further develop the paper for finalisation. After this deadline, the Consultation Tool will be closed and it will no longer be possible to submit any further comments.

In addition, a public background call will be held via teleconference on 21 November 2018 to discuss the draft Application Paper and receive initial public feedback. Click here for details.

How to provide feedback:

Please use the Consultation Tool available at the consultation page of the public section (accessed below) to provide your comments. Instructions for use are available when you access the Tool. Please note that only comments submitted through the tool will be considered. All comments will be published on the IAIS website unless an option in the Tool to keep comments confidential is chosen.

Please note that some formatting (e.g. bullet points) may not be preserved when copying and pasting your comments into the Consultation Tool from other software such as Microsoft Word.