Public Consultation: Revised ICPs 6 (Changes in Control and Portfolio Transfers) and 20 (Public Disclosure)

Comments due by 28 August 2018 at 24:00 Basel time (Central European Summer Time)

Background: 

This public consultation covers the following:

• ICP 6 (Changes in Control and Portfolio Transfers);
• ICP 20 (Public Disclosure)

A public background session will be held on 16 July 2018  via teleconference to discuss the draft revised ICPs. Details can be found here.

The IAIS is now seeking feedback on revised ICP 6 and 20 through public consultation. Feedback on these consultative documents is invited by 28 August 2018 at 24:00 CEST. 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.

​Stakeholders should note that further draft supervisory materials will be released in August for public consultation, namely the overall ComFrame material, including ICS 2.0.

As publicly announced in February 2017, as part of the next three-year cycle for reviewing its approach to systemic risk assessment, the IAIS has adopted a systemic risk assessment and policy workplan. This workplan, involving a public consultation at the end of 2018, includes finalising any policy measures to address potential systemically risky activities as part of ICPs and ComFrame (including ICS Version 2.0) to be adopted in 2019. While this work may have some implications for the Insurance Core Principles, including ICP 20, it is too early to tell how this may materialise

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 is available on the IAIS website 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.