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​Public Consultation: Revision ICPs 8, 15 and 16
 

Comments due by: 
  • Monday 15 January 2018, for revised ICP 8 and additional ComFrame material integrated with ICP 8.
  • Wednesday 31 January 2018, for revised ICPs 15 and 16; ComFrame material integrated with these two ICPs; 
    ​and proposed definitions of enterprise risk management-related terms.
 
Background: 
 
This public consultation covers the following: 
 
  • Revised ICP 15 Investments and ComFrame material integrated with ICP 15;
  • Revised ICP 16 Enterprise Risk Management for Solvency Purposes and ComFrame material integrated with ICP 16;
  • Proposed definitions of ERM-related terms; and
  • Revised ICP 8 Risk Management and Internal Controls and additional ComFrame material integrated with ICP 8.


Two web-based consultation tools (the “Tools”) have been set up for this public consultation – one Tool for the revised ICPs 15 and 16 and the ComFrame material integrated with these two ICPs, and the proposed definitions of ERM-related terms; and another Tool for the revised ICP 8 and ComFrame material integrated with ICP 8. Details on the revisions to the ICP / ComFrame material are set out in the cover note to the respective Tool.

 
As regards ICP 8, this public consultation focuses on changes aimed at removing overlaps and duplications between ICP 8 and ICP 16 (in track changes in the redline version). The ComFrame material integrated with ICP 8 that was released for consultation in March 2017 is not open for additional consultation at this stage; it is still under review based on the comments received during that consultation. Since the March 2017 consultation, additional ComFrame material has been integrated with ICP 8. This new material, which is in track changes in the redline version, is subject to public consultation.
 
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.
The work on ComFrame, a common framework for the supervision of internationally active insurance groups (IAIGs), has been underway in the IAIS since 2010. It aims to provide a set of international supervisory requirements focusing on effective group-wide supervision of IAIGs. These requirements are building upon those in the IAIS Insurance Core Principles. Adoption of ComFrame is scheduled for the end of 2019. 
 
In June 2016, the IAIS decided to restructure the ComFrame material and integrate it directly into the relevant ICPs on which it builds. The new format has resulted in a streamlining of ComFrame material as ICP text previously contained in ComFrame for context purposes is no longer necessary. ComFrame Standards and ComFrame Parameters have been merged into a single level that builds on the ICP Standards. ComFrame text appears in blue boxes under the relevant ICP material. Numbering of ComFrame has been adjusted to follow the ICPs presentation and structure. More details on technical aspects of the integration of ComFrame material with ICPs can be found in the February 2017 Newsletter available under the following link.
 
In addition to the ComFrame material, a comparison table is provided for information to enable respondents to this public consultation to better understand the changes made since the IAIS published a first draft of ComFrame in 2014. 
The public background calls will be held via teleconference on 22 November 2017 to discuss the draft revised ICPs. Click here for details.
 
The IAIS is now seeking feedback on revised ICPs through public consultation. Feedback on these consultative documents is invited by the deadline stated above. Only comments submitted via the Tools will be considered. Feedback received by the deadline will enable the IAIS to further develop the material for finalisation. After the deadlines, the respective Tools will be closed and it will no longer be possible to submit any further comments. ​
 
 
How to provide feedback: 
 
Please use the Tools available on the consultation page of the public or extranet (for Members) section of the website to provide your responses. Instructions for use are available when you access the Tool.
 
Please note:
 
  1. A commenter can provide feedback on the ICP / ComFrame material as a whole and then on each standard/guidance in the draft. In addition, a commenter can answer specific questions on the ICP / ComFrame material, in particular questions on the topics of actuarial policy and the interaction between the ICS and ERM / ORSA.
  2. A commenter can provide feedback on the proposed definitions of ERM-related terms as a whole and then on each proposed definition.
  3. All comments will be published on the IAIS public website unless an option in the Tool to keep comments confidential is chosen.
  4. 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.
  5. Your comments should be specific and concise. Please clearly state your comment and describe the specific issue your comment is addressing.
 
 
File manager
Survey Module
  Name Date begin Date end Status
  i. ICPs 15 and 16 and ComFrame material integrated with ICPs 15 and 16 ii. Proposed definitions of ERM-related terms iii. Additional questions related to ICP 16 and ComFrame material integrated with ICP 16 08.11.2017 31.01.2018 Closed
 
Description:

The IAIS is seeking feedback on:

  1. ICPs 15 and 16 and ComFrame material integrated with ICPs 15 and 16
  2. Proposed definitions of ERM-related terms
  3. Additional questions related to ICP 16 and ComFrame material integrated with ICP 16
by 31 January 2018 at 24:00 Basel time.
  ICP 8 and ComFrame material integrated with ICP 8 08.11.2017 15.01.2018 Closed
 
Description:
The IAIS is seeking feedback on ICP 8 and ComFrame material integrated with ICP 8 by 15 January 2018 at 24:00 Basel time.