Public Consultation: Revisions related to the Holistic Framework for Systemic Risk in the Insurance Sector

Comments due by 15 August 2019

Background: 

As part of the development of the holistic framework for systemic risk in the insurance sector, which is scheduled for adoption in November 2019, the IAIS is seeking feedback on revisions to the following Insurance Core Principles (ICPs) and the Common Framework for the supervision of Internationally Active Insurance Groups (ComFrame):

• ICP 9 (Supervisory Review and Reporting) and ComFrame in ICP 9,
• ICP 10 (Preventive Measures, Corrective Measures and Sanctions),
• ICP 16 (Enterprise Risk Management for Solvency Purposes) and ComFrame in ICP 16,
• ICP 20 (Public Disclosure) and
• ICP 24 (Macroprudential Supervision).

Feedback on this material is invited by 15 August 2019 at 24:00 CEST (Basel time).

More background information on the content of the material published for consultation is provided in the Cover Note, available on this webpage.

A public background call has been scheduled on 2 July at 14.00 CEST (Basel time) to provide further detail on the material that is published for consultation. Further information about the call, as well as registration, can be found on the Stakeholder Meetings webpage of the IAIS website.

The outcomes of the public consultation between November 2018 – January 2019 on a draft holistic framework for systemic risk in the insurance sector are published on the IAIS website for information, and can be found here. This includes a summary of main substantive comments received, and the resolutions, on the Section 3 of that document related to the Supervisory Policy Measures.

How to provide feedback: 

Please use the Consultation Tool available at the consultation page of the public section (accessed below) to provide your feedback. 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.