Background information:

The IAIS has developed a draft “Application Paper on Macroprudential Supervision” (Paper). This Paper aims to help with practical application of the supervisory material related to macroprudential supervision in Insurance Core Principle (ICP) 24. As part of the holistic framework for the assessment and mitigation of systemic risk in the insurance sector (“Holistic Framework”), the IAIS revised ICP 24 to more explicitly address, among other topics, the build-up and transmission of systemic risk at the individual insurer and sector-wide level. The Holistic Framework and ICP 24 were adopted by the Annual General Meeting in November 2019.

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

The IAIS is now seeking feedback on this Paper through public consultation. Feedback is invited by Friday 7 May 2021 24:00 CEST (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 session will be held via webinar on Tuesday 23 March 2021 to present the Paper and answer any questions from stakeholders. Click here for details and registration.

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 (eg bullet points) may not be preserved when copying and pasting your comments into the Consultation Tool from other software such as Microsoft Word.