IAIS Standards Setting Activities
|
|
- Augustus Hamilton
- 6 years ago
- Views:
Transcription
1 London 3 Secretary General International Association of Insurance Supervisors (IAIS) Website:
2 Overview 1. IAIS structure and process 2. Insurance Core Principles 3. IAIS views on IASB standards 4. Solvency standards 5. Reinsurance standards 6. Implementation of IAIS standards 2
3 1.1 IAIS Structure January 2004 Budget Committee Emerging Markets Committee Education Subcommittee Association in General Meeting Dialogue Group Secretariat Executive Committee Technical Committee Secretariat Working Group on Observership & Membership Issues Task Force on the Core Curriculum Project Task Force on the Revision of the By-laws Insurance Laws, Regulations, Practices & Standards Subcommittee Investments Subcommittee Task Force on Assessment & Implementation of ICPs Financial Conglomerates Subcommittee Subcommittee on Enhanced Disclosure Solvency & Actuarial Issues Subcommittee Insurance Fraud Subcommittee Working Group on Electronic Commerce/Internet Accounting Subcommittee Task Force on Enhancing Transparency & Disclosure in the Reinsurance Sector Reinsurance and Other Forms of Risk Transfer Subcommittee 3
4 1.2 IAIS Standard Setting Two pillar approach Core Principles Principles Supervisory Standards Guidance & Issues Papers 4
5 1.3 IAIS Document Adoption Paper Outline or Initial Draft Working Party Approval or Redirection Technical Committee and Executive Committee Adoption (hopefully) General Meeting of Members WP Members Some Observers IAIS Members & Observers IAIS Members & Observers 5
6 Overview 1. IAIS structure and process 2. Insurance Core Principles 3. IAIS views on IASB standards 4. Solvency standards 5. Reinsurance standards 6. Implementation of IAIS standards 6
7 2.1 History of Insurance Core Principles The first ICPs adopted in October 2000, based on 1997 Insurance supervisory principles FSAP (the Financial Sector Assessment Program) started in 1999 Joint Forum comparison of the core principles in banking, insurance and securities sectors in 2001 FSAP experiences Final Revised ICPs adopted in Oct 03 7
8 2.2 Major ICP Changes Extend scope Reinforce existing principles Cover reinsurance supervision widely Preconditions are converted to a principle Integrate principles and methodology 8
9 2.3 ICP Structure & Content Contents 1. Introduction 2. Conditions 3. The supervisory system Revised ICPs Reason for supervision, Scope of ICPs, Implementation & Assessment ICP 1: Conditions for effective insurance supervision ICP 2: Supervisory objectives ICP 3: Supervisory authority ICP 3: Supervisory authority ICP 5: Supervisory cooperation and information sharing 4. The supervised entity ICP 6: Licensing ICP 7: Suitability of persons ICP 8: Changes in control and portfolio transfers ICP 9: Corporate Governance ICP 10: Internal control 9
10 2.3 ICP Structure & Content Contents 5. Ongoing supervision 6. Prudential requirements ICP 11: Market analysis ICP 12: Reporting to supervisors and off-site monitoring ICP 13: On-site inspection ICP 14: Preventive and corrective measures ICP 15: Enforcement or sanctions ICP 16: Winding-up or exit from the market ICP 17: Group-wide supervision ICP 18: Risk assessment and management ICP 19: Insurance activity ICP 20: Liabilities ICP 21: Investments ICP 22: Derivatives and similar commitments ICP 23: Capital adequacy and solvency Revised ICPs 10
11 2.3 ICP Structure & Content Contents 7. Markets and consumers 8. AML/CFT Annex 1 Annex 2 Revised ICPs ICP 24: Intermediaries ICP 25: Consumer protection ICP 26: Information, disclosure & transparency towards the market ICP 27: Fraud ICP 28: Anti-money laundering, combating the financing of terrorism References to other IAIS principles, standards and papers Assessment methodology 11
12 Overview 1. IAIS structure and process 2. Insurance Core Principles 3. IAIS views on IASB standards 4. Solvency standards 5. Reinsurance standards 6. Implementation of IAIS standards 12
13 3.1 IASB projects on insurance and financial instruments Insurance contracts project Accounting for insurance contracts Two step approach Phase I Phase II Financial instruments project (Revised IAS 39) 13
14 3.2 IAIS views on IASB standards The IAIS supports harmonised accounting principles The consistent approach to assets and liabilities is essential The IAIS disagrees to possible mismatch in accounting models in phase I 14
15 What if assets & liabilities are similarly valued.. (Source) ACLI-IAA Second Joint Research Project, 3 June
16 What if assets & liabilities are dissimilarly valued.. (Source) ACLI-IAA Second Joint Research Project, 3 June
17 3.2 IAIS Views on IASB standards (cont.) IAIS proposal to mitigate the problem of mismatch Temporary modification to asset measurement bases in the phase I Introduction of the concept: assets with fixed maturity matching insurance liabilities and held at amortised cost 17
18 3.2 IAIS Views on IASB standards (cont.) Use of own credit rating Insurance supervisors are unanimously against the use of own credit rating in measurement of liabilities Practicality Practicality should be taken into account, in particular, in emerging markets Due process 18
19 Overview 1. IAIS structure and process 2. Insurance Core Principles 3. IAIS views on IASB standards 4. Solvency standards 5. Reinsurance standards 6. Implementation of IAIS standards 19
20 4. Solvency standards Adopted in 2002 Capital Adequacy and Solvency (principle) Adopted in 2003: Quantifying and assessing insurance liabilities (2003) (discussion paper) The use of actuaries (guidance paper) Solvency control levels (guidance paper) Stress Testing by insurers (guidance paper) 20
21 4. Solvency standards (cont.) In next two years: Suitable forms of capital (standard) Capital adequacy requirements (standard) Framework on solvency requirements 21
22 Overview 1. IAIS structure and process 2. Insurance Core Principles 3. IAIS views on IASB standards 4. Solvency standards 5. Reinsurance standards 6. Implementation of IAIS standards 22
23 5. Reinsurance standards Supervision of reinsurance Evaluation of reinsurance cover Supervision of reinsurance companies Disclosure and transparency of reinsurance 23
24 5.1 Evaluation of Reins Cover Supervisory Standard on the Evaluation of the Reinsurance Cover of Primary Insurers and the Securities of their Reinsurers in January 2002 Applies to the supervision of the reinsurance cover of primary insurers It discusses: The policies and procedures that primary insurers should have in place Supervisory approaches for evaluating the adequacy of the reinsurance cover 24
25 5.2 Supervision of Reinsurers Principles on Minimum Requirements for Supervision of Reinsurers in October 2002 All reinsurers should be supervised Anticipate a global approach to supervision based on supervision by the home jurisdiction 25
26 5.3 Further Supervision of Reinsurers Standard on Supervision of Reinsurers in October 2003 Focuses on Supervisory Review Technical provisions Investments & liquidity Economic capital Corporate governance Exchange of information Current activities: Mutual recognition 26
27 5.4 Transparency of Reinsurance Responds to concerns raised notably by the Financial Stability Forum Task Force on Enhancing Disclosure and Transparency in the Reinsurance Sector (Task Force Re) established in October 2002 Developing an outline for global reinsurance market statistics 27
28 Overview 1. IAIS structure and process 2. Insurance Core Principles 3. IAIS views on IASB standards 4. Solvency standards 5. Reinsurance standards 6. Implementation of IAIS standards 28
29 6. Implementation of IAIS standards Aiding the Implementation of Standards Organising Training & Seminars Developing implementation tools Facilitating Provision of Technical Assistance Assisting FSAP Cooperation Forum for Discussion amongst Supervisors Represent the Insurance Sector in International Forums Joint Forum, Financial Stability Forum, IASB, IFAC etc 29
30 International Association of Insurance Supervisors (IAIS) 30
Overview of IAIS Activities
Stockholm Lonny McPherson Member of Secretariat International Association of Insurance Supervisors (IAIS) Website: www.iaisweb.org 1. IAIS mandate, structure and process 2. Revised Insurance Core Principles
More informationPast and Future of Corporate Governance
Past and Future of Corporate Governance Sónia Camacho 13 th November 2017 Insurance Financial Planning Retirement Investments Wealth Brief History of Corporate Governance Cadbury Greenbury Hampel UK Combined
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Principles No. 3.4 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS PRINCIPLES ON GROUP-WIDE SUPERVISION OCTOBER 2008 This document has been prepared by the Financial Conglomerates Subcommittee (renamed
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS ISSUES PAPER ON GROUP-WIDE SOLVENCY ASSESSMENT AND SUPERVISION 5 MARCH 2009 This document was prepared jointly by the Solvency and Actuarial Issues Subcommittee
More informationSolvency II: Orientation debate Design of a future prudential supervisory system in the EU
MARKT/2503/03 EN Orig. Solvency II: Orientation debate Design of a future prudential supervisory system in the EU (Recommendations by the Commission Services) Commission européenne, B-1049 Bruxelles /
More informationConduct of Business. IOPS-IAIS Joint Seminar on Cross-sectoral Issues Skopje, 11 May Peter Cooke IAIS Secretariat
IOPS-IAIS Joint Seminar on Cross-sectoral Issues Skopje, Peter Cooke IAIS Secretariat Insurance Core Principles Most relevant to conduct of business are: ICP 19 Conduct of business ICP 18 Intermediaries
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS A NEW FRAMEWORK FOR INSURANCE SUPERVISION: TOWARDS A COMMON STRUCTURE AND COMMON STANDARDS FOR THE ASSESSMENT OF INSURER SOLVENCY OCTOBER 2005 [This document
More informationRegulatory Update October 2008
Regulatory Update October 2008 BMAreport_01.indd 1 10/17/08 3:44:48 PM Table of Contents Preface 1 Regulatory and 2 Legislative Developments 1. Banking 2 2. Insurance 3 3. Fund Administration 4 4. Other
More informationSeminario Internacional IAMCH Santiago, Chile. Thursday, March 13, David G. Hartman, FCAS, MAAA, FCIA President of the IAA (2008)
Seminario Internacional IAMCH Santiago, Chile Thursday, March 13, 2008 David G. Hartman, FCAS, MAAA, FCIA President of the IAA (2008) Thanks to all those whose efforts have made this Seminar possible:
More informationInternational Insurance Regulation 101: International Association of Insurance Supervisors
The Academy Capitol Forum: Meet the Experts International Insurance Regulation 101: International Association of Insurance Supervisors George Brady, Deputy Secretary General, IAIS Moderator: Jeffrey S.
More informationRegulatory Update February 2008
Regulatory Update February 2008 (Incorporating Financial Statistics for the Quarter ended September 2007) Protection Integrity Accountability C O N T E N T S Regulatory, Legislative and Other Developments.
More informationIOPS Strategy for
IOPS Strategy for 2019-2024 25 October 2018 Beijing, China IOPS STRATEGY FOR 2019-2024 Introduction 1. This document, developed by the IOPS President with support of the Secretariat, outlines the IOPS
More informationVice President and Chief Actuary CLHIA
1 TITLE Presentation Points Steve Additional Easson, Points FCIA, FSA, CFA Additional Points Vice President and Chief Actuary CLHIA 2 TITLE AGENDA Presentation Points 1. Regulatory Additional (and Points
More informationSolvency & International Accounting: linkage to Solvency II
Solvency & International Accounting: linkage to Solvency II Rob Esson, Chair, IAIS Insurance Contracts Subcommittee & member, IAIS Solvency Subcommitee The coming changes in Solvency & Accounting They
More informationLink between Pillar 1 and Pillar 2
Link between Pillar 1 and Pillar 2 XXIV International Seminar on Insurance and Surety, November 2014, Mexico City Olaf Ermert, BaFin Link between Pillar 1 and Pillar 2 Content Introduction Own Risk and
More informationNewsletter September 2013
Newsletter September 2013 International Association of Insurance Supervisors Pursuing a Comprehensive Group-Wide Supervisory Framework As you likely know, the IAIS recently completed a methodology for
More informationReport to G7 Finance Ministers and Central Bank Governors on International Accounting Standards
Report to G7 Finance Ministers and Central Bank Governors on International Accounting Standards Basel Committee on Banking Supervision Basel April 2000 Table of Contents Executive Summary...1 I. Introduction...4
More informationDraft Application Paper on Group Corporate Governance
Public Draft Application Paper on Group Corporate Governance Draft, 3 March 2017 3 March 2017 Page 1 of 33 About the IAIS The International Association of Insurance Supervisors (IAIS) is a voluntary membership
More informationCOMITÉ EUROPÉEN DES ASSURANCES
COMITÉ EUROPÉEN DES ASSURANCES SECRÉTARIAT GÉNÉRAL 3bis, rue de la Chaussée d'antin F 75009 Paris Tél. : +33 1 44 83 11 83 Fax : +33 1 47 70 03 75 www.cea.assur.org DÉLÉGATION À BRUXELLES Square de Meeûs,
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Guidance Paper No. 2.2.x INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS GUIDANCE PAPER ON ENTERPRISE RISK MANAGEMENT FOR CAPITAL ADEQUACY AND SOLVENCY PURPOSES DRAFT, MARCH 2008 This document was prepared
More informationCOMMITTEE ON INSURANCE REGULATION ACTIVITY REPORT MAY 2004 OCTOBER 2004
COMMITTEE ON INSURANCE REGULATION ACTIVITY REPORT MAY 2004 OCTOBER 2004 Liaison with International Association of Insurance Supervisors (IAIS) and other international organizations Luis Huerta, Paul McCrossan
More informationCIMA s Role and Functions
Cayman Islands Monetary Authority ( CIMA ) CIMA s Role and Functions Presentation to IMAC on 19 April 2016 A brief history of CIMA and its legal basis: Formed on 1 January 1997, by amalgamation of the
More information1. INTRODUCTION AND PURPOSE
Solvency Assessment and Management: Pillar I - Sub Committee Capital Resources and Capital Requirements Task Groups Discussion Document 53 (v 10) Treatment of participations in the solo entity submission
More informationJanuary CNB opinion on Commission consultation document on Solvency II implementing measures
NA PŘÍKOPĚ 28 115 03 PRAHA 1 CZECH REPUBLIC January 2011 CNB opinion on Commission consultation document on Solvency II implementing measures General observations We generally agree with the Commission
More informationInsurance Supervision in Emerging Market
Ad-Hoc Expert Meeting on CAPACITY-BUILDING FOR THE INSURANCE SECTOR IN AFRCA 23 February 2009 Insurance Supervision in Emerging Market The Role of the IAIS by Mr. Shinichi KISHI Principal Administrator,
More informationInternational Monetary Fund Washington, D.C.
2008 International Monetary Fund July 2008 IMF Country Report No. 08/207 Austria: Financial Sector Assessment Program Update Technical Note Factual Update and Analysis of the IAIS Insurance Core Principles
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
TC 9.2 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS SUMMARY OF IAIS POSITIONS I ON THE VALUATION OF TECHNICAL PROVISIONS FOR SOLVENCY PURPOSES DRAFT, OCTOBER 2007 I The positions of the IAIS were
More informationFrequently Asked Questions for The global risk-based Insurance Capital Standard (ICS) Updated 21 July 2017
Updated 21 July 2017 Frequently Asked Questions for The global risk-based Insurance Capital Standard (ICS) Updated 21 July 2017 Questions 1. What is the risk-based global insurance capital standard (ICS)?...
More informationSolvency II. Insurance and Pensions Unit, European Commission
Solvency II Insurance and Pensions Unit, European Commission Introduction Solvency II Deepened integration of the EU insurance market 14 existing Directives on insurance and reinsurance supervision, insurance
More informationSolvency Control Levels
International Association of Insurance Supervisors Solvency, Solvency Assessments and Actuarial Issues Subcommittee Draft Guidance Paper Solvency Control Levels Contents I. Introduction...1 II. Minimum
More informationOJK SUPERVISION RELATED TO FRAUD
OJK SUPERVISION RELATED TO FRAUD Ahmad Nasrullah Director Of Insurance and BPJS Kesehatan Supervision Bali, 13 Oktober 2017 FRAUD IN INSURANCE Fraud means a deviating act or purposeful neglect undertaken
More informationCapital Adequacy and Supervisory Assessment of Solvency Position
Capital Adequacy and Supervisory Assessment of Solvency Position Jeffery Yong IAIS Secretariat Regional Seminar for Supervisors in Africa on Risk-based Solvency and Supervision, 14 September 2010 Agenda
More informationThe bank safety net: institutions and rules for preserving the stability of the banking system
The bank safety net: institutions and rules for preserving the stability of the banking system Professor Dr. Christos V. Gortsos Professor of Public Economic Law, Law School, National and Kapodistrian
More informationActuaries and the Regulatory Environment. Role of the Actuary in the Solvency II framework
Actuaries and the Regulatory Environment Role of the Actuary in the Solvency II framework IAA Fund Southeast Europe Actuarial Seminar, Zagreb, 3 October 2011 1 Solvency II primary objectives fundamental
More informationREINSURANCE RISK MANAGEMENT GUIDELINE
DRAFT DRAFT REINSURANCE RISK MANAGEMENT GUIDELINE Initial publication: April 2010 Update: July 2013 Table of Contents Preamble... 2 Introduction... 3 Scope... 5 Coming into effect and updating... 6 1.
More informationAbout the IAA volunteer actuaries
About the IAA Worldwide association of professional actuarial associations 67 FMAs* 28 AMAs* representing 60,000+ actuaries in 108 + countries 7 special interest Sections for individuals: AFIR-ERM ASTIN
More informationInternational Actuarial Association (IAA) Kurt Wolfsdorf, Immediate Past President Presentation to CONAC October 15, 2014 Mexico City
International Actuarial Association (IAA) Kurt Wolfsdorf, Immediate Past President Presentation to CONAC October 15, 2014 Mexico City Recent Developments in the IAA Through the strength of all its member
More informationMAURITIUS DETAILED ASSESSMENT OF OBSERVANCE FINANCIAL SECTOR ASSESSMENT PROGRAM IAIS INSURANCE CORE PRINCIPLES APRIL 2012
Public Disclosure Authorized This volume is a product of the staff of the International Bank for Reconstruction and Development / The World Bank. The World Bank does not guarantee the accuracy of the data
More informationInsurance. Jeremy Quick, Director
Insurance Jeremy Quick, Director Insurance Division 2011 Results Gross Assets 25 20 billions 15 10 5 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Nominal Inflation Adjusted 2 Insurance Division
More informationInternational Financial Reporting Standards Updates. Joint Regional Seminar on Financial Reporting, June 2006
Actuarial Services International Financial Reporting Standards Updates Joint Regional Seminar on Financial Reporting, 22-30 June 2006 Jonathan Zhao, FSA Bruce Moore, FSA 1 Agenda Background on IFRS Review
More information1. INTRODUCTION AND PURPOSE
Solvency Assessment and Management: Pillar I - Sub Committee Capital Requirements Task Group Discussion Document 61 (v 1) SCR standard formula: Operational Risk EXECUTIVE SUMMARY 1. INTRODUCTION AND PURPOSE
More informationFast-track Reinsurance Supervision project Overview and issues for consideration by the Insurance Committee
MARKT/2513/03 EN Orig. 18 June 2003 Fast-track Reinsurance Supervision project Overview and issues for consideration by the Insurance Committee Commission européenne, B-1049 Bruxelles / Europese Commissie,
More informationC HAPTER B. Introduction. Capital Markets and Securities Law
77 C HAPTER B Introduction The approach to establishing an internal market in the securities sector is similar to that in other financial services areas. It consists of harmonisation of essential standards,
More informationSMI. Capital Requirements. Governance & Risk Management. Group Supervision. Statutory Accounting & Financial Reporting.
Solvency Modernization Initiative ROADMAP Solvency Modernization Initiative 1. The Solvency Modernization Initiative (SMI) is a critical self-examination to update the United States insurance solvency
More informationICP 16: Winding-up and Exit from the Market
A Core Curriculum for Insurance Supervisors ICP 16: Winding-up and Exit from the Market Teaching Note Copyright 2006 International Association of Insurance Supervisors (IAIS). All rights reserved. The
More informationOngoing and Recent Work Relevant to Sound Financial Systems
For Information 2 April 2004 and Recent Work Relevant to Sound Financial Systems Note by the FSF Secretariat (with inputs from various bodies) for the FSF Meeting on 29-30 March 2004 I. Work Completed
More informationCountry Compliance with the Basel Core Principles on Bank Supervision
International Seminar on Basel II and Financial Stability Bali, Indonesia, September 21-23, 23, 2006 Country Compliance with the Basel Core Principles on Bank Supervision José De Luna Martínez The World
More informationSOLVENCY ASSESSMENT AND MANAGEMENT (SAM) FRAMEWORK
SOLVENCY ASSESSMENT AND MANAGEMENT (SAM) FRAMEWORK Hantie van Heerden Head: Actuarial Insurance Department 5 October 2010 High-level summary of Solvency II Background to SAM Agenda Current Structures Progress
More informationOnce upon a time life was simple (in Sweden anyway).. Two products on the market Pension Endowment All companies had same product specifications All
Once upon a time life was simple (in Sweden anyway).. Two products on the market Pension Endowment All companies had same product specifications All companies had same valuation basis dictated by the supervisor,
More informationEU BANKING SUPERVISION ROEL THEISSEN. 6 9 international Publishing
EU BANKING SUPERVISION ROEL THEISSEN 6 9 international Publishing Opening Remarks xi Part A Overview 1 An Overall Picture of Current Banking Supervision 1 2 The Legislative Response to the 2007-2013 Subprime
More informationProposal for a Directive on Reinsurance Supervision Frequently Asked Questions (see also IP/04/513)
MEMO/04/90 Brussels, 21 April 2004 Proposal for a Directive on Reinsurance Supervision Frequently Asked Questions (see also IP/04/513) What are the main objectives of the proposal? The proposed Directive
More informationProposed revised/new IAIS Glossary Definitions related to governance and group supervision for consultation June 2015
Proposed revised/new IAIS Glossary Definitions related to governance and group supervision for consultation June 2015 This document contains the proposed new or revised definitions to be included in the
More informationReport on Internal Control
Annex to letter from the General Secretary of the Autorité de contrôle prudentiel to the Director General of the French Association of Credit Institutions and Investment Firms Report on Internal Control
More informationROAD MAP FOR THE TRANSITION TO NEW BASEL CAPITAL ACCORD (BASEL-II) (*)
ROAD MAP FOR THE TRANSITION TO NEW BASEL CAPITAL ACCORD (BASEL-II) (*) * The Basel-II Steering Committee unanimously agreed on this Road Map on 26 September 2003. The Road Map is subject to a dynamic assessment
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Guidance Paper No. 2.2.6 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS GUIDANCE PAPER ON ENTERPRISE RISK MANAGEMENT FOR CAPITAL ADEQUACY AND SOLVENCY PURPOSES OCTOBER 2007 This document was prepared
More informationMoving the profession forward internationally
Moving the profession forward internationally Overview Brief introduction to the IAA Actuarial Standards & Professionalism IAA and IAIS partnerships Role of Standards and Development Questions? About the
More informationAssessment of AML/CFT in the Particular Context of Financial Inclusion
Assessment of AML/CFT in the Particular Context of Financial Inclusion AFI, SBS Peru and WB Forum, Lima Peru, May 12-13 2011 Pierre Laurent Chatain Lead Financial Sector Specialist (Financial Systems)
More informationSTUDY AID LIFE INSURANCE
LIFE INSURANCE STUDY AID Hong Kong Practical Education Module Role of life insurance actuaries in Hong Kong Overview of market landscape in Hong Kong Regulations, professional standards, guidelines and
More informationFree and open International Insurance Markets
Free and open International Insurance Markets European Financial Forum Michael Koller Head Group Regulatory Affairs London, 12 November 2005 1 Objective of the presentation Economic rationale and need
More informationSession 7 Evolution of ERM Across Industries An ERM Practitioner s Perspective. Danielle Harrison, Chief Risk Officer, The Co-operators Group
Session 7 Evolution of ERM Across Industries An ERM Practitioner s Perspective Danielle Harrison, Chief Risk Officer, The Co-operators Group Banking and Insurance Supervision BCBS (Basel Committee on Banking
More informationSolvency Assessment and Management: Pillar 2 - Sub Committee ORSA and Use Test Task Group Discussion Document 35 (v 3) Use Test
Solvency Assessment and Management: Pillar 2 - Sub Committee ORSA and Use Test Task Group Discussion Document 35 (v 3) Use Test EXECUTIVE SUMMARY 1. INTRODUCTION AND PURPOSE The purpose of this document
More informationSAM Reporting for Insurance Groups with Participations in Non-equivalent Jurisdictions
SAM Reporting for Insurance Groups with Participations in Non-equivalent Jurisdictions In November 2016 the FSB published the proposed Financial Soundness Standards (FS) for initial public comment. These
More informationThe International Actuarial Association
The International Actuarial Association Cecil Bykerk, President The New Role of the Actuary and The IAA 1 The New Role of the Actuary and The IAA XXV Mexican Actuarial Congress Acapulco, Mexico Fairmont
More informationOngoing and Recent Work Relevant to Sound Financial Systems
15 September 2003 and Recent Work Relevant to Sound Financial Systems Note by the FSF Secretariat (with inputs from various bodies) for the FSF Meeting on 10 September 2003 I. Work Completed Since the
More informationKarel VAN HULLE. Head of Unit, Insurance and Pensions, DG Markt, European Commission
Solvency II: State of Play Guernsey, 18th December 2009 Karel VAN HULLE Head of Unit, Insurance and Pensions, DG Markt, European Commission 1 Why do we need Solvency II? Lack of risk sensitivity in existing
More information11 September Ref: 9/167. Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom
11 September 2009 Ref: 9/167 Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir David The International Association of Insurance
More informationFirst Progress Report on Supervisory Convergence in the Field of Insurance and Occupational Pensions for the Financial Services Committee (FSC)
CEIOPS-SEC-70/05 September 2005 First Progress Report on Supervisory Convergence in the Field of Insurance and Occupational Pensions for the Financial Services Committee (FSC) - 1 - Executive Summary Following
More informationIslamic Financial Services Board (IFSB)
Islamic Financial Services Board (IFSB) Mutual Insurance and Takāful in a Changing World 12-13 November 2012 27-28 Zulhijjah 1433 Ceylan Intercontinental Hotel Istanbul, Turkey www.ifsb.org AGENDA About
More informationFATF Report to the G20 Finance Ministers and Central Bank Governors
FATF Report to the G20 Finance Ministers and Central Bank Governors March 2018 FINANCIAL ACTION TASK FORCE The Financial Action Task Force (FATF) is an independent inter-governmental body that develops
More information12 February International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom. Dear Mr Hoogervorst,
12 February 2016 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Mr Hoogervorst, Re: IASB ED/2015/11 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance
More informationThe EU's Financial Services Action Plan
83 The EU's Financial Services Action Plan Dorte Kurek, Financial Markets INTRODUCTION The work to establish a single market for financial services in the EU was initiated in the 970s but only really gathered
More informationKurt Wolfsdorf, President October 16, 2013 Taipei
Kurt Wolfsdorf, President October 16, 2013 Taipei October 2010 Address by Peter Braumüller to IAA Council strong call for international standards of actuarial practice In response, IAA created: Interim
More informationSession 2: Digital Financial Inclusion and the work of the Standard- Setting Bodies
2 nd GPFI Conference on Standard- Setting Bodies and Financial Inclusion October 30, 2014 Basel, Switzerland Session 2: Digital Financial Inclusion and the work of the Standard- Setting Bodies Hosted by
More informationInternational Association of Insurance Supervisors. Mail/ Ref.: 7-010
International Association of Insurance Supervisors 11 February 2004 Mail/Email : constitution@iasb.org.uk Ref.: 7-010 Mr Tom Seidenstein Director of Operations and Secretary IASC foundation 30 Cannon Street,
More informationRegulatory Update December 2006
BERMUDA MONETARY AUTHORITY Regulatory Update December 2006 (Incorporating Financial Statistics for the Quarter ended June 2006) C O N T E N T S Regulatory, Legislative and Other Developments....4-6 Special
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS AND MICROINSURANCE NETWORK
INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS AND MICROINSURANCE NETWORK Issues Paper on the Regulation and Supervision of Mutuals, Cooperatives and other Community-based Organisations in increasing
More informationDUE PROCESS FOR THE DEVELOPMENT OF EUROPEAN STANDARDS OF ACTUARIAL PRACTICE (ESAPS)
1. Introduction DUE PROCESS FOR THE DEVELOPMENT OF EUROPEAN STANDARDS OF ACTUARIAL PRACTICE (ESAPS) A standard of actuarial practice is a statement of behaviour expected of actuaries operating within a
More informationINSURANCE REGULATION OMNIBUS CONSULTATION A CONSULTATION PAPER ON REVISION OF THE RULES AND GUIDANCE FOR LICENSED INSURERS
INSURANCE REGULATION OMNIBUS CONSULTATION A CONSULTATION PAPER ON REVISION OF THE RULES AND GUIDANCE FOR LICENSED INSURERS Issued 17 April 2018 This Consultation Paper makes proposals in respect of the
More informationStatement by Andrew Crockett Chairman of the Financial Stability Forum International Monetary and Financial Committee Meeting
Statement by Andrew Crockett Chairman of the Financial Stability Forum International Monetary and Financial Committee Meeting 20 April 2002 Washington, D.C. In its recent review of potential vulnerabilities
More informationAPPLICATION PAPER ON COMBATING MONEY LAUNDERING AND TERRORIST FINANCING
APPLICATION PAPER ON COMBATING MONEY LAUNDERING AND TERRORIST FINANCING OCTOBER 2013 About the IAIS The International Association of Insurance Supervisors (IAIS) is a voluntary membership organization
More informationOngoing and Recent Work Relevant to Sound Financial Systems
and Recent Work Relevant to Sound Financial Systems Note by the Secretariat (with inputs from various bodies) 6/7 September 2001 FSF Meeting 1. MACROECONOMIC MANAGEMENT AND SURVEILLANCE 1.1 Transparency
More information1. INTRODUCTION AND PURPOSE
Solvency Assessment and Management: Pillar 1 - Sub Committee Technical Provisions Task Group Discussion Document 87 (v 6) Future Management Actions in Technical Provisions EXECUTIVE SUMMARY 1. INTRODUCTION
More informationAdvanced Methods in Insurance Capital Requirements
Advanced Methods in Insurance Capital Requirements Allan Brender Special Advisor, Capital Division Mexico City, 19 April 2007 Declare Solvency! If only it were that simple! 2 Canadian Financial System
More informationInternational Association of Insurance Supervisors. Organisation for Economic Co-operation and Development. Issues Paper on Corporate Governance
International Association of Insurance Supervisors Organisation for Economic Co-operation and Development Issues Paper on Corporate Governance July 2009 This document was prepared in consultation with
More informationBERMUDA MONETARY AUTHORITY
DISCUSSION PAPER ECONOMIC BALANCE SHEET AND TABLE OF CONTENTS Contents 0. INTRODUCTION... 3 1. EXECUTIVE SUMMARY... 6 2. BACKGROUND... 8 2.2 DEVELOPMENTS IN THE GLOBAL FINANCIAL MARKETS... 11 2.3 DEVELOPMENTS
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS INSURANCE CORE PRINCIPLES SELF-ASSESSMENT QUESTIONNAIRE
INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS INSURANCE CORE PRINCIPLES SELF-ASSESSMENT QUESTIONNAIRE October 2000 IAIS Insurance Core Principles Self-Assessment Programme At its Annual Meeting in
More informationRULE No. 28/2015 on the operation of supervised insurers in accordance with the national regime
Financial Supervisory Authority ASF RULE No. 28/2015 on the operation of supervised insurers in accordance with the national regime In force as of 1 January 2016 Published in the Official Journal of Romania,
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Ninth Meeting April 24, 2004 Statement by Mr. Roger W. Ferguson, Jr. Chairman of the Financial Stability Forum Statement by Roger W. Ferguson, Jr. Chairman
More informationISLAMIC FINANCIAL SERVICES BOARD. and INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Issues paper ISLAMIC FINANCIAL SERVICES BOARD and INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS ISSUES IN REGULATION AND SUPERVISION OF TAKAFUL (ISLAMIC INSURANCE) August 2006 THE JOINT WORKING GROUP:
More informationThe High-Level Group on Financial Supervision in the EU - Larosière Report -
The High-Level Group on Financial Supervision in the EU - Larosière Report - A response by The Royal Institution of Chartered Surveyors (RICS) ID number of the European Commission s register of interest
More informationREGULATORS A REGULATORY FRAMEWORK FOR INDUSTRY VALUE
62 Liberty Holdings Limited Integrated Report 217 REGULATORS A REGULATORY FRAMEWORK FOR INDUSTRY VALUE Regulators govern financial stability and market conduct to promote the fair, transparent and responsible
More informationDEVELOPMENT of an ACTUARIAL PROFESSIONAL BODY in SINGAPORE. Yangon, Myanmar. 14 July 2014
DEVELOPMENT of an ACTUARIAL PROFESSIONAL BODY in SINGAPORE Yangon, Myanmar 14 July 2014 Chi Cheng Hock, FFA Development of an Actuarial Professional Body in Singapore Agenda - Context: Singapore Insurance
More informationFINANCIAL SECTOR ASSESSMENT PROGRAM DETAILED ASSESSMENT OF OBSERVANCE INSURANCE CORE PRINCIPLES
IMF Country Report No. 18/74 March 2018 INDONESIA FINANCIAL SECTOR ASSESSMENT PROGRAM DETAILED ASSESSMENT OF OBSERVANCE INSURANCE CORE PRINCIPLES This paper on Indonesia was prepared by a staff team of
More informationTHE INTERNATIONAL ORGANISATION OF PENSION SUPERVISORS (IOPS)
THE INTERNATIONAL ORGANISATION OF PENSION SUPERVISORS (IOPS) PROGRAMME OF WORK AND PROJECT PROPOSALS 2011 1 DRAFT PROGRAMME OF WORK 2011 I. On-going Projects 1. The Technical Committee previously agreed
More informationGuidance Note System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive
Guidance Note Transition to Governance Requirements established under the Solvency II Directive Issued : 31 December 2013 Table of Contents 1.Introduction... 4 2. Detailed Guidelines... 4 General governance
More informationFINANCIAL CONGLOMERATES AND BANK STABILITY: THE CHILEAN CASE
Fifth Annual International Seminar on Policy Challenges for the Financial Sector: International Financial Conglomerates Issues and Challenges. The World Bank, IMF, United States Federal Reserve Board FINANCIAL
More informationIAIS: Enterprise Risk Management for Capital Adequacy & Solvency Purposes. George Brady. IAIS Deputy Secretary General
IAIS: Enterprise Risk Management for Capital Adequacy & Solvency Purposes George Brady IAIS Deputy Secretary General Table of Contents 1. Introduction 2. Governance and an Enterprise Risk Management (ERM)
More informationOBJECTIVES FOR FATF XXVII ( )
OBJECTIVES FOR FATF XXVII (2015-2016) PAPER BY THE INCOMING PRESIDENT List of priorities 1. Enhancing FATF and FSRB s efforts in countering terrorist financing 2. Addressing the challenges faced by the
More informationINSURANCE CORE PRINCIPLES, STANDARDS, GUIDANCE AND ASSESSMENT METHODOLOGY
INSURANCE CORE PRINCIPLES, STANDARDS, GUIDANCE AND ASSESSMENT METHODOLOGY Revised ICP 8 and the additional ComFrame material in ICP 8 for public consultation (redline version) This public consultation
More informationSolvency Assessment and Management: Steering Committee Position Paper 73 1 (v 3) Treatment of new business in SCR
Solvency Assessment and Management: Steering Committee Position Paper 73 1 (v 3) Treatment of new business in SCR EXECUTIVE SUMMARY As for the Solvency II Framework Directive and IAIS guidance, the risk
More information