29 June 2017

IAIS: Revision of ICPs 1,2, 18 and 19

This consultation aims 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.

Public background calls will be held for each separate theme via teleconference to discuss the draft revised ICP(s). Details will be announced separately.

The IAIS is now seeking feedback on revised ICPs through public consultation. Feedback on these consultative documents is invited by 29 August 2017 at 24:00 Basel time. 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 may note that a further ICP consultation will be consulted upon over this summer. ICP24 on Macroprudential Surveillance and Insurance Supervision is expected to be released at the beginning of August.

As publicly announced in February 2017, as part of the next three-year cycle for reviewing its approach to systemic risk assessment scheduled to conclude in 2019, the IAIS is developing an activities-based approach to systemic risk assessment in the insurance sector and has adopted a systemic risk assessment and policy workplan to put this into effect. This workplan, involving a public consultation at the end of 2018, includes finalising any policy measures to address such 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 existing Insurance Core Principles, it is too early to tell how this may materialise.

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