The International Association of Insurance Supervisors (IAIS), a
Basel-based standard setting body, today released an
interim public consultation paper on an activities-based approach
to systemic risk in the insurance sector in accordance with its
Systemic Risk Assessment and Policy Workplan previously announced
on 28 February 2017 and welcomed by the Financial Stability
Board.
IAIS Executive Committee Chair Victoria Saporta stated, “With the
release of this paper, the IAIS has taken a significant step
forward in progressing its Systemic Risk Assessment and Policy
Workplan”.
In accordance with this workplan, the IAIS is developing an
activities-based approach to systemic risk in the insurance
sector as part of the next three-year cycle for reviewing its
approach to systemic risk scheduled to conclude in 2019.
The interim consultation paper is intended to provide an
opportunity for stakeholders to give input into the development
of an activities-based approach and feedback on the proposed
steps that the IAIS will follow in its work on deriving
activities-based policy measures. The paper does not include
conclusive proposals on policy measures, as this will be the
subject of the next phase of work in 2018.
The IAIS plans to launch a second public consultation on its
final proposals by the end of 2018, after considering comments on
this interim public consultation and completing further work on
the development of policy measures to address potential
systemically risky activities in the insurance sector and the
review of its assessment methodology for the identification of
Global Systemically Important Insurers (G-SIIs).
The IAIS invites comments on this interim consultation paper by
15 February 2018, through the consultation tools on the IAIS
website.
The IAIS will hold a public background call via teleconference to
introduce the interim consultation paper on 19 December 2017, at
13:30 Basel time.
To access the consultation tool, view the interim consultation
paper and receive dial-in details for the public background call,
please click here.
About the IAIS: The IAIS is a standard setting
body whose objectives are to promote effective and globally
consistent
supervision of the insurance industry in order to develop and
maintain fair, safe and stable insurance markets for the
benefit
and protection of policyholders; and to contribute to global
financial stability. Its membership includes insurance
regulators
and supervisors from more than 200 jurisdictions. For more
information, please visit www.iaisweb.org.
