Regulatory developments in the global insurance sector

Vol. 52: October to November 2024 (posted on 7 November 2024)

Volume 52 of the report contains 10 topics, including the following.

1. EIOPA finalised its methodology on setting value-for-money benchmarks.
2. Singapore MAS published a draft of the capital treatment for infrastructure investments.
3. Australian APRA released a material service provider register template.
4. Malaysian BNM issued an exposure draft on complaints handling.
5. EIOPA issued a draft of the regulatory standards for liquidity risk management plans.

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【Past regulatory developments】

Vol. 51: September to October 2024 (posted on 18 October 2024)

Volume 51 of the report contains 8 topics, including the following.

1. ESAs issued a report on risks and vulnerabilities in the EU financial system.
2. Canadian OSFI finalised its methodology for the Standardised Climate Scenario Exercise.
3. Singapore MAS published a draft of the guidelines for insurers’ recovery and resolution planning.
4. EIOPA issued the draft Opinion on the supervision of liquidity risk management of IORPs.
5. U.K. PRA published a summary of the findings from their review of expected credit loss and climate risks.
   

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Vol. 50: August to September 2024 (posted on 25 September 2024)

Volume 50 of the report contains 8 topics, including the following.

1. U.K. FCA published the results of its review of general insurers’ product governance.
2. EIOPA issued a draft of its technical advice on the new proportionality framework under Solvency II.
3. Canadian OSFI finalised its guidelines on operational risk management and resilience.
4. Australian APRA outlined its regulatory/supervisory priorities for 2024 to 2025.
5. IAIS published a draft of the Application Paper on operational resilience.
   

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Vol. 49: July to August 2024 (posted on 8 August 2024)

Volume 49 of the report contains 10 topics, including the following.

1. BCBS issued a draft of the principles for the management of third-party risk.
2. U.K. PRA published its approach to Life Insurance Stress Test 2025.
3. ESAs published the second set of final draft rules under the DORA.
4. IAIS published two draft papers on climate risk.
5. U.K. PRA finalised its supervisory statement on Funded Reinsurance.
   

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Vol. 48: June to July 2024 (posted on 12 July 2024)

Volume 48 of the report contains 10 topics, including the following.

1. EIOPA published its advice on greenwashing risks.
2. Australian APRA finalised its guidance on operational resilience.
3. Malaysian BNM published a draft of risk-based capital framework for insurers.
4. IAIS clarified next steps on implementation of the Insurance Capital Standard.
5. IOSCO published its report on leveraged loans and collateralised loan obligations.
   

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Vol. 47: May to June 2024 (posted on 19 June 2024)

Volume 47 of the report contains 10 topics, including the following.

1. IMF published the results of Japan FSAP.
2. BCBS issued a report on digitalisation of finance.
3. Canadian OSFI issued top risks of and supervisory priorities for 2024.
4. Singapore MAS published the results of its thematic review of data governance.
5. ESMA published a supervisory statement on the use of artificial intelligence.
   

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Vol. 46: April to May 2024 (posted on 22 May 2024)

Volume 46 of the report contains 9 topics, including the following.

1. EIOPA launched its 2024 insurance stress testing.
2. U.K. PRA published its supervisory plans for 2024 to 2025.
3. Canadian OSFI issued an updated draft methodology for its climate stress testing.
4. U.K. PRA published their findings on banks’ private equity-related financing activities.
5. EIOPA published a report on Solvency II and IFRS 17.
   

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Vol. 45: March to April 2024 (posted on 22 April 2024)

Volume 45 of the report contains 8 topics, including the following.

1. U.S. SEC adopted rules on climate-related disclosures.
2. EIOPA published its supervisory priorities for 2024 to 2026.
3. Australian APRA released a draft of key functions of insurers under the FAR.
4. Canadian OSFI updated its guidelines on climate risk management.
5. Malaysian BNM updated its policy document on fair treatment of financial consumers.
   

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Vol. 44: February to March 2024 (posted on 5 April 2024)

Volume 44 of the report contains 8 topics, including the following.

1. Canada OSFI released its new framework for supervision.
2. Malaysian Central Bank issued its Methodology Paper on Climate Risk Stress Testing.
3. U.S. NAIC adopted its statement on ESG for the insurance sector.
4. ESAs published a report on financial service provisions by BigTech in the EU.
5. FSB released its workplan for 2024.

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Vol. 43: January to February 2024 (posted on 20 February 2024)

Volume 43 of the report contains 11 topics, including the following.

1. NYDFS issued a proposed circular letter on the use of AI by insurers.
2. U.K. PRA announced its priorities in insurance supervision for year 2024.
3. ESAs published the first set of final draft rules under the Digital Operational Resilience Act (DORA).
4. Canada OSFI finalised its guideline on integrity and security of financial institutions.
5. FSB published its work programme for 2024.

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Vol. 42: December 2023 to January 2024 (posted on 31 January 2024)

Volume 42 of the report contains 11 topics, including the following.

1. NAIC adopted the Model Bulletin on the use of AI systems by insurers.
2. EIOPA published a draft proposal on the prudential treatment of sustainability risks.
3. EIOPA released a draft of the methodology for assessing ‘value-for-money’ of insurance products.
4. U.K. PRA expressed its concern over optimistic assumptions in general insurers’ internal models.
5. U.S. FSOC released its 2023 financial stability report.
   

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Vol. 41: November to December 2023 (posted on 20 December 2023)

Volume 41 of the report contains 10 topics, including the following.

1. U.K. FCA finalised its Sustainability Disclosure Requirements and investment labels.
2. Canada OSFI published a draft of its updated guidelines on model risk management.
3. BCBS issued a discussion paper on supervisory and financial stability implications of digital fraud.
4. U.K. PRA published a consultation paper on life insurers’ use of funded reinsurance.
5. BCBS published a progress report on banks’ risk data aggregation and reporting.
   

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Vol. 40: October to November 2023 (posted on 27 November 2023)

Volume 40 of the report contains 10 topics, including the following.

1. EIOPA published its strategic priorities for 2024.
2. Canada OSFI released two draft guidelines related to non-financial risks.
3. MAS released a consultation paper on transition planning for insurers.
4. ESAs published their working programme for 2024.
5. FSB published a report on 2023 bank failures and lessons learnt.
   

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Vol. 39: September to October 2023 (posted on 23 October 2023)

Volume 39 of the report contains 10 topics, including the following.

1. FSB published a progress report on NBNI resilience.
2. U.K. PRA published a consultation paper on the reform of Matching Adjustment.
3. ESAs published a report on risks and vulnerabilities in the EU financial system.
4. U.K. FCA called on insurers to take action to ensure good consumer outcomes.
5. Bermuda BMA published a discussion paper on disclosures of climate change risks for insurers.
   

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Vol. 38: August to September 2023 (posted on 28 September 2023)

Volume 38 of the report contains 10 topics, including the following.

1. U.K. PRA published its approach to insurance supervision.
2. Australian APRA released its 2023-24 Corporate Plan.
3. EC adopted the European Sustainability Reporting Standards (ESRS).
4. EC adopted a non-comprehensive list of essential services.
5. Switzerland FINMA published guidance on insurance intermediation.
   

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Vol. 37: July to August 2023 (posted on 30 August 2023)

Volume 37 of the report contains 10 topics, including the following.

1. U.K. FCA finalised its guidance for insurers on supporting customers in financial difficulty.
2. EIOPA released a draft supervisory statement on supervision of reinsurance concluded with third country insurers.
3. FSB issued its 2023 progress report on addressing financial risks from climate change.
4. Australia APRA finalised a new prudential standard on operational risk for financial institutions.
5. EBA finalised its guidelines on the overall recovery capacity in recovery planning for banks.

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Vol. 36: June to July 2023 (posted on 25 July 2023)

Volume 36 of the report contains 10 topics, including the following.

1. U.K. Treasury published a draft regulation related to its Solvency II reform.
2. U.K. PRA consulted on a major set of reforms to Solvency II.
3. Canada OSFI issued a draft of the specifications for climate risk-related reporting.
4. Australia APRA released the results of its assessment of financial institutions’ information security.
5. European ESAs launched a public consultation of the DORA-related technical standards.
   

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Vol. 35: May to June 2023 (posted on 23 June 2023)

Volume 35 of the report contains 10 topics, including the following.

1. U.K. PRA finalised its supervisory statement on model risk management for banks.
2. IOSCO published a draft of the recommendations for crypto and digital asset markets.
3. Australian APRA completed its reforms on recovery and resolution planning.
4. ESAs proposed criteria for the designation of critical ICT third-party service providers.
5. Malaysian BNM finalised its policy document on management of technology risks.
   

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Vol. 34: April to May 2023 (posted on 29 May 2023)

Volume 34 of the report contains 10 topics, including the following.

1. U.S. FSOC proposed new interpretative guidance on the designation of non-bank SIFIs.
2. Canada OSFI developed its new framework on cyber resilience testing.
3. U.S. FRB published a report on a failure of a U.S. bank in March 2023.
4. U.K. PRA announced its business plan for 2023 to 2024.
5. ESAs released a report on risks and vulnerabilities in the EU financial system.
   

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Vol. 33: March to April 2023 (posted on 27 April 2023)

Volume 33 of the report contains 10 topics, including the following.

1. Bank of England published a report on climate-related risks and regulatory capital frameworks.
2. U.K. Department of Science, Innovation and Technology released a draft of the framework for the regulation of AI.
3. IMF released its Global Financial Stability Report.
4. FSB released its work programme for 2023.
5. EIOPA published a supervisory statement on differential pricing practices.

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Vol. 32: February to March 2023 (posted on 31 March 2023)

Volume 32 of the report contains 10 topics, including the following.

1. Canada OSFI released draft guidelines on culture and behaviour risks for consultation.
2. Canada OSFI finalised its guidelines on climate risk management.
3. ESRB published a report on macroprudential tools for cyber resilience.
4. U.S. Treasury published a report on the use of cloud services by financial institutions.
5. IAIS finalised criteria for the comparison between the ICS and the Aggregation Method.
   

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Vol. 31: January to February 2023 (posted on 1 March 2023)

Volume 31 of the report contains 9 topics, including the following.

1. U.K. PRA published the results of its 2022 Insurance Stress Test.
2. Australian APRA released its policy and supervision priorities for 2023.
3. EIOPA released a report on the implementation of climate-related adaptation measures.
4. Switzerland FINMA issued a guidance on the management of climate risks.
5. U.K. HMT proposed to introduce an Insurer Resolution Regime.
   

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Vol. 30: December 2022 to January 2023 (posted on 30 January 2023)

Volume 30 of the report contains 10 topics, including the following.

1. U.K. PRA announced its priorities for the supervision of insurers in 2023.
2. Switzerland FINMA published a circular on operational risks and resilience for banks.
3. EIOPA published its statement on inflation.
4. U.S. FSOC released its 2022 annual report identifying 14 financial vulnerabilities.
5. EBA published its roadmap on sustainable finance and ESG risks.

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Vol. 29: November to December 2022 (posted on 22 December 2022)

Volume 29 of the report contains 13 topics, including the following.

1. Australian APRA finalised its prudential standards on recovery and exit planning.
2. Malaysian BNM set out principles and requirements on climate risk management and scenario analysis.
3. EC adopted the Digital Operational Resilience Act (DORA).
4. IAIS finalised liquidity metrics for insurers.
5. FSB decided to discontinue its annual identification of G-SIIs.
   

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Vol. 28: October to November 2022 (posted on 30 November 2022)

Volume 28 of the report contains 10 topics, including the following.

1. FSB published a report on supervisory and regulatory approaches to climate-related risks.
2. U.K. PRA expressed supervisory expectations on climate-related financial risks.
3. EIOPA published its methodology for assessing value for money of unit-linked products.
4. U.K. PRA issued its expectations on general insurance reserving and capital modelling in terms of claims inflation.
5. FSB issued a consultation paper on cyber incident reporting.

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Vol. 27: September to October 2022 (posted on 1 November 2022)

Volume 27 of the report contains 10 topics, including the following.

1. ESRB issued a warning on vulnerabilities in the EU’s financial system.
2. EIOPA issued a warning regarding bancassurance.
3. EIOPA issued a supervisory statement on exclusions in insurance products.
4. IOSCO expressed its view on sustainability-related assurance and ethics standards.
5. EIOPA published its strategy for 2023 to 2026.
   

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Vol. 26: August to September 2022 (posted on 22 September 2022)

Volume 26 of the report contains 8 topics, which include the following.

1. Irish Central Bank published a draft guidance on climate change for insurers.
2. Australian APRA released its consultation documents on contingency and resolution planning.
3. NGFS published its updated climate scenarios.
4. Canadian OSFI announced its interim approach to crypto-assets in its prudential regulation.
5. Australian APRA published findings from a climate risk self-assessment survey.

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Vol. 25 : July to August 2022 (posted on 1 September 2022)

Volume 25 of the report contains 10 topics, which include the following.

1. U.K. PRA published a discussion paper on operational resilience relating to critical third-parties.
2. Australian APRA released a draft of the regulation on operational resilience.
3. EIOPA published a consultation paper on differential pricing practices.
4. FSB issued its progress report on climate change.
5. EIOPA finalised its guidance on the customers’ sustainability preferences.
   

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Vol. 24 : June to July 2022 (posted on 25 July 2022)

Volume 24 of the report contains 9 topics, which include the following.

1. BCBS published its principles for the management and supervision of climate-related financial risks.
2. U.K. PRA published a draft of the principles for model risk management.
3. NGFS released its final report on climate data gaps.
4. EIOPA released its June 2022 financial stability report.
5. Malaysian BNM released a discussion paper on climate risk stress testing.
   

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Vol. 23 : May to June 2022 (posted on 1 July 2022)

Volume 23 of the report contains 10 topics, which include the following

1. BoE published the results of its Climate Biennial Exploratory Scenario analysis.
2. Canada OSFI issued a draft of its guideline on climate risk management.
3. EBA published a discussion paper on the role of environmental risks in the prudential framework.
4. NGFS released a report on climate-related risk differentials.
5. U.S. SEC proposed amendments to rules in terms of ESG.
   

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Vol. 22 : April to May 2022 (posted on 26 May 2022)

Volume 22 of the report contains 13 topics, which include the following.

1. HM Treasury published proposals for the review of Solvency II.
2. EIOPA released a draft of the guidelines on the assessment of the customers’ sustainability preferences.
3. U.K. PRA sets out its business plan for 2022/2023.
4. EIOPA finalised its supervisory statement on the supervision of run-off insurers.
5. FSB published a report on supervisory/regulatory approaches to climate-related risks for consultation.
   

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Vol. 21: March to April 2022 (posted on 10 May 2022)

Volume 21 of the report contains 13 topics, which include the following.

1. U.K. FCA revised the PRIIPs Regulation.
2. EIOPA published a report on the costs and past performance of insurance products.
3. Bank of England published a repot on crypto-assets and DeFi.
4. NGFS published a statement on nature-related financial risks.
5. ISSB published the Exposure Draft on disclosures of sustainability-related information and climate-related information, respectively.
   

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Vol. 20: February 2022 to March 2022 (posted on 28 March 2022)

Volume 20 of the report contains 10 topics, which include the following.

1. EC adopted a proposed Directive on corporate sustainability due diligence.
2. FSB published a report on financial stability risks from crypto-assets.
3. Canada OSFI updated guidelines on reinsurance.
4. Australia APRA revised its prudential standard on asset concentration risks charges for reinsurance.
5. France ACPR published a report on good practices of climate risk management.
   

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Vol. 19: January 2022 to February 2022 (posted on 28 February 2022)

Volume 19 of the report contains 11 topics, which include the following.

1. EIOPA published a report on the application of the Insurance Distribution Directive.
2. Canada OSFI released the results of a pilot project on climate scenario analysis.
3. IAIS published its roadmap for year 2022 to 2023.
4. European Systemic Risk Board (ESRB) recommends establishing a systemic cyber incident coordination framework.
5. Australia APRA released its policy and supervision priorities for 2022.
   

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Vol. 18: December 2021 to January 2022 (posted on 2 February 2022)

Volume 18 of the report contains 12 topics, which include the following.

1. U.K. PRA identified 6 top priority areas for insurance supervision in 2022.
2. U.K FCA finalised rules on disclosures of climate-related risks and opportunities.
3. Australia APRA proposes changes to align capital and reporting frameworks for insurance with AASB 17.
4. EIOPA released its Financial Stability Report.
5. World Economic Forum published ‘Global Risks Report 2022’.
   

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Vol.17: November to December 2021 (posted on 21 December 2021)

Volume 17 of the report contains 12 topics, which include the following.

1. U.K. Treasury published Proposals for Reform of the financial services regulatory framework for consultation.
2. NY DFS finalised its guidance on managing the financial risks from climate change.
3. BCBS published a draft of the principles for the effective management and supervision of climate-related financial risks for consultation.
4. IOSCO calls for oversight of ESG rating and data product providers.
5. Australia APRA finalised its prudential practice guide on climate change financial risks.

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Vol.16 : October to November 2021 (posted on 7 December 2021)

 Volume 16 of the report contains 12 topics, which include the following.

1. TCFD published three documents on climate disclosures, including an updated implementation guidance.
2. U.K. PRA published a report on climate-related financial risk management and the role of capital requirements.
3. NGFS released an interim report on biodiversity and financial stability.
   
4. U.K. FCA launched a consultation on Sustainability Disclosure Requirements and investment labels.
   
5. Canada OSFI released a draft of the Technology and Cyber Risk Management Guideline for consultation..
   

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Vol.15 : September to October 2021 (posted on 28 October 2021)

Volume 15 of the report contains 10 topics, which include the following.

1. EC adopted (a) proposals to amend the Solvency II Directive and (b) a proposal for a new Insurance Recovery and Resolution Directive.
2. U.S. NAIC performed stress testing on U.S. insurers’ exposure to Collateralised Loan Obligations.
3. The IMF published the Global Financial Stability Report ‘COVID-19, Crypto, and Climate: Navigating Challenging Transitions’.
4. EIOPA set out its strategic priorities for 2022.
5. EIOPA published its second report on recovery and resolution of insurers.
   

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Vol.14 : August to September 2021 (posted on 4 October 2021)

Volume 14 of the report contains 8 topics, which include the following.

1. Australia APRA published a supervisory plan for 2021 to 2025.
2. UK FCA expects insurers to strengthen their product governance.
3. European Commission released a report on the integration of ESG factors into banks’ risk management.
4. US FIO issued a request for information on the insurance sector and climate-related financial risks.
5. The central bank of the Netherlands published a report on BigTech firms and their impact on the Dutch financial sector.
   

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Vol.13 : July to August 2021 (posted on 8 September 2021)

Volume 13 of the report contains 15 topics, which include the following.

1. EC published a new strategy for sustainable finance.
2. EIOPA stresses the importance of ORSA as a management tool.
3. UK PRA launched a QIS for the Solvency II Review
4. New Zealand Reserve Bank released a draft of the new solvency regulation
5. NY DFS issued a report on management of financial risks from climate change by insurers.

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