Abu Dhabi

Perspectives

IAIS update 2019 Annual Conference

Insurance regulators meet to talk supervision in a digital era

Hosted by the Insurance Authority, the 26th Annual Conference of the International Association of Insurance Supervisors (IAIS) was held November 14–15, 2019, in spectacular Abu Dhabi, UAE. Regulators from around the world gathered to finalize post–financial crisis reforms, discuss implementation, and ponder the theme of supervision in a digital era.

IAIS finalizes post-financial crisis reforms

Insurance regulators from around the world met at the largest ever IAIS Annual Conference, held in Abu Dhabi on November 14-15, 2019, to finalize post-financial global supervisory frameworks.

These include:

  • The Common Framework (ComFrame), which sets out minimum requirements for the supervision of IAIGs and helps with both a common supervisory understanding and set of supervisory processes.
  • The Insurance Capital Standard (ICS), which creates a common supervisory language for the discussion of group solvency for IAIGs. It was noted that during the 2020–2024 ICS monitoring period, it would not be a prescribed capital requirement (PCR). It was also noted that the IAIS had agreed on a set of comparable outcomes in order to assess alternative ICS methods, such as the Aggregation Method, that the United States is developing. Should alternative methods be considered to have comparable outcomes, these may then be considered outcome-equivalent for the implementation of the ICS as a PCR.
  • The Holistic Framework for the Assessment and Mitigation of Systemic Risk in the Insurance Sector—in recognizing the achievement of measures that will help contribute to global financial stability, the Financial Stability Board (FSB) agreed to suspend the identification of global systemically important insurers (G-SIIs) from 2020.

In 2020, the IAIS will support its member jurisdictions and supervisors in their adoption of the frameworks with the goal of turning focus from adoption to implementation in 2021.

Supervision in a digital era

Looking ahead to 2020

During the 2019 IAIS global seminar, the most passionate panel discussion was on climate risk.

Climate risk is poised to steal the spotlight again, this time at the 2020 IAIS 27th Annual Conference to be hosted in Santiago, Chile. The meeting will take place in November and will be attended by representatives of the 217 IAIS members, bringing together the main insurance authorities from over 130 countries. Over 350 international representatives are expected to attend.

Bridge

Explore the IAIS updates collection.

Fullwidth SCC. Do not delete! This box/component contains JavaScript that is needed on this page. This message will not be visible when page is activated.

Did you find this useful?