The Prudential Authority’s participation in international insurance developments - A roadmap for 2020
Last Modified Date:
2021-04-09, 03:51 PM
PA Public Awareness > Communication
Introduction The Prudential Authority is committed to stay abreast of trends in the financial sector, which includes trends in financial sector regulatory and supervision spheres. The Prudential Authority, as a member of the International Association of Insurance Supervisors (IAIS), actively participates in the development and establishment of IAIS standards and other developments. This document sets out the main IAIS developments that the Prudential Authority will participate in over the course of 2020 and beyond (in some cases). The developments that will be discussed in this document are: The common framework for the supervision of internationally active insurance groups (ComFrame) and the Insurance Capital Standard (ICS); andThe holistic framework for the assessment and mitigation of systemic risk in the global insurance sector (holistic framework).The structure of the document is as follows: Section 2 briefly sets out the background/overview of Insurance Core Principles (ICPs) and the activities that are topical in this document;Section 3 expands on the ICS introduced in the background/overview;Section 4 explains in more depth what the holistic framework is;A combined roadmap of the IAIS timelines for 2020 is set out in section 5; andSection 6 sets out the Prudential Authority’s plan/response to these international insurance developments.