Following its annual global seminar, the International Association of Insurance Supervisors (IAIS) has published a press release which contains details of the seminar and highlights:
- The IAIS provided a high-level summary of comments received during the recent public consultation on certain ComFrame-related material and announced plans for a public consultation of ComFrame in its entirety, including ICS Version 2.0, in mid-2018. Panellists agreed the final product should allow for comparability across jurisdictions.
- The IAIS also announced Executive Committee approval of ICS Version 1.0 for Extended Field Testing. Publication is slated for mid-July 2017.
- The IAIS held its first stakeholder session on the development of an activities-based approach to systemic risk assessment and reiterated plans for a consultation on initial findings expected later this year to be followed by a consultation on systemic risk assessment by the end of 2018.
- High-level conduct of business principles and risk-based supervisory approaches could provide important benefits in a changing environment.
- There is a need for on-going dialogue between the insurance industry and supervisors concerning the digitalisation of the insurance sector.