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Development of International Insurance Supervisory Standards

This article discusses the background, three-layer approach, Insurance Core Principles, ComFrame, and Global Insurance Capital Standard, highlighting the importance of a global and panoramic supervisory view.

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Development of International Insurance Supervisory Standards

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  1. Development of International Insurance Supervisory Standards Yoshihiro Kawai Secretary General International Association of Insurance Supervisors 19 November 2013

  2. Outline • Background • Three-layer Approach • Insurance Core Principles (ICPs) • ComFrame • Global Insurance Capital Standard • Conclusion • 2

  3. 1. Background • Globalised insurer operations • IAIG’s (Internationally Active Insurance Groups) global market share is more than 50% • AIG crisis • Interconnected markets / products / institutions • 3

  4. 1. Background • Host • Structure of Internationally Active Insurance Groups • Host • Host Home • Host • Host • 4

  5. 1. Background • Asia • Europe • Other regions • Americas • Interlinkage across borders • 5

  6. 1. Background • Banking • Insurance • Interlinkage across financial sector • Shadow Banking • Securities • 6

  7. 1. Background • New regulatory focus: global and panoramic view • Macroprudential approach • Group-wide supervision • Common supervisory language • Coordination across sectors • 7

  8. Outline • Background • Three-layer Approach • Insurance Core Principles (ICPs) • ComFrame • Global Insurance Capital Standard • Conclusion • 8

  9. 2. IAIS Three-layer Approach

  10. Outline • Background • Three-layer Approach • Insurance Core Principles (ICPs) • ComFrame • Global Insurance Capital Standard • Conclusion • 10

  11. 3. ICPs • Scope: • Insurance legal entities and insurance groups (unless otherwise specified) • Three levels: • Principles, Standards, and Guidance • Proportionality: • Tailored approach taking into account nature, scale and complexity of insurers.

  12. 3. ICP 23 on Group-wide Supervision • 23.1 Identification of the scope of the group • 23.3 The supervisor does not narrow the identified scope of the group due to lack of legal authority and/or supervisory power

  13. Outline • Background • Three-layer Approach • Insurance Core Principles (ICPs) • ComFrame • Global Insurance Capital Standard • Conclusion • 13

  14. 4. ComFrame • Objectives: • Establish a comprehensive framework for group-wide supervision • Foster global convergence of regulatory and supervisory requirements • Scope: • IAIGs and G-SIIs

  15. 4. ComFrame: 2013 Consultation • Comments due by 16 December 2013 • Comments requested on all aspects of ComFrame • Including: • Capital adequacy assessment • Resolution

  16. 4. ComFrame: Field Testing Module 1 • Module 1 field testing launched with a survey of all IAIS Members • Responses due by 16 December • Survey includes: - Scope of group wide supervision - Population of IAIGs - Powers over the holding company

  17. 4. ComFrame: Scope of Group-wide Supervision and Power over Holding Companies

  18. Outline • Background • Three-layer Approach • Insurance Core Principles (ICPs) • ComFrame • Global Insurance Capital Standard • Conclusion • 18

  19. 5. Risk-based global insurance capital standard (ICS) • What is ICS (Global Insurance Capital Standard) ? • Why ICS now? • Why capital? • When it is to be developed?

  20. 5. ICS: What is ICS (Global Insurance Capital Standard)? • Not regional led approach • Not banking led approach • Unique IAIS initiative

  21. 5. ICS: Why ICS now? • IAIS ExCo intensive discussions • No quantitative IAIS benchmarks • No common supervisory language • Solvency II’s development

  22. 5. ICS: Why capital? • Capital is key supervisory tool • Capital has significant positive impact on other supervisory standards • Capital is a trigger to develop a common supervisory language

  23. 5. ICS: When is it to be developed?

  24. 6. Conclusion: a panoramic supervisory view • Macroprudential approach - G-SII discussion • Group-wide supervision - ComFrame and revision to ICP23 - Enhanced supervision for G-SIIs • Common supervisory language - ComFrame - ICS • Coordination across sectors - NTNI (non traditional and non insurance) focused G-SII policy framework

  25. Thank you very much • www.iaisweb.org • yoshihiro.kawai@bis.org

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