The International Association of Insurance Supervisors (IAIS) has released an interim public consultation paper on an activities-based approach to systemic risk in the insurance industry.
The release is in accordance with the IAIS’ Systemic Risk Assessment and Policy Workplan, which was announced on February 28th, 2017, and that was welcomed by the Financial Stability Board.
The interim public consultation paper is designed to provide stakeholders with an opportunity to offer input into the establishment and development of an activities-based approach, and feedback on the steps put forward that the IAIS will follow when creating activities-based policy measures.
As part of the next three-year cycle for reviewing its approach to systemic risk, scheduled to conclude in 2019, the IAIS is developing an activities-based approach to systemic risk in the insurance sector.
Victoria Saporta, IAIS Executive Committee Chair, commented; “With the release of this paper, the IAIS has taken a significant step forward in progressing its Systemic Risk Assessment and Policy Workplan.”
The IAIS has asked for comments on the interim consultation paper by February 15th, 2018, via the consultation tools on its website, and to introduce the paper, the IAIS will hold a public background call via teleconference on December 19th, 2017.
By the end of next year, the IAIS aims to release a second public consultation paper on its final proposals, after accounting for comments on the recent interim public consultation paper, and completing further work on the development of policy measures.
