International Association of Insurance Supervisors (IAIS) continue developing its work in relation to Internationally Active Insurance Groups (IAIGs) and Global Systemically Important Insurers (G-SIIs).
Group-wide supervision and consistency of regulatory frameworks across geographical jurisdictions remain as significant themes driving regulatory reform. The Financial Stability Board (FSB) continues to influence the IAIS work program and it is clear that 2016 will be another pivotal year.
The first chapter of Evolving Insurance Risk and Regulation, International developments dominate regulatory change, discuss the impact these key initiatives may have on insurers, especially in relation to the International Core Principles (ICPs), the global Insurance Capital Standard (ICS), and G-SII specific developments. This chapter also considers the latest update on the International Monetary Fund (IMF)’s Financial Sector Assessment Program (FSAP) reviews.
They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.