International developments dominate regulatory change | KPMG | PH

International developments dominate regulatory change

International developments dominate regulatory change

1000

Related content

international developments dominate regulatory change

The IAIS Framework is a globally accepted framework for the supervision of the insurance sector. The material is structured in a series of increasing regulatory requirements depending on the nature of hte entity being supervised:

  • The Insurance Core Principles (ICPs) are high-level principles-based standards that are to be followed for the supervision of insurers in all jurisdictions. These mainly apply to regulated insurance entities, but are supplemented by five group ICPs that apply to the wider insurance group.
  • The Common Framework for IAIGs (ComFrame) applies further requirements agains the approximately 50 insurance groups that meet the IAIG definition. This population of firms will need to comply with the insurance capital standard that the IAIS is developing.
  • The G-SII population (nine groups currently) must comply with all of the above requirements and are subject to enhanced supervision due to their perceived systematic risk. This includes both additional capital requirements and recovery and resolution planning measures.

Connect with us