The deadline for submitting comments for the public consultation on the draft revised ICPs 8, 15, 16; the ComFrame material integrated with these ICPs; and the proposed definitions of enterprise risk management-related terms have been extended.
The deadlines have been extemnded from Monday, 8 January 2018, until the following:
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Monday, 15 January 2018, for revised ICP 8 and additional ComFrame material integrated with ICP 8.
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Wednesday, 31 January 2018, for revised ICPs 15 and 16; ComFrame material integrated with these two ICPs; and the proposed definitions of enterprise risk management-related terms.
Two web-based consultation tools (the “Tools”) have been set up for this public consultation – one Tool for the revised ICPs 15 and 16 and the ComFrame material integrated with these two ICPs, and the proposed definitions of ERM-related terms; and another Tool for the revised ICP 8 and ComFrame material integrated with ICP 8. Details on the revisions to the ICP / ComFrame material are set out in the cover note to the respective Tool.
As regards ICP 8, this public consultation focuses on changes aimed at removing overlaps and duplications between ICP 8 and ICP 16 (in track changes in the redline version). The ComFrame material integrated with ICP 8 that was released for consultation in March 2017 is not open for additional consultation at this stage; it is still under review based on the comments received during that consultation. Since the March 2017 consultation, additional ComFrame material has been integrated with ICP 8. This new material, which is in track changes in the redline version, is subject to public consultation.
This consultation follows the thematic approach adopted by the IAIS in September 2015, which is aimed at ensuring a more efficient process of developing supervisory materials, with the management and development of supervisory materials by theme across the three tiers of standard setting: ICPs, ComFrame, G-SII Policy Measures, each building on the previous one.
The work on ComFrame, a common framework for the supervision of internationally active insurance groups (IAIGs), has been underway in the IAIS since 2010. It aims to provide a set of international supervisory requirements focusing on effective group-wide supervision of IAIGs. These requirements are building upon those in the IAIS Insurance Core Principles. Adoption of ComFrame is scheduled for the end of 2019.
In June 2016, the IAIS decided to restructure the ComFrame material and integrate it directly into the relevant ICPs on which it builds. The new format has resulted in a streamlining of ComFrame material as ICP text previously contained in ComFrame for context purposes is no longer necessary. ComFrame Standards and ComFrame Parameters have been merged into a single level that builds on the ICP Standards. ComFrame text appears in blue boxes under the relevant ICP material. Numbering of ComFrame has been adjusted to follow the ICPs presentation and structure.
In addition to the ComFrame material, a comparison table is provided for information to enable respondents to this public consultation to better understand the changes made since the IAIS published a first draft of ComFrame in 2014.
The IAIS is now seeking feedback on revised ICPs through public consultation. Feedback on these consultative documents is invited by the deadline stated above. Only comments submitted via the Tools will be considered. Feedback received by the deadline will enable the IAIS to further develop the material for finalisation.
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