IAIS Releases Interim Consultation Paper on an Activities-based Approach to Systemic Risk

Targeted News Service (Press Releases)

BASEL, Switzerland, Dec. 8 -- The International Association of Insurance Supervisors issued the following news release:

The International Association of Insurance Supervisors (IAIS) today released an interim public consultation paper on an activities-based approach to systemic risk in the insurance sector in accordance with its Systemic Risk Assessment and Policy Workplan previously announced on 28 February 2017 and welcomed by the Financial Stability Board.

IAIS Executive Committee Chair Victoria Saporta stated, "With the release of this paper, the IAIS has taken a significant step forward in progressing its Systemic Risk Assessment and Policy Workplan".

In accordance with this workplan, the IAIS is developing an activities-based approach to systemic risk in the insurance sector as part of the next three-year cycle for reviewing its approach to systemic risk scheduled to conclude in 2019.

The interim consultation paper is intended to provide an opportunity for stakeholders to give input into the development of an activities-based approach and feedback on the proposed steps that the IAIS will follow in its work on deriving activities-based policy measures. The paper does not include conclusive proposals on policy measures, as this will be the subject of the next phase of work in 2018.

The IAIS plans to launch a second public consultation on its final proposals by the end of 2018, after considering comments on this interim public consultation and completing further work on the development of policy measures to address potential systemically risky activities in the insurance sector and the review of its assessment methodology for the identification of Global Systemically Important Insurers (G-SIIs).