FSB全球金融稳定委员会-Finalisation-of-IAIS-holistic-framework-for-the-assessment-and-mitigation-of-systemic-risk-in-the-insurance-sector_2页_247kb

IAIS Holistic Framework for Systemic Risk in the Insurance Sector Summary

Core Content

The International Association of Insurance Supervisors (IAIS) has finalised and published the Holistic Framework for the Assessment and Mitigation of Systemic Risk in the Insurance Sector, which is set for implementation in 2020. This framework aims to enhance the resilience of the insurance sector and provide a more comprehensive approach to identifying and managing systemic risks. The Financial Stability Board (FSB) has endorsed the framework and decided to suspend the identification of Global Systemically Important Insurers (G-SIIs) starting from 2020, pending further review.

Key Elements of the Framework

• Enhanced Supervisory Policy Measures: The framework introduces a broader set of macroprudential tools to increase the sector's resilience. These measures include ongoing supervisory requirements, enhanced macroprudential supervision, crisis management planning, and intervention powers for supervisors to respond promptly to systemic risks.

• Global Monitoring Exercise: IAIS conducts an annual assessment of global insurance market trends and potential systemic risk accumulation. This includes evaluating sector-wide trends and identifying concentration risks at the individual insurer level using an updated methodology.

• Collective Assessment and Coordination: The framework enables IAIS to collectively discuss potential systemic risks and coordinate supervisory responses. It also mandates that IAIS report the results of its global monitoring exercise to the FSB, including its assessment of systemic risk and any supervisory actions taken.

• Consistent Implementation Assessment: IAIS will evaluate the implementation of the enhanced supervisory measures and intervention powers across the sector to ensure alignment with the framework's objectives.

Suspension of G-SII Identification

As a result of the finalised framework, the FSB has decided to suspend the identification of G-SIIs from the beginning of 2020. This decision reflects the belief that the holistic framework would offer a more effective and comprehensive approach to managing systemic risk in the insurance sector than the previous G-SII identification process.

Review in 2022

In November 2022, the FSB will review the implementation of the holistic framework to determine whether to either discontinue or re-establish the annual identification of G-SIIs. This review will be conducted in consultation with the IAIS and national authorities, based on the initial years of the framework's application.

Annual Reporting and Data Collection

The IAIS will provide the FSB with an annual update on the outcomes of the global monitoring exercise. This update will include the IAIS's assessment of systemic risk in the global insurance sector and any supervisory responses to identified risks. Additionally, the IAIS will continue to collect annual data from individual insurers and supervisors to support its analysis of sector-wide trends and exposures.

Main Purpose and Outcome

The primary goal of the IAIS holistic framework is to enhance the resilience of the insurance sector and prevent vulnerabilities from escalating into systemic risk. It provides a more integrated and proactive approach to risk assessment and mitigation, which is expected to improve the overall stability of the global insurance market. The suspension of G-SII identification marks a shift in the FSB's approach, emphasizing the importance of a coordinated and comprehensive supervisory framework.