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Risk Assessment and Management - Group-wide Supervision and ComFrame-

PUBLIC. Risk Assessment and Management - Group-wide Supervision and ComFrame-. Yoshi Kawai Secretary General, IAIS IAIS-ASSAL Regional Seminar Buenos Aires , Argentina, 2 2-24 November 2011. Group-wide Supervision. ICP 23: Group - wide supervision Importance of group-wide supervision

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Risk Assessment and Management - Group-wide Supervision and ComFrame-

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  1. PUBLIC Risk Assessment and Management- Group-wide Supervision and ComFrame- Yoshi Kawai Secretary General, IAIS IAIS-ASSAL Regional Seminar Buenos Aires, Argentina, 22-24 November 2011

  2. Group-wide Supervision • ICP 23: Group-wide supervision • Importance of group-wide supervision • Supervision of group in totality • Extension of legal entity requirements • Specific requirements for insurance groups

  3. Group-wide Supervision in a Nutshell Group-wide supervisory assessment GROUP-WIDE SUPERVISION FRAMEWORK (GSF) - group-wide regulatory requirements - Extension of legal entity requirements Requirements related to group-wide supervision environment II III IV V VI VII I Group-wide solvency Group-wide governance Group-wide market conduct Cross-border Interplay with legal entity supervision Financial conglo-merates Non-regulated entities Capital adequacy Corporate governance Intermediaries Role of group-wide supervisor Relation to legal entity requirements Cross-sector regulatory arbitrage Non-operating holding companies (NOHCs) Enterprise risk management Internal governance and control Conduct of business Supervisory recognition Role of group-wide vs legal entity supervision Cross-sectoral supervision Non-regulated operating entities (NROEs) Internal models Suitability of persons Fraud Supervisory colleges Complexity of group structure Investments AML/CFT Information exchange Valuation for solvency purposes Delegation of tasks/ group-wide and involved supervisors Preconditions for group-wide supervision

  4. ComFrame: the Aims • establish a comprehensive framework for supervisors to address group-wide activities and risks and also set grounds for better supervisory cooperation • develop methods of operating group-wide supervision of Internationally Active Insurance Groups • foster global convergence of regulatory and supervisory measures and approaches

  5. Multi-disciplinary Approach Module 3 Qualitative and quantitative requirements

  6. Qualitative and Quantitative Requirements Module 3Qualitative and quantitative requirements

  7. Must Take-aways • It is important to assess and manage the risk of insurers at the group level • Cooperation between the supervisors are necessary • IAIS’s answer to the supervision of internationally active insurance groups is the ComFrame

  8. Thank you very much! Any questions? www.iaisweb.org yoshihiro.kawai@bis.org

  9. Remaining of the speaking notes from the page 2 is in this page’s note section. This slide is not to be displayed in the actual presentation.

  10. Remaining of the speaking notes from the page 5 is in this page’s note section. This slide is not to be displayed in the actual presentation.

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