Speakers of the session
Dimitris ZafeirisEuropean Insurance and Occupational Pensions Authority, Head of Risk and Financial Stability Department
Alberto CorintiItalian Insurance Supervisory Authority, Member of the Board of Directors
Jonathan DixonInternational Association of Insurance Supervisors, Secretary General
Frank GrundFederal Financial Supervisory Authority, Germany, Chief Executive Director of Insurance and Pension Funds Supervision
Joseph L. EngelhardMetLife, Inc., Senior Vice President, Head of Regulatory Policy Group
Eugenie MolyneuxZurich Insurance Group, Chief Risk Officer of Commercial Insurance
Objectives of the sessionSince systemic risk may arise from both the collective activities and exposures of insurers, policy measures that only apply to a relatively small group of insurers may prove insufficient.
Consequently, the International Association of Insurance Supervisors (IAIS) has consulted on a holistic framework for the assessment and mitigation of systemic risk in the insurance sector. The framework encompasses supervisory policy measures and powers of intervention, as well as a global monitoring framework that will complement the macroprudential surveillance by national supervisors.
In 2019 the IAIS should translate the framework into IAIS into the Insurance Core Principles (ICPs) and ComFrame. A public consultation in scheduled for June 2019. The implementation of the holistic framework is expected to begin in 2020.
This session is dedicated to underlining the essential features of the framework as well as the challenges that its swift implementation raises.
Points of discussionWhat are the main sources of systemic risk in the insurance sector identified by the IAIS, which require systematic assessment and surveillance?
What are the regulatory priorities and the envisaged time-table for the detailed definition and implementation the forthcoming “holistic framework for systemic risk in the insurance sector” globally and in the EU, and what will be the role of the IAIS in this respect?
What are the key supervisory measures envisaged? What is the expected role of national, regional and global supervisory authorities (notably, FSB, IAIS, EIOPA…)?
What are the anticipated challenges and related success factors to achieve an adequate implementation of the forthcoming framework globally and in the EU?