1. IAIS 23rd Annual Conference Major Projects Update Panel Presentation on Financial Stability and Technical Committee, Michael McRaith, Chair, FSTC Asunción, 10 November 2016

2. G-SII related work Updated G-SII Assessment Methodology
Five-phase approach to the G-SII assessment process
Phases I and II – quantitative components
Phases III and IV – qualitative and qualitative elements, incl. engagement with Prospective G-SII
Phase V – combination of Phases I through IB to produce an overall assessment
Indicator revisions
Absolute reference values for three indicators
NTNI category indicators distributed between the Interconnectedness category and a new Asset Liquidation category
G-SII designation process - first exercise based on the updated Methodology

3. Work on revised ICPs and ComFrame material (1)
Revision of ICPs continued
Integration of ComFrame specific material with relevant ICPs launched in June 2016
Public consultation planned for March 2017 for the following areas based on a thematic approach (revised ICPs and/or ComFrame):
Supervisory process
Governance
Recovery and resolution
Resolution:
Loss absorbing capacity in resolution (concluded in summer)
Development of ICP 12 and ComFrame materials on recovery and resolution (work in progress)

4. Work on revised ICPs and ComFrame material (2)
Insurance Capital Standard (ICS):
The project remains on track
The ICS Consultation Document released on 19 July and responses were due on 19 October
A very large response from the stakeholder community
A number of key sources of stakeholder engagement in the project –
Field testing with volunteer IAIGs – we now have 41 volunteers with head offices in North America, Europe, Asia and Africa
Formal consultation processes like the recently closed ICS Consultation Document
Stakeholder meetings –3 whole-day stakeholder meetings on ICS in 2016
Informal meetings with IAIGs, industry bodies, stakeholder engagement processes through IAIS members

5. Issues Paper on Cyber Risk to the Insurance Sector
Published in August 2016
Key messages
Cyber resilience must be a concern for all insurers regardless of size, specialisation, or geographic reach.
Supervisors need to enhance cyber resilience in the insurance sector, including through increased cooperation between and among the private and public sectors.
Recommendation
One or more Application Papers would be useful to provide further guidance on cybersecurity. The paper has identified, in particular, that guidance on (1) examination practices for supervisors; and (2) risk management practices for insurers, would be useful.

6. Application Paper on Supervising the Conduct of Intermediaries
Approved this week and will be published soon on the IAIS website.
Supports implementation of ICP18 (Intermediaries) and ICP 19 (Conduct of business).
Complements an Application Paper on Conduct of Business Supervision (applicable to insurer supervision).
Discusses intermediation and different types of intermediary – highlighting the diversity of intermediation markets.
Drawing on a survey of IAIS Members, it documents approaches to intermediary supervision.
Sets out supervisory requirements and approaches that promote good conduct of business by intermediaries.
Uses a number of examples from IAIS Members jurisdictions.