The International Association of Insurance Supervisors has released its second Targeted Jurisdictional Assessment, examining how six jurisdictions—Australia, Bermuda, Italy, Singapore, South Africa and Spain—have implemented the holistic framework for assessing and mitigating systemic risk in insurance. What do the findings reveal about global progress in resolution planning, liquidity risk management and crisis preparedness?
Executive Summary
- What’s new: The IAIS has published its second Targeted Jurisdictional Assessment, evaluating the implementation of the holistic framework for the assessment and mitigation of systemic risk in the insurance sector in Australia, Bermuda, Italy, Singapore, South Africa and Spain.
- Why it matters: The findings reveal significant progress in implementing the holistic framework standards across the jurisdictions reviewed, while identifying persistent gaps, particularly in resolution planning, resolution powers and public disclosure of liquidity risk. These insights provide further clarity on the IAIS’ expectations for insurance supervisory regimes.
- What to do next: Insurers, reinsurers and groups operating in the assessed jurisdictions should consider the implications of the report’s findings for their own operations, particularly in areas where gaps have been identified. Firms should monitor developments in resolution planning and liquidity risk management frameworks
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