Insurance

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Cyber Lexicon

FSB lexicon of key terms related to cyber security and cyber resilience in the financial sector

Financial Stability Board common lexicon of terms to support work of standard setting bodies and national authorities in dealing with cyber risk.

Publisher: Global Standard-Setting Bodies Release date: Nov 2018

Type: Consultative, discussion and issues paper

Topics: Cyber risk, FinTech

Sectors: Insurance

Prudential Standard on Information Security

APRA prudential requirements for addressing cyber risk and other information security threats

Australian Prudential Regulation Authority standard to minimize the likelihood and impact of information security incidents on the confidentiality, integrity or availability of information assets, including those managed by related parties or third parties.

Publisher: National Regulators Release date: Nov 2018 Country: Australia

Type: Standard

Topics: Cyber risk, FinTech, Operational risk

Sectors: Insurance

FCA Mission: Approach to Authorization

FCA report sets out its approach to authorizations

UK Financial Conduct Authority report sets out its approach to authorizations. Sets out the conditions that firms and individuals must meet to be authorized, how the FCA evaluates whether firms and individuals meet the conditions, how authorizations promote competition, and how the effectiveness of authorization decisions are evaluated.

Publisher: National Regulators Release date: Nov 2018 Country: United Kingdom

Type: Consultative, discussion and issues paper

Topics: Consumer education and protection, Transparency and disclosure, Financial inclusion, Conduct, Licensing

Sectors: Insurance

Improving Digital and Financial Inclusion for Gender Equality

TC executive panel on harnessing innovation for gender equality

Toronto Centre executive panel discusses: i) what actions have been most effective in increasing access to and use of financial services by women and how they can be incorporated into strategies designed for inclusive financial sectors; ii) how to improve the quality, availability and use of gender-disaggregated data; iii) what international institutions are doing in this regard; iv) the most constraining legal, regulatory and other barriers and what has been done to overcome them; and v) what else needs to be done to improve digital financial inclusion for gender equality.

Publisher: Toronto Centre Release date: Oct 2018

Type: TC Videos

Topics: Financial inclusion, Gender equality

Sectors: Insurance

International Standards on Combatting Money Laundering and the Financing of Terrorism and Proliferation

Update of the FATF internationally agreed AML-CFT standard

Financial Action Task Force standard defines measures which countries should implement to combat money laundering and terrorist financing, as well as financing of proliferation of weapons of mass destruction. Sets out essential measures: i) identify risks, develop policies and domestic coordination; ii) pursue money laundering, terrorist financing and financing of proliferation; iii) apply preventive measures for financial sector and other designated sectors; iv) establish powers and responsibilities for competent authorities and other institutional measures; v) enhance transparency and availability of beneficial ownership information of legal persons and arrangements; and vi) facilitate international cooperation.

Publisher: Global Standard-Setting Bodies Release date: Oct 2018

Type: Standard

Peer: Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion, Anti-Money Laundering and Countering the Financing of Terrorism Risk Factor Guidelines, Emerging Terrorist Financing Risks , Risk-Based Approach for the Banking Sector, National Money Laundering and Terrorist Financing Risk Assessment, The Role of Hawala and Other Similar Service Providers in Money Laundering and Terrorist Financing

Topics: Money laundering and terrorist financing

Sectors: Insurance

The Prudential Regulation Authority's Approach to Insurance Supervision

PRA description of how it carries out its prudential regulatory role for insurers

UK Prudential Regulation Authority policy document meets PRA's statutory requirement to issue guidance on how it intends to advance its objectives. Communicates PRA's expectation to regulated insurers and what they can expect from PRA in the course of supervision. Document: i) describes PRA's statutory objectives and its approach to advancing them; ii) outlines how it determines focus of its supervision in identifying key risks to its primary objectives; iii) examines measures that it expects insurers to have in place to ensure their businesses are run in a safe and sound manner; iv) details PRA's supervisory approach; and v) outlines PRA's approach to setting and communicating expectations of insurers.

Publisher: National Regulators Release date: Oct 2018 Country: United Kingdom

Type: Law, Regulation and Policy

Peer: Financial Management and Planning by Insurers

Topics: Supervisory framework, Risk-based supervision, Corporate governance, Capital adequacy, Transparency and disclosure

Sectors: Insurance

FCA Approach to Competition

FCA report sets out its approach to promoting competition in the interests of consumers

UK Financial Conduct Authority report sets out its approach to promoting competition, one of core objectives. Describes the FCA's role in promoting competition and its decision-making framework for identifying potential harm, diagnosing and remedying features of a market that do not work well for consumers, and evaluating the success of those remedies to inform our future decisions.

Publisher: National Regulators Release date: Oct 2018 Country: United Kingdom

Type: Consultative, discussion and issues paper

Peer: FCA Mission: Approach to Authorization, FCA Mission: Approach to Consumers

Topics: Consumer education and protection, Transparency and disclosure, Financial inclusion

Sectors: Insurance

IFRS 17 Insurance Contracts: What Supervisors Need to Know

TC note explains new accounting standard for insurance contracts and how supervisors can implement it

Toronto Centre Note discusses: i) how the key features of the standard have been designed to meet the IASB's objectives; ii) potential implications for insurers applying IFRS 17; and iii) considerations for adoption of IFRS 17 for regulatory and supervisory purposes based on the guidance of the IAIS's Insurance Core Principles. Highlights the need for supervisors to take stock of the requirements and determine an action plan for the way forward.

Publisher: Toronto Centre Release date: Oct 2018

Type: TC Notes

Topics: Accounting, actuarial and auditing , Transparency and disclosure

Sectors: Insurance

Machine Learning in Anti-Money Laundering

Results of IIF study of how financial institutions apply machine learning techniques to combat money laundering

Institute of International Finance summary of how machine learning techniques can help banks and insurers to improve effectiveness and efficiency in complying with anti-money laundering requirements. IIF surveyed 59 financial institutions (54 banks and five insurance companies) representing firms from all continents and across a diverse range of business models and firm sizes. Survey demonstrates that the application of machine learning and artificial intelligence is spreading in the financial industry.

Publisher: Industry Groups Release date: Oct 2018

Type: Consultative, discussion and issues paper

Topics: Money laundering and terrorist financing, FinTech

Sectors: Insurance

Outsourcing Involving Cloud Computing Services

APRA information paper explores the use of shared computing services

Australian Prudential Regulation Authority information paper provides overview of cloud computing, its benefits and risks, and APRA's supervisory approach.

Publisher: National Regulators Release date: Sep 2018 Country: Australia

Type: Consultative, discussion and issues paper

Topics: Operational risk, Risk management

Sectors: Insurance

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Resources

382 records

Cyber Lexicon

Prudential Standard on Information Security

FCA Mission: Approach to Authorization

Improving Digital and Financial Inclusion for Gender Equality

International Standards on Combatting Money Laundering and the Financing of Terrorism and Proliferation

The Prudential Regulation Authority's Approach to Insurance Supervision

FCA Approach to Competition

IFRS 17 Insurance Contracts: What Supervisors Need to Know

Machine Learning in Anti-Money Laundering

Outsourcing Involving Cloud Computing Services

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