Risk-based supervision

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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

Risk-based Global Insurance Capital Standard Version 2.0

IAIS consultation on issues related to ICS 2.0

International Association for Insurance Supervisors consultation on issues related to the Insurance Capital Standards (ICS) Version 2.0 monitoring period and technical aspects of the design and calibration of ICS Version 2.0. Discusses: i) expectations for IAIS and supervisors during the five-year monitoring period of the reference ICS and additional supplementary reporting; ii) reference component; iii) additional reporting and other methods of calculation of the ICS capital requirement, including internal models; and iv) incremental costs and benefits of the ICS for internationally active insurance groups (IAIGs).

Release date: Jul 2018

Type: Consultative, discussion and issues paper

Peer: Risk-Based Global Insurance Capital Standard, Implementation of Insurance Capital Standard Version 2.0, Insurance Capital Standard Version 1.0 for Extended Field Testing

Topics: Risk-based supervision, Capital adequacy, Systemically important financial institutions (SIFIs)

Sectors: Insurance

Deadline for comments: Oct 2018

Implementing Risk Based Supervision: A Guide for Senior Managers

TC note discusses key managerial issues in implementing RBS

Toronto Centre Note discusses the cultural and managerial challenges that need to accompany the adoption and effective implementation of risk based supervision and suggests ways for senior management to respond to these challenges.

Publisher: Toronto Centre Release date: Jul 2018

Type: TC Notes

Peer: Risk-Based Supervision , The Development and Use of Risk Based Assessment Frameworks , Turning Risk Assessments Into Supervisory Actions

Topics: Risk-based supervision

Sectors: Banking, Insurance, Pensions, Securities

The Post-Crisis Challenges Facing Supervisors

TC note discusses how emerging markets can approach the implementation of post-crisis and other regulatory reforms

Toronto Centre Note discusses how emerging markets can approach implementation of recent regulatory reforms. Considers the challenges for supervisors stemming from more wide-ranging, robust and complex regulatory requirements, provides an overview of emerging risks and supervisory responses, and discusses the importance of supervisory cooperation. Identifies key challenges as: i) proportionate implementation of reforms; ii) tailoring regulation and supervision to emerging market economies; iii) maintaining a focus on fundamental issues such as credit and insurance underwriting risks; and iv) assessing emerging risks such as those arising from FinTech and cyber security.

Publisher: Toronto Centre Release date: Jul 2018

Type: TC Notes

Topics: Systemically important financial institutions (SIFIs), Cross-border cooperation, Risk-based supervision, Supervisory framework, FinTech

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

Risk-Based Supervision

TC Note sets out main features of RBS

Toronto Centre note provides a high-level overview of risk-based supervision (RBS) for all regulators and supervisors. Describes the principle features of RBS and the main operational and managerial issues that supervisors encounter when moving to a risk-based framework. Discusses: i) characteristics of RBS; ii) principles of RBS; iii) risk-based process; iv) documentation; v) peer review and quality assurance; vi) cultural and managerial challenges; and vii) use of RBS across sectors.

Publisher: Toronto Centre Release date: Mar 2018

Type: TC Notes

Peer: The Development and Use of Risk Based Assessment Frameworks , Turning Risk Assessments Into Supervisory Actions , Implementing Risk Based Supervision: A Guide for Senior Managers , How Supervisors Can Improve the Effectiveness of Financial Education

Topics: Risk-based supervision

Sectors: Banking, Insurance, Pensions, Securities

Probability and Impact Rating System (PAIRS)

APRA explanation of its risk-based supervision framework

Australian Prudential Regulation Authority description of its risk-based supervisory approach incorporating assessments of both the probability and impact of the failure of an APRA-regulated entity. Includes common set of rating components for inherent risk, management and control, and capital support; a structured process for combining component ratings into a probability of failure rating; and an impact rating scale. Reflects the manner in which APRA conducts its supervisory activities under its framework for prudential supervision.

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

Type: Supervisory Practice

Topics: Risk-based supervision, Supervisory framework

Sectors: Banking, Insurance, Pensions

Risk Assessment Framework for Federally Regulated Private Pension Plans

OSFI's framework for conducting risk assessment of private pension plans

Office of the Superintendent of Financial Institutions of Canada description of its Risk Assessment Framework for federally regulated private pension plans. The risk assessment focuses on: i) early identification of pension plans that may have problems meeting minimum funding requirements, complying with the PBSA, or adopting policies and procedures to control and manage risk; ii) prompt communication with plan administrators advising them of material deficiencies and non-compliance issues; and iii) implementation of appropriate interventions to compel administrators to take corrective measures to address the deficiencies.

Publisher: National Regulators Release date: Apr 2017 Country: Canada

Type: Consultative, discussion and issues paper

Topics: Pension and retirement plans, Risk-based supervision, Supervisory framework

Sectors: Pensions

Supervisory Oversight and Response System (SOARS)

APRA guide on consistent supervisory intervention

Australian Prudential Regulation Authority description of how supervisory concerns based on PAIRS risk assessments should be acted upon. SOARS is APRA's main tool to achieve consistent application of supervisory intervention.

Publisher: National Regulators Release date: Apr 2017 Country: Australia

Type: Supervisory Practice

Topics: Risk-based supervision, Supervisory framework, Early intervention and enforcement

Sectors: Banking, Insurance, Pensions

Selling Investment Products and Handling Client Securities

HKMA guidance on the application of its regulatory standards

Hong Kong Monetary Authority guidance clarifies how its regulatory standards apply to: i) pre-trade disclosure; ii) assessment of customer's concentration risk; iii) "portfolio-based" suitability assessment for private banking customers; iv) alternative investment products; v) supervision of transactions with mismatch(es) or exception(s); vi) staff training; and vii) regular review of controls in relation to handling of client securities.

Publisher: National Regulators Release date: Feb 2017 Country: Hong Kong, China

Type: Guideline

Topics: Risk-based supervision, Consumer education and protection, Transparency and disclosure, Conduct

Sectors: Banking, Securities

Supervisory Priorities in non-Basel Committee Jurisdictions

Results of FSI survey of macroeconomic and financial stability priorities and challenges

Financial Stability Institute paper sets out results of survey of jurisdictions that are not member of Basel Committee on Banking Supervision (BCBS) to gain understanding of their supervisory priorities and challenges. Results show top three macroeconomic and financial stability challenges in non-BCBS jurisdictions are: i) increasing digitalization of finance and financial technology; ii) low or negative interest rate environment; and iii) commodity price volatility. Top three enhancements to supervisory approaches are: i) ensuring forward-looking approach to (risk-based) supervision; ii) enhancing on-site and off-site supervisory approaches; and iii) strengthening bank resolution frameworks.

Publisher: Others Release date: Oct 2016

Type: Consultative, discussion and issues paper

Topics: Supervisory framework, Risk-based supervision, Recovery and resolution, Systemic risk

Sectors: Banking

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Resources

382 records

The Prudential Regulation Authority's Approach to Insurance Supervision

Risk-based Global Insurance Capital Standard Version 2.0

Implementing Risk Based Supervision: A Guide for Senior Managers

The Post-Crisis Challenges Facing Supervisors

Risk-Based Supervision

Probability and Impact Rating System (PAIRS)

Risk Assessment Framework for Federally Regulated Private Pension Plans

Supervisory Oversight and Response System (SOARS)

Selling Investment Products and Handling Client Securities

Supervisory Priorities in non-Basel Committee Jurisdictions

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