The IAIS (International Association of Insurance Supervisors) launched several public consultations proposing amendments to the Insurance Core Principles (ICP) guidelines and their related supporting implementation documents.
The Authority aims to provide tools that better enable the analysis of climate risk that may cause a financial risk that impacts the resilience of individual insurers.
Therefore, on March 19, the third of four consultations on climate risk in the insurance sector was launched, addressing (i) corporate governance, (ii) risk management, (iii) internal controls, (iv) insurer investment activities, and (v) the corporate risk management framework.
The ICP guidance material under review includes additional proposals to assist supervisory authorities in considering climate-related aspects of ICP 15 (Investments) and ICP 16 (Enterprise Risk Management for Solvency Purposes).
Comments can be submitted until June 19, 2024, using the consultation tool available on the IAIS website. Comments will subsequently be published unless explicitly requested for confidentiality.