PwC's Managing upstream risk: Regulatory reform review - An asian perspective August 2013 | Page 29

The timelines for the further development and application of the policy measures are as follows:
Key implementation dates End 2013 Action • FSB to agree on the timeline for finalisation by the IAIS of a comprehensive, groupwide supervisory and regulatory framework for IAIGs, including a quantitative capital standard • CMGs established for the initial cohort of designated G-SIIs • FSB to make a decision on the G-SII status of, and appropriate risk mitigating measures for, major reinsurers • Systemic Risk Management Plans to be completed by G-SIIs designated in 2013 By the 2014 G20 Summit End 2014 End 2015 • IAIS to develop straightforward, backstop capital requirements to apply to all group activities, including non-insurance subsidiaries • RRPs, including liquidity risk management plans, for G-SIIs designated in 2013 to be developed and agreed by CMGs • IAIS to develop implementation details for Higher Loss Absorbency requirements that will apply starting from 2019 to those G-SIIs identified in November 2017 using the IAIS methodology • G-SIIs designated in November 2017 to apply the Higher Loss Absorbency requirements

July 2014

January 2019

Germany
The country could quit talks on new risk rules for Europe’s insurance industry if regulators try to impose a ‘one size fits all’ deadline for insurers. Financial watchdog Bafin’s head of insurance supervision expressed concerns about how smaller insurers may struggle to shoulder the administrative burdens under Solvency II. Solvency II was meant to be in force by now but has been delayed after Germany, Britain and France called to rethink how products that offer guaranteed returns over the long term can be treated to avoid burdensome capital requirements. Talks between the EC, European Parliament and national governments will resume in September 2013.

Insurance | Regulatory Reform Review

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