International Association of Insurance Supervisors
Insurance supervision and climate change - IAIS commits to amplify its response - 28 October 2021
The International Association of Insurance Supervisors (IAIS), the global standard-setting body for insurance supervision, has issued a statement to confirm its continued commitment to address the risks associated with climate change. The IAIS’s focus on a sustainable transition to net zero is, according to the statement, “grounded in its mission to promote the effective and globally consistent supervision of the insurance industry”.
The IAIS proposes to contribute in the following three areas in particular:
- providing thorough analysis to understand how climate change impacts the insurance sector and financial stability;
- promoting a globally consistent supervisory response to climate change by developing guidance on supervisory practices, reviewing existing IAIS standards, and supporting cross-sectoral initiatives, such as those of the Financial Stability Board; and
- assisting in capacity-building initiatives, including through the launch of the Climate Training Alliance (an online portal for training on climate-related risks for central banks and supervisors), established jointly with the BIS Financial Stability Institute, the Network for Greening the Financial System (NGFS) and the UN-convened Sustainable Insurance Forum.
The IAIS also welcomes the proposed establishment of an International Sustainability Standards Board.
Full Statement
Press release
Department for Work and Pensions
The Money and Pensions Service - DWP publishes departmental review - 1 November 2021
The Department for Work and Pensions (DWP) has published a departmental review into the Money and Pensions Service (MaPS) conducted between April and July 2021. Departmental reviews address the continuing need, efficiency and good governance of public bodies.
The overall recommendation by DWP was that the statutory functions performed by MaPS are still required and are best delivered by MaPS, and that the organisation should be retained.
DWP departmental review of the Money and Pensions Service (MaPS)
Webpage
Competition and Markets Authority
PPI Market Investigation Order 2011 - CMA action - 29 October 2021
The Competition and Markets Authority (CMA) has published a letter sent to NewDay Ltd (NewDay) about non-compliance with aspects of the Payment Protection Insurance (PPI) Market Investigation Order 2011 (the Order). NewDay has taken action to arrange an independent audit of its compliance systems and has committed to remediate affected customers. It intends to withdraw from all its PPI-regulated activities by 31 October 2021. Accordingly, the CMA does not consider it appropriate to take formal enforcement action.
Letter from CMA
Webpage
