The paper provides guidance for supervisors and resolution authorities in implementing a resolution framework, including setting up powers, planning for resolution and issues around coordination and cooperation. The paper is part of a broader project to help insurance supervisors and resolution authorities apply the standards on recovery and resolution in the ICPs and ComFrame.
The paper describes practices aimed at helping supervisors address issues related to the supervision of control functions as described in the ICPs and ComFrame. In particular, the Application Paper supports observance of ICP 8 (Risk Management and Control Functions) and is relevant to ICP 5 (Suitability of Persons) and ICP 7 (Corporate Governance
The paper provides insurance supervisors with concrete tools to further strengthen their efforts in assessing and addressing risks to the insurance sector from climate change. It also sets out recommendations and examples of good practice, consistent with the ICPs.