[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110731-en":3,"doc-seo-110731-105":28,"detail-sidebar-cat-0-en-105":89},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":11},110731,1099514067438,"River Wang","https://ap-avatar.wpscdn.com/avatar/100002539ee87300030?x-image-process=image/resize,m_fixed,w_180,h_180&k=1780474512215547542",8,"Research & Report","THE KEY ATTRIBUTES ASSESSMENT METHODOLOGY FOR THE INSURANCE SECTOR - April 2021 - Board and FSAP incorporation","The note explains the planned incorporation of the Key Attributes (KAs) Assessment Methodology for the Insurance Sector into recognized assessment methodologies used in Financial Sector Assessment Programs (FSAP) and stand-alone exercises. It describes how the approach builds on the FSB’s 2011 KAs for effective resolution regimes, including insurance-specific interpretation developed in 2020. It outlines endorsement steps with the IMF Board, communication to the World Bank Board, and how the methodology will be used as a benchmark, with resourcing considerations for full KAs assessments.","Public Disclosure Authorized Public Disclosure Authorized  \nFOR OFFICIAL USE ONLY  \nTHE KEY ATTRIBUTES ASSESSMENT METHODOLOGY FOR THE INSURANCE SECTOR  \nAPRIL 2021  \nFINANCE, COMPETITIVENESS, AND INNOVATION GLOBAL PRACTICE  \nThis note aims to inform the Board about the planned incorporation of the Key Attributes (KAs) Assessment Methodology for the Insurance Sector (August 2020) among the list of recognized methodologies to conduct assessments in the context of Financial Sector Assessment Programs (FSAP) or stand-alone exercises. A similar proposal will also be reviewed by the IMF Board. The KAs Assessment Methodology for the Insurance Sector will be considered as a recognized methodology, once the IMF Board has endorsed it and the World Bank Board has been informed.  \nBackground  \nThe Financial Stability Board issued in 2011 a set of standards to address the problem of financial institutions that are \"too big to fail.\" The FSB KAs of Effective Resolution Regimes for Financial Institutions were adopted in October 2011 and endorsed as a new international standard for resolution regimes by the G20 Leaders in the wake of the global financial crisis. These standards represent a two-pronged strategy to reduce both the probability and the impact of failure of Systemically Important Financial Institutions (SIFIs) . The KAs set out the essential features that resolution regimes should incorporate to enable authorities to resolve failing financial institutions in an orderly manner that limits the overall impact on economic activity, without exposing public funds to loss. The original KAs were supplemented in October 20141 with new Annexes containing sector-specific guidance that sets out how the KAs should be applied for insurers, Financial Markets Infrastructures and the protection of client assets in resolution and implementation guidance that elaborates on specific KAs relating to information sharing for resolution purposes.  \nIn 2016, the FSB published a methodology for assessing the implementation of the KAs of Effective Resolution Regimes for Financial Institutions in the banking sector. This methodology lays out essential criteria to guide the assessment of the compliance of a jurisdiction’s bank resolution frameworks with the FSB’s KAs. It is designed to promote consistent assessments across jurisdictions and provide guidance to jurisdictions when adopting or reforming bank resolution regimes to implement the KAs. The methodology was developed inclose collaboration with experts from FSB jurisdictions, relevant standard-setting bodies, the IMF and the World Bank. It was subsequently incorporated into the FSAP program, after it was endorsed by the IMF Board and communicated to the World Bank Board.2  \nThe new issued KAs assessment methodology for the insurance sector  \nIn 2020, the FSB developed an Assessment Methodology for the Insurance Sector.3 This document was developed in consultation with the International Association of Insurance Supervisors, World Bank and IMF.4 Consistent with the methodology for assessing the KAs in the banking sector, the insurance sector methodology sets out essential criteria to guide the assessment of the compliance of a jurisdiction’s insurance resolution framework with the FSB’s KAs and is designed to promote consistent assessments across jurisdictions. The KAs constitute an “umbrella” standard for resolution regimes for all types of financial institutions. However, not all attributes are equally relevant for all sectors. The KAs Assessment Methodology provides an insurance sector-specific interpretation of individual KAs. It stresses that a jurisdiction’s insurance  \n1 Key Attributes of Effective Resolution Regimes for Financial Institutions, FSB, October 2014.  \n2 As part of the 2017 Joint Review of the Standards and Codes Initiative.  \n3 [https://www.fsb.org/wp-content/uploads/P250820-1.pdf](https://www.fsb.org/wp-content/uploads/P250820-1.pdf)  \n4 IMF staff provided significant support in dev","cbCaiu5FwwINoLcL","https://ap.wps.com/l/cbCaiu5FwwINoLcL","pdf",84394,1,3,"English","en",105,"# Background\n## FSB Key Attributes and too-big-to-fail resolution\n## Methodology for banking sector assessments\n# The new issued KAs assessment methodology for the insurance sector\n## Insurance-specific interpretation and proportionality\n## Development and consultation\n# The incorporation of the new methodology in the FSAP going forward\n## Use as benchmark in FSAPs and stand-alone assessments\n## Voluntary vs mandatory detailed assessments and resourcing","[{\"question\":\"What is the purpose of the Key Attributes (KAs) Assessment Methodology for the Insurance Sector?\",\"answer\":\"It provides essential criteria to assess whether a jurisdiction’s insurance resolution framework complies with the FSB’s KAs, aiming to ensure consistent assessments across jurisdictions.\"},{\"question\":\"How does the insurance methodology relate to the original FSB Key Attributes standards?\",\"answer\":\"It builds on the 2011/2014 FSB KAs for effective resolution regimes, offering an insurance sector-specific interpretation while reflecting that not all attributes apply equally across sectors.\"},{\"question\":\"How will the new methodology be used in FSAPs and who needs to endorse it?\",\"answer\":\"After formal endorsement by the IMF Board and communication to the World Bank Board, it will be used as a benchmark for assessments in both FSAP contexts and stand-alone detailed assessments, with full KAs assessments remaining subject to voluntary 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