IAIS announced the release of the Insurance Capital Standard (ICS) Version 1.0 for extended field testing. This represents an important step toward the development of ICS Version 2.0 by late-2019. Although ICS Version 1.0 for extended field testing is not a formal consultation document, the public may provide feedback on it. This feedback will be considered in the development of ICS Version 2.0.
The ICS Version 1.0 for extended field testing document is a milestone that explains the rationale for the design and calibration of the ICS components and, where relevant, the various options being considered. It references the responses to the 2016 ICS consultation as part of the explanation for the design and calibration of the ICS and sets out future steps toward ICS Version 2.0, including future field testing exercises and consultations. ICS Version 1.0 for extended field testing has been shaped by the extensive feedback received by the IAIS through multiple public consultations, volunteer field testing exercises, and stakeholder sessions. Industry participation continues to grow, with nearly 50 of the largest insurance groups in the world now involved in the extended field testing process. ICS is one of the components of ComFrame—the Common Framework for the Supervision of Internationally Active Insurance Groups (IAIGs). ComFrame consists of both quantitative and qualitative supervisory requirements tailored to the complexity and international scope of IAIGs.
Keywords: International, Insurance, IAIS, ICS, Field Testing, ComFrame
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