July 21, 2017

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

Related Articles
News

US Agencies Consult on Capital Treatment of Land Development Loans

US Agencies (FDIC, FED, and OCC) issued a proposed rule on the treatment of loans that finance the development of land for purposes of the one- to four-family residential properties exclusion in the definition of high volatility commercial real estate (HVCRE) exposure in the regulatory capital rule.

July 12, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Second Update for July 2019

Under the Single Rulebook question and answer (Q&A) updates for this week, EBA published answers to five questions related to supervisory reporting.

July 12, 2019 WebPage Regulatory News
News

ESMA Updates Manual for European Single Electronic Format in EU

ESMA updated the reporting manual for European Single Electronic Format (ESEF).

July 12, 2019 WebPage Regulatory News
News

FED Updates Supplemental Instructions for Reporting Form FR Y-9C

FED updated the supplemental instructions for FR Y-9C reporting.

July 12, 2019 WebPage Regulatory News
News

EBA Publishes Report on Monitoring Implementation of LCR in EU

EBA published its first report on the monitoring of the implementation of liquidity coverage ratio (LCR) in EU.

July 12, 2019 WebPage Regulatory News
News

EIOPA Consults on Reporting and Disclosures Under Solvency II Review

EIOPA launched a consultation package on supervisory reporting and public disclosure in the context of its work linked with the 2020 Solvency II review.

July 12, 2019 WebPage Regulatory News
News

APRA Applies Additional Capital Requirements to Three Australian Banks

APRA is applying additional capital requirements to three major banks in Australia to reflect higher operational risk identified in their risk governance self-assessments.

July 11, 2019 WebPage Regulatory News
News

IMF Report on 2019 Article IV Consultation on Euro Area Policies

IMF published its staff report in context of the 2019 Article IV consultation on euro area policies with member countries.

July 11, 2019 WebPage Regulatory News
News

FSB to Survey Practices on Cyber Incident Response and Recovery

FSB launched a survey on the industry practices on cyber incident response and recovery.

July 11, 2019 WebPage Regulatory News
News

ECB Appoints New Members of Supervisory Board

The Governing Council of ECB appointed Edouard Fernandez-Bollo, Kerstin af Jochnick, and Elizabeth McCaul as representatives to the Supervisory Board of ECB Banking Supervision, for a five-year non-renewable term.

July 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3441