IAIS Publishes Package for 2019 Data Collection on Aggregation Method
IAIS published technical specifications, questionnaire, and template for the additional data collection on Aggregation Method for 2019. IAIS has agreed to collect data from interested jurisdictions to aid in the development of the aggregation method. The Aggregation Method additional data collection is separate from the ICS Field Testing and open only to U.S.-based Volunteer Groups and any other jurisdiction/Volunteer Group at the option of the group-wide supervisor. Deadline for submission of the Aggregation Method additional data collection template and questionnaire by the group-wide supervisors is July 31, 2019.
The technical specifications include instructions for the additional data collection (Aggregation Method) of the April 2019 Quantitative Data Collection Exercise of the Field Testing Project. The technical specifications must be read in conjunction with the associated 2019 Aggregation Method additional data collection templates and questionnaire documentation to provide an accurate and up-to-date understanding of the additional data collection. The technical specifications include a table that summarizes the process and timetable to be followed. Analysis by the Field Testing Analysis Team and discussions of summary results by IAIS are expected to take place from August to October 2019.
The purpose of this exercise is to collect data for the Aggregation Method. The Aggregation Method technical specifications, by design, leave several policy questions open. These include, but are not limited to, the choice of scalars, the exact adjustments made, and the treatment of certain capital resources. Although several options for calculating the Aggregation Method have been included, the final method may differ from these options. While care should be taken to enter information for each legal entity correctly, it is of utmost importance that the values are reasonable in total. The terms and balances being requested, when possible, should be in accordance with the local jurisdictional statutory reporting. For entities that do not file statutory reports, local GAAP reporting should be used. The scope of this additional data collection includes the same entities that would be reported in the GAAP Valuation Balance Sheet under the Insurance Capital Standard (ICS), as defined in the 2019 ICS Field Testing technical specifications.
Keywords: International, Insurance, ICS, Field Testing, Additional Data Collection, Aggregation Method, IAIS
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