June 25, 2019

IAIS published the 2019 Quantitative Field Testing Package, including technical specifications, field testing questionnaire, and IAIS field testing template and yield curves. Additionally, IAIS published comments to the 2018 Insurance Capital Standard (ICS) Version 2.0 consultation document. This version of ICS is scheduled to be completed in late 2019 and post that the monitoring period is expected to start on January 01, 2020.

The technical specifications include instructions for the April 2019 Quantitative Data Collection Exercise of the Field Testing Project. The technical specifications must be read in conjunction with the associated 2019 field testing questionnaire, template, and yield curve documentation to provide an accurate and up-to-date understanding of the field testing exercise. The field testing questionnaire focuses on supplementary information in relation to quantitative data provided in the 2019 field testing template of the April 2019 Quantitative Data Collection Exercise of the Field Testing Project and is due on July 31, 2019. The Field Testing Analysis Team will analyze the summary results and IAIS will discuss the summary results from August 2019 to November 2019. Adoption of ICS Version 2.0 for the monitoring period is expected to be in November 2019.

The field testing exercise plays an important role in the IAIS’ process of developing the risk-based global ICS. The ICS will be one component of ComFrame, a comprehensive framework addressing qualitative as well as quantitative requirements for the Internationally Active Insurance Groups (IAIGs). This framework may evolve and be refined over time. This exercise also fulfills the purpose of confidential reporting of the Basic Capital Requirements (BCR) and Higher Loss Absorbency (HLA) for global systemically important insurers (G-SIIs). To facilitate ongoing monitoring of the BCR and HLA, certain calculations are requested from all volunteer groups. 

 

Keywords: International, Insurance, ComFrame, ICS, Field Testing, Quantitative Data Collection Exercise, G-SII, IAIS

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