Featured Product

    IAIS Issues Level 2 Document for ICS Version 2.0

    March 13, 2020

    IAIS published a Level 2 document on the Insurance Capital Standard (ICS) Version 2.0 for the monitoring period. The documentation framework for ICS Version 2.0 for the monitoring period consists of three document levels. The Level 1 document for the ICS Version 2.0 for the monitoring period sets out the overarching principles and concepts (that is ICS architecture) for the annual confidential reporting of the reference ICS and additional reporting during the five-year monitoring period. The Level 1 document should be read in conjunction with the more detailed specifications contained in the Level 2 document for ICS Version 2.0 for the monitoring period. Levels 1 and 2 together form ICS Version 2.0 for the monitoring period.

    Level 3 documents, which are yet to be released, will build on the information in Levels 1 and 2, with additional information to enable annual confidential reporting. The Level 3 documents will be issued annually in the second quarter to launch confidential reporting. The ICS Version 2.0 for the monitoring period was agreed by the IAIS Executive Committee on November 13, 2019. The five-year monitoring period for confidential reporting and discussion in supervisory colleges is from the beginning of 2020. The ICS is being developed as a consolidated group-wide capital standard for Internationally Active Insurance Groups (IAIGs). It consists of three components: valuation, qualifying capital resources, and a standard method for the ICS capital requirement. The ICS will form part of the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame).

    Keywords: International, Insurance, ComFrame, ICS Version 2.0, IAIG, Level 2 Document, IAIS

    Related Articles
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Examines Asset Encumbrance in Banking Sector

    The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Publishes Methodological Guide to Mystery Shopping

    The European Banking Authority (EBA) published a methodological guide to mystery shopping.

    July 21, 2021 WebPage Regulatory News
    News

    APRA Issues Update on Capital Reform Policy Settings for Banks

    The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.

    July 21, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Assess Continuity Planning of Market Infrastructures

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.

    July 21, 2021 WebPage Regulatory News
    News

    BoE Announces Changes to Validation Rules for Form BTL

    The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.

    July 20, 2021 WebPage Regulatory News
    News

    BCBS Proposes Changes to Process for Reviewing G-SIB Methodology

    The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.

    July 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7281