IAIS Issues Level 2 Document for ICS Version 2.0
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
Previous Article
HM Treasury Outlines Proposals to Improve Regulatory CoordinationRelated Articles
APRA Finalizes Reporting Standard for Operational Risk Requirements
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting
EBA Consults on Pillar 3 Disclosure Standards for ESG Risks Under CRR
EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).
EU Amends CRD4 and CRD5 as Part of Capital Markets Recovery Package
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
EBA Publishes Single Rulebook Q&A Updates in February 2021
The EBA Single Rulebook question and answer (Q&A) tool updates for this month include answers to ten questions.
ESMA Releases Schema and Instructions for Securitization Reporting
ESMA updated the set of questions and answers (Q&A), along with the reporting instructions and an XML schema for the templates set out in the technical standards on disclosure requirements, under the Securitization Regulation.
EU Rule Amends Requirement for European Single Electronic Format
EU published Regulation 2021/337, which amends the Transparency Directive (2004/109/EC), regarding the use of the single electronic reporting format for annual financial reports.
EU Committee Recommends Systemic Risk Buffer of 4.5% in Norway
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
PRA Clarifies Approach to Onshoring of Credit Risk Rules for UK Banks
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
FSB Sets Out Work Priorities for 2021
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.