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
EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB Begins First Phase of Post-Implementation Review of IFRS 9
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB Report Examines Progress in Resolvability of Systemic Institutions
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA Benchmarks National Insolvency Frameworks Across EU
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB Reports Assess Impact of Pandemic on Financial Stability
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ Consults on Implementation of Capital Review Changes
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
IASB Announces Andreas Barckow as the New Chair from July 2021
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA Consults on Capital Rules for Bank Equity Investments in Funds
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).
