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    IAIS Launches Survey on Treatment of Certain Investments in ICS

    September 07, 2020

    As part of its work on the Insurance Capital Standard (ICS) over the 2020-2024 Monitoring Period, IAIS is exploring whether there should be a differentiated capital treatment of certain eligible infrastructure (both equity and debt) as well as strategic equity investments within the ICS. To this end, IAIS launched a stock-take questionnaire (survey) to seek public input regarding quantitative and qualitative material and data sources that could be used to support this work. The survey also provides an opportunity for stakeholders to share with the IAIS their experience with respect to such investments. IAIS is requesting responses by December 07, 2020.

    This questionnaire will be complemented by another one, which would be addressed to IAIS members and focused on existing treatment for infrastructure and strategic equity investments under the jurisdictional prudential frameworks. Annex 1 to the questionnaire contains a strawman proposal that provides a temporary reference point in terms of potential relevant definitions and criteria applicable to investments in infrastructure and strategic equity. The inclusion of the strawman proposal is aimed at enabling comparison with the existing frameworks and fostering input by respondents to this questionnaire; this does not imply or determine whether a differentiated treatment should be developed for the ICS. It is largely based on the technical specifications for the supplementary data collection on investment segmentation that was run from 2017 to 2019 in the context of ICS Field Testing and in 2020 in the context of ICS confidential reporting. The view of IAIS on potential relevant definitions and criteria for investments in infrastructure and strategic equity will be formed based on the responses received and further work planned over the next years. Therefore, the current strawman proposal should not be considered as a final view of IAIS regarding definitions and criteria, should a differentiated treatment be developed in the ICS.

    Keywords: International, Insurance, ICS, Questionnaire, ICS Version 2, Monitoring Period, Infrastructure Investments, IAIS

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